IRDAI Guidelines

About IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body established under the IRDAI Act, 1999. It regulates and promotes the insurance industry in India while protecting policyholder interests. All insurance intermediaries, including IMFs like Shikhar IMF, must comply with IRDAI regulations.

Our IRDAI Registration

Key IRDAI Guidelines We Follow

1. Policyholder Protection Guidelines

• Full disclosure of policy terms, premiums, exclusions, and claim procedures to the client before purchase.
• Grievance redressal within 15 days of complaint receipt as mandated by IRDAI.
• No mis-selling or misleading representations about any insurance product.
• Issuance of insurance certificate/policy document within stipulated timelines.

2. Code of Conduct for IMFs

• Act in the best interest of the policyholder at all times.
• Maintain complete transparency in commissions and remuneration.
• All sales staff must hold valid certificates of competency issued by IRDAI-approved bodies.
• No rebating or offering illegal inducements to policyholders.
• Maintain proper records of all transactions and communications.

3. KYC & Anti-Money Laundering (AML)

• Comply with KYC (Know Your Customer) norms for all policyholders as prescribed by IRDAI and PMLA regulations.
• Verify and maintain customer identity and address proof records.
• Report suspicious transactions to the Financial Intelligence Unit (FIU-IND).

4. Data Privacy & Security

• Customer data is collected only for insurance-related purposes.
• Data is never shared with unauthorized third parties.
• Strict IT security measures are maintained to prevent data breaches.

5. Grievance Redressal Mechanism

• Complaints must be acknowledged within 3 working days.
• Resolution within 15 working days; if unresolved, the client may approach IRDAI's Bima Bharosa portal.
• Customers can also reach the Insurance Ombudsman for independent dispute resolution.

Important IRDAI Contacts & Resources

• IRDAI Official Website: www.irdai.gov.in
• IRDAI Toll-Free Helpline: 155255 or 1800 4254 732
• IRDAI Grievance Email: complaints@irdai.gov.in
• Bima Bharosa Portal: bimabharosa.irdai.gov.in

Disclaimer

Shikhar IMF Pvt. Ltd. is a duly licensed Insurance Marketing Firm. Insurance products are offered by respective IRDAI-registered insurance companies. We do not underwrite insurance risks. Policy terms, coverage, and claims are the sole responsibility of the respective insurer. Please read the policy document carefully before purchasing.

Visit Official IRDAI Website