IRDA uses various channels to create awareness about insurance and consumer bodies can play a very important role in this area.
IRDA encourages consumer bodies to conduct seminars on insurance, thereby not only educating the consumer but also providing a platform for the consumer to interact with IRDA about insurance.
IRDA itself conducts, participates in and supports several national level seminars on different insurance and consumer related topics to reach out to the public and facilitate dissemination of information to consumers in various parts of the country.
Recently IRDA partly sponsored seminars conducted by various consumer organisations on topics like health insurance, life insurance and rights and obligations of policyholders.
IRDA’s sponsorship scheme
IRDA considers sponsoring seminars conducted by consumer organisations up to an amount of Rs 1 lakh on the following terms:
IRDA can bear
- 50% of the expenses incurred for the seminar subject to a limit of Rs.1 lakh
- Up to 75% of projected expenses or Rs.75,000, whichever is lower, may be granted as an advance
- The balance will be paid only on receipt of the original bills or copies of bills duly certified by the auditor of the organisation
- The sponsorship money can be only towards:
- Development of educational material
- Expenses towards publicity
- Expenses relating to presentation by faculty
- Infrastructure and other expenses such as lunch, tea, snacks and photographs but the quantum for this will be only up to 25% of IRDA’s reimbursement
IRDA considers request from Consumer Bodies (Trust/ Society/ NGO/ Research Institutions and any other body approved by IRDA) that
- Have conducted, or have the knowledge base to conduct, seminars or other education activities relating to topics like policyholder education, research on insurance and dispute redressal for sponsorship and are:
- Registered by the Ministry of Consumer Affairs, Government of India or
- Recommended by any Government Authority or Department or State Government
- Registered with other regulator in India
- Can demonstrate that they have the necessary infrastructure and reach to achieve the desired objectives
While examining proposals, due weightage is given to geographical and regional factors in order to achieve maximum penetration of the message/s in the country.