IRDA is the acronym for Insurance Regulator and Development Authority. It
controls the ULIPS and many other insurance schemes and it devise new schemes
and assist its member and promoter firms in different ways to increase the
investment of people in insurance sector. This investment is utilized by the
govt. in different projects across India and so it helps in building the
Indian economy.
Irda has a crucial role in economic development as it is a regulating
authorities for all insurance comapnies and it protects the intersts and
benifits of policy holder as well so it ensure the transparency of insurance
bussiness for clients which leads a strong faith for clients to ensure
themselves as much the rate of insured people will increase will lead to
economic development...and especially through ULIPS as well.
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