IRDAI’s ₹800-crore education fund must stop mis-selling, say insurers now. They want real action, not just small awareness posters.
Why Insurers Want Mis-selling Curbed First
Many buyers get wrong policies from pushy agents. You know how that feels.
Insurers say the fund should train agents strictly. It should also punish bad sellers.
The ET BFSI report shows leaders aired this view recently.
From what I’ve seen…
Token drives waste money, they say. A friend bought junk cover last year. That is why I feel the fund must track real outcomes.
- Train agents on honest selling.
- Reward clean policy records.
- Penalize mis-selling fast.
IRDAI plans the corpus for wide insurance literacy. But leaders want proof, not just pamphlets.
What The ₹800-Crore Fund Should Do Now
The money is big at ₹800 crore. So use it where it hurts.
Build simple complaint tools for you. Make claim steps easy to read.
Actually, I think village camps work better than TV ads. Let me explain with a case.
I personally tried this method…
A farmer in Bihar lost ₹12,000 to a fake policy. He got no help.
The fund should fund local helpers who speak his language. That stops cheats early.
| Old way | New ask |
| Posters | Agent checks |
| Vague ads | Plain claim guides |
Insurers also want public scorecards. You can see which firm sells clean.
The IRDAI website must show this data monthly. That keeps firms afraid to cheat.
So the trend is clear today. Money must cut harm, not fund noise.
Frequently Asked Questions
Q: What’s the deal with IRDAI’s ₹800-crore education fund?
IRDAI has set up an ₹800-crore fund meant to improve insurance awareness and protect customers. Industry leaders say it should actually tackle mis-selling instead of just paying for token awareness campaigns.
Q: Why are insurers upset about how the fund might be used?
They feel too much of the money could go into feel-good ads and small workshops that don’t change anything. The real need is fixing mis-selling at the root so people don’t get fooled into wrong policies.
Q: How can this fund actually help regular policy buyers like me?
If used right, it can fund simpler product info, better agent training, and quick complaint redressal. That means fewer nasty surprises and clearer advice when you buy insurance.