My dear Viewers,

Namaste,

I have great pleasure in welcoming you to the Insurance Regulatory and Development Authority's phone-in programme `Bima Suraksha'. The aim of the programme is to make you aware of the benefits of insurance and is not meant for recommending specific insurance products which are in the market.

It is normal human tendency to believe that we can continue to maintain the present life style and even improve upon it over the years. While this may turn out to be true in many cases, we cannot afford to ignore the stark reality that untimely death, injury, theft or destruction of property could shatter one's life style or that of his family. It is to provide for these contingencies that insurance is needed. You need to have life insurance to provide financial protection to your spouse and children; health insurance to meet unforeseen medical expenses; a comprehensive general insurance to rebuild assets/property in case of pecuniary loss.

There is a belief that insurance is for the rich and has hardly anything to do with the middle class or the poor. This is a totally wrong impression. The impact of loss of income through any misfortune is equal or greater in respect of these sections. Hence there is hardly any section of the population which can feel secure without insurance for life and property or productive assets.

The advances in medical science have increased the longevity of people. While it is heartening that people are living longer, there is the attendant problem of sickness, reduction in income, dependence etc. The pension products and health packages of the various insurance companies cater to some of these needs.

In our country, we have many life insurance companies who sell a variety of affordable insurance products to meet your needs. All insurers are registered with IRDA and have been authorized to transact insurance business in India. Before we register any insurance company to operate in India, we check their credentials, financial strength, infrastructure, and other capabilities. We at the IRDA, constantly monitor their solvency. As such, members of the public can freely and confidently choose any of these insurers to purchase insurance contracts.

You can buy insurance policies through agents or brokers. All agents and brokers are licensed by the Authority, after scrutiny of their qualification and training. They are trained to give proper advice to you to buy the correct insurance policy that meets your needs. You can check the credentials of the agents or brokers through insurance companies.

The Insurance Regulatory and Development Authority, with the help of Prasar Bharati, is organizing phone -in programs for increasing your awareness of the benefits of insurance so that you and the members of your family can enjoy a happy and secure life. Please feel free to write to us if you want further details.

C.S.Rao
Chairman