The correct answer is D. Either the local Ombudsman’s address or that of the IRDA needs to be shown in the policy.
The Insurance Regulatory and Development Authority of India (IRDA) is the regulator of the insurance industry in India. It was established in 1999 by the Insurance Regulatory and Development Authority Act, 1999. The IRDA is responsible for regulating the insurance industry in India, including the issuance of licenses to insurers, the regulation of insurance products and services, and the protection of the interests of policyholders.
The IRDA has issued a number of regulations governing the insurance industry, including the Insurance Policy Document Rules, 2016. These rules require that all insurance policy documents must include certain information, including the name and address of the insurer, the name and address of the insured, the terms and conditions of the policy, and the premium payable. The rules also require that the policy document must include the address of the IRDA.
In addition to the IRDA, there are also local ombudsmen who are responsible for resolving complaints from policyholders. The address of the local ombudsman must also be included in the insurance policy document.
The following are the details of each option:
- Option A: In a policy document, it is now compulsory to indicate the address of the local Ombudsman. This is incorrect. The address of the local Ombudsman is not required to be included in the insurance policy document.
- Option B: Address of the insured is optional in the policy document. This is incorrect. The address of the insured must be included in the insurance policy document.
- Option C: The address of the IRDA is also necessarily shown in the policy document. This is correct. The address of the IRDA must be included in the insurance policy document.
- Option D: Either the local Ombudsman’s address or that of the IRDA needs to be shown in the policy. This is correct. Either the address of the local Ombudsman or that of the IRDA must be included in the insurance policy document.