The correct answer is C. Regulate insurance business in India.
The Insurance Regulatory and Development Authority of India (IRDA) is the regulator for 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 licensing of insurers, the setting of premiums, and the monitoring of the financial health of insurers.
The IRDA also has a role in promoting the growth of the insurance industry in India. It does this by providing a regulatory framework that is conducive to investment and innovation in the insurance sector. The IRDA also works to educate the public about insurance and its benefits.
The IRDA is a statutory body that is headed by a chairman and four members. The chairman and members are appointed by the central government. The IRDA has its headquarters in New Delhi and has regional offices in all the major cities in India.
The IRDA is a key player in the development of the insurance industry in India. It has played a major role in the growth of the industry and has helped to make insurance more accessible to the Indian people.
The other options are incorrect because:
- Option A is incorrect because the IRDA does not plan for financial inclusion. This is the responsibility of the Reserve Bank of India (RBI).
- Option B is incorrect because the IRDA does not provide relief packages to farmers. This is the responsibility of the Ministry of Agriculture and Farmers Welfare.
- Option D is incorrect because the IRDA does not hire or purchase assets. This is the responsibility of the Ministry of Finance.