Complaint Redressal Practices in Public and Private Insurance Companies
N. Nagalakshmi1, S.P. Mathiraj2

1N. Nagalakshmi, Ph.D Research Scholar, Department of Corporate Secretaryship, Alagappa University, Karaikudi (Tamil Nadu), India.

2Dr. S.P. Mathiraj, Associate Professor, Department of Corporate Secretaryship, Alagappa University, Karaikudi (Tamil Nadu), India.

Manuscript received on 08 December 2019 | Revised Manuscript received on 22 December 2019 | Manuscript Published on 31 December 2019 | PP: 369-374 | Volume-8 Issue-12S2 October 2019 | Retrieval Number: L107110812S219/2019©BEIESP | DOI: 10.35940/ijitee.L1071.10812S219

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Abstract: The life insurance industry of India has 23 licenses -holders running their business in this sector. The Life Insurance Corporation of India (LICI), which is the only player in the public sector, the remaining area is covered by the 22 private sector companies. IRDAI has taken initiatives to provide effective grievance handling machinery to address the grievances of policyholders. Consumer dispute Redressal agency is efficient for handling complaints and easily accessible. This paper examines the regulations and guidelines framed by IRDAI for effective grievance handling and the study would provide some insights into the areas, specifically status of grievances in public and private life insurance companies (LIC, SBI, HDFC, Reliance Life and Bajaj Allianz) and the functioning of consumer dispute Redressal agencies of life insurance sectors.

Keywords: Grievance Cell, Policyholders and the Insurance Regulatory and Development Authority (IRDA). JEL Classifications: G22.
Scope of the Article: Classifications