Insurance provides financial security and peace of mind in times of uncertainty. It helps cover unexpected expenses and protects against financial losses due to accidents, illnesses, or other unforeseen events.
In India, insurance is governed by the Insurance Act, 1938, and regulated by the Insurance Regulatory and Development Authority of India (IRDAI) under the Insurance Regulatory and Development Authority Act, 1999. Insurance is listed under the Union List of the Indian Constitution, giving the central government exclusive authority to legislate on it. While there is no explicit constitutional right to insurance, the Mental Healthcare Act, 2017, mandates equal coverage for mental and physical illnesses, ensuring non-discriminatory insurance policies. These laws collectively regulate the industry and protect policyholders' rights.