The Insurance Regulatory and Development Authority of India said the move was made with the objective of "de-concentration and diversification" of insurers' infrastructure portfolios.
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Despite many years of progress, 92% of risks that should be insured in India are not, a phenomenon known as the protection gap, and 75% of people either do not have health insurance or have coverage that is totally inadequate.
The woman made the payment for two years, but later found the clause of getting Rs 38 lakh was missing from the scheme document, hence she decided to discontinue the policy. She contacted the insurance company where an official introduced her to a person who claimed to be from the Insurance Regulatory and Development Authority (IRDA). Thane Woman Cheated of Rs 26 Lakh in Insurance Fraud on Promise of High Returns.