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IRDA Full Form

What is the full of IRDA

IRDA Full Form In Banking

This post is about the IRDA Full Form, its Functions, How to apply for the IRDA exam, Eligibility criteria for IRDA, the Age limit of the exam, etc.

IRDA Full Form

IRDAI is the full form of the Insurance Regulatory and Development Authority of India., which is owned by the Government of India. It regulates the insurance industry of India and headquartered in Hyderabad since 2001. Transferred here from Delhi and created by the Government of India under the act of Insurance Regulatory and Development Authority Act 1999.

Purpose of IRDA

The following are the main functions of IRDS;

  • The first and foremost function is to register the companies doing insurance business in the market.
  • There should be no mismanagement to check the companies and their day-to-day operations.
  • Take action on fraud that doesn’t follow the right criteria so that customers don’t get ripped off.
  • Another important purpose is to promote fairness and transparency in the industry to create a harmonious environment.
  • Ensure settlement of claims with no harassment of companies policyholders 
  • To ensure rapid and proper growth of the insurance industry for the country’s economy.
  • To observe the industries enforcement of the highest standards of integrity and fairness 
  • To regulate monopoly activities.

Eligibility Criteria For IRDA Exam

IRDA Eligibility Criteria

Every year IRDA conducts an online exam to recruit insurance agents from various insurance companies. This exam is to scrutinize the best candidate in the insurance market.

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  • The minimum qualification of the candidate must complete their 12th from a recognized school/board. 
  • The lower age limit is 18 years or above. There is no mention upper age limit.

Below are the main posts of IRDA for which the exam is mainly conducted.

  1. Assistant Manager
  2. Manager (Grade B)
  3. Assistant General Manager (Grade C)
  4. Deputy General Manager (Grade D)
  5. General Manager (Grade E)

Eligibility Criteria IRDA Assistant Manager Post Exam 

 IRDA Assistant Manager post-exam qualifications are listed below: For the detailed eligibility criteria for the assistant manager, post-check the official notification of the IRDA exam.

  •  The minimum education qualification for the IRDA Assistant Manager post, the candidate must have Bachelor’s Degree with 60% marks from a recognized university.
  • The minimum limit is 21 years, and the upper age limit is 30 years.

How To Apply IRDA Exam Online & Offline

IRDA Online and Offline

 Interested candidates can apply for the IRDA exam online and offline. 

Through online: Move the IRDA’s official webpage, fill out the form in a perspective manner, and submit it. After that, choose an exam center and pay the fee of ₹200. Do not forget to take a printout of that form and keep it for future reference.

Through Offline: The candidate downloads the form from IRDA official website and fills in the column of this form. A fee slip (or through challan in bank draft) also needs to be attached. After that, the candidate should send this form to the registered address of IRDA.

Once the forms have been received from various regions of the country. IRDA conducts a national-level examination at various centers across the country and prepares a merit list based on the marks obtained by the candidates. In the end, the successful candidates will be licensed to continue their careers as insurance agents.

FAQs

1. What is the full form of IRDA in banking?

IRDA complete form is the Insurance Regulatory and Development Authority of India.

3. Which company is covered under IRDA?

Bajaj Allianz, Canara HSBC Oriental Bank of Commerce, Bharti AXA, Edelweiss Tokio, etc..

2. What is the function of IRDA?

 

 

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