Buying an insurance policy—whether for health, motor, business, or workmen compensation—is a long-term financial commitment. With hundreds of insurance companies advertising their plans, it can be confusing to identify which one truly fits your needs and is genuinely licensed to operate in India.
To protect yourself from fraud and make a confident decision, it is important to evaluate insurance companies carefully and verify their authenticity using IRDAI (Insurance Regulatory and Development Authority of India) registration details.
This guide will help you understand how to select the best insurance company and how to check if the company is IRDAI-approved and genuine.
1. What Makes an Insurance Company “Best”?
The “best” insurer is one that is reliable, financially strong, transparent, and responsive at the time of claims. Here are the essential factors to check:
1. Claim Settlement Ratio (CSR)
- CSR indicates the percentage of claims settled out of total claims received.
- A CSR above 90% is desirable.
- A consistently high CSR for 3–5 years shows the insurer is reliable during emergencies.
2. Solvency Ratio
- Shows the financial ability of the company to pay claims.
- As per IRDAI norms, solvency ratio must be 1.5 or above.
- A good ratio indicates the insurer is financially strong and secure.
3. Customer Reviews & Complaints
- Check online ratings, social media comments, and complaint ratios on IRDAI’s Consumer Affairs report.
- Look for feedback regarding claim delays, hidden charges, and customer service.
4. Network Hospitals / Garages
- For health insurance, a bigger network of cashless hospitals is a huge advantage.
- For motor insurance, check cashless garages near your location.
5. Product Variety & Customisation
- A good insurer offers multiple policy options with flexible add-ons.
- Ensure the policy is not “one size fits all” and allows you to customise coverage.
6. Premium vs Coverage Balance
- Cheapest premium doesn’t always mean best.
- Compare inclusions, exclusions, and hidden conditions before buying.
7. Claim Support & Customer Service
- 24×7 customer support, easy claim filing, online portals, and app-based services indicate a good insurer.
- Check if the company assigns a dedicated relationship manager for corporate or business policies.
2. How to Verify Whether an Insurance Company Is Genuine
Before buying any insurance policy, always verify that the company is IRDAI-registered and legally allowed to sell insurance in India. This protects you from fraudulent or unlicensed entities.
What is IRDAI?
IRDAI (Insurance Regulatory and Development Authority of India) is the government body that regulates all insurance companies.
No company can sell insurance in India without IRDAI approval.
3. How to Check the IRDAI Registration Number of an Insurance Company
Follow these steps:
Step 1: Visit the Official IRDAI Website
Go to: www.irdai.gov.in
Step 2: Navigate to “Insurers” Section
Under the “About Us → Entities Regulated by IRDAI” section, you will find:
- Life Insurers
- General Insurers
- Health Insurers
- Reinsurers
Step 3: Check the Company’s Name & IRDAI Registration Number
Every genuine insurer will have:
- IRDAI licence number
- Address
- Category (life, general, health)
- Date of registration
Step 4: Match It With the Company’s Website
Go to the insurer’s official website and scroll to the footer.
You will find:
“IRDAI Reg. No. XX”
Match this number with the one listed on IRDAI’s website.
Step 5: Verify URL Authenticity
A genuine insurance company’s website will always have:
- “https://” secure domain
- No spelling errors
- A registered trademark
- Customer care contact + address
Step 6: Check IRDAI Agent / Broker Validity (if buying through agent)
If you are dealing with an agent, ask for their:
- IRDAI Agent Licence Number
- Validity Period
- Company Appointment Letter
You can verify agent licence on IRDAI’s “Agency Curator/Portal”.
4. Red Flags of a Fake Insurance Company or Agent
Avoid companies or agents that:
❌ Offer extremely low premiums (too good to be true)
❌ Ask for payment to personal bank accounts
❌ Don’t have IRDAI licence number on website
❌ Provide hand-written policy documents
❌ Insist on urgent payment without documentation
❌ Communicate only through WhatsApp or unofficial email IDs
5. Conclusion
Choosing the right insurance company is just as important as choosing the right insurance policy. A dependable insurer ensures financial protection, stress-free claims, and long-term trust.
By checking:
✔ Claim settlement ratio
✔ Solvency ratio
✔ Customer reviews
✔ Network coverage
✔ IRDAI registration number
…you can confidently choose an insurance company that is both genuine and best suited to your needs.
Always remember:
“Your insurance is only as good as the company behind it.”
