A seminar on ‘Need of Life Insurance inIndividual’s Life and Safeguards’ was organised by M/s Bharat Jyoti on 17thJuly, 2013 at Nigohan District, Lucknow. There were around 100 participants.

Shri Virendra Singh, President of State ConsumerProtection Dispute Redressal Commission, inaugurated the seminar and was thechief Guest for the occasion. Shri Singh raised the issue in his address that there are a sizable number of policyholders, who are illiterate be it the area is rural or semi-urban or urban across the country. Moreover, the terms and conditions of the policy are complex and are written in very smallsize. It is imperative that the wordings of policy should be in simple language and the terms should in such a fashion that it could be understood easily.

Shri Vijay Acharya, Founder President, Bharat Jyoti, gave a welcome address. Shri R.K.Porwal, Legal Consultant, Bharat Jyoti, handled first session on ‘Need of LifeInsurance in day-today life’. In thesecond session, Shri A.P. Srivastava, M.D. & C.E.O., Usha Deep Academy of Insurance and Finance, stressed upon the importance and need of the Life Insurance Riders. During the third session, Shri Gautam Kumar, Deputy Director, IRDA, discussed about the nature and intricacy of the ULIP Plan and explained difference between the Traditional and ULIP Plans. As for fourth session, Dr K.M.Singh, Vice Chairman, Consumer Protection Council spoke about mis-selling of Insurance policies and the last session was handled by Shri Gautam Kumar, Deputy Director, IRDA, and talked about Grievance Redressal Mechanism available to policyholders by giving details about the various initiatives viz IGCC, IGMS and Consumer Education Website, taken by IRDA to protect interests of the policyholders. The consumer education material published by IRDA was distributed among the participants.

At last, the seminar was addressed by the Justice Bhanwar Singh, Chairman, Judicial Training and Research Institute, UttarPradesh and the Vote of Thanks was given by Smt. Kavita Bhatnagar, BharatJ yoti.

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