The Insurance Research Grant Scheme

Oct 22, 2019 | by Avantis RegTech Legal Research Team

The Insurance Regulatory and Development Authority of India (IRDAI) on October 22, 2019, has issued a Public Notice inviting proposals under the Insurance Research Grant Scheme which provides opportunities for research in the field of Insurance. The objective of the Scheme is to protect the interests of the holders of insurance policies and orderly growth of insurance sector in India. The Scheme talks about the theoretical or applied research work in the areas related to policyholder’s protection, consumer education and issues adjunct with orderly growth of insurance industry aiming to spread awareness about insurance as a vital component of financial inclusion and towards making insurance a part of day-to-day life.

The funding will cover the cost of entire research project subject to a maximum of 85% of the budget, up to a maximum of Rs. 5 lakh per applicant or proposal. The support will be towards reimbursement of necessary expenses essential for the research within the reasonable limits. The research grant will be paid in three installments viz. up to 40% of the eligible grant at the time of issuance of sanction letter as first installment; second installment up to 30% of grant after six months on submission of Interim report and the final balance amount after completion of the research project and submission of duly signed audited report for the total expenses incurred for the project. The applicants are expected to have advanced degrees (Ph.D. or equivalent) and be associated with an educational organization or research institution. IRDAI also specifies the procedures of application, selection, evaluation of progress and submission of final report.

All details related to the Scheme are available on IRDAI’s website or IRDAI’s Consumer Education Website interested researchers may submit their proposals to the General Manager (Communications Wing), 1st Floor, IRDAI, Sy. No. 115/1, Financial District, Nanakramguda, Hyderabad, Telangana 500032 by November 30, 2019.

[Public Notice: IRDAI/Communications/2019-20/160]


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