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What would happen if the insurer company goes bankrupt? Would my family still get the insured amount in that case?

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Shailesh Kumar, Co-founder, Insurance Samadhan verified
Answered on December 27,2021

Dear 

IRDA and Insurance Act regulates all insurers . IRDA ensures quarterly audit of each insurance company and solvency margin .

In case of any early warning , IRDA would ensure that weak insurance company is merged with a strong insurance company .

So be assured that no insurer can go bankrupt . Once merged , new Insurer would honour all liabilities .

This has been happening in the industry without any harm to policy holder .

Hope this clarifies

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