Copyright © 2026 Authors retain the copyright of this article. This article is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

@article{206515,
        author = {Vidya Rajendra Dhole and Dr Bharat Kasar},
        title = {A Study On Role of IRDAI’s Transformative Reform 2024 And Future of Indian Insurance Sector},
        journal = {International Journal of Innovative Research in Technology},
        year = {2026},
        volume = {13},
        number = {2},
        pages = {3117-3123},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=206515},
        abstract = {The Insurance Regulatory and Development Authority of India (IRDAI) has introduced transformative reforms through its 2024 Master Circular to modernize and strengthen the Indian insurance sector. The circular aims to enhance transparency, improve policyholder protection, promote product innovation, and encourage digital transformation across life, health, and general insurance segments. The study is an attempt to understand how these reforms will affect the operations and functioning of the insurance sector in India. The study is descriptive and qualitative in nature and based on the secondary data, the data is mostly based on the policy reforms guidelines. These reforms represent a significant step toward creating a transparent, efficient, and inclusive insurance ecosystem in India. The study highlights that simplified policy documentation, customer information sheets, faster claim settlement procedures, improved grievance redressal mechanisms, and the introduction of flexible and customized insurance products introduced in the reforms are helpful to the insurance sector. The reforms also emphasize digitalization through electronic policy issuance and a “phygital” service model to increase accessibility and operational efficiency.},
        keywords = {IRDAI, physical, insurance},
        month = {July},
        }