What is the IRDA web aggregator License fees in India?

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A web aggregator license is one whose demand has been increased in recent times. You have the rising insecurities of the people to blame for that. They want to secure their future the only way they know how. And it’s the insurance policies that give them the answer. However, in their rush, they can make the wrong choices.

To drive these desperate people to the right direction, IRDA introduced the concept of IRDA web aggregator.

Unlike a insurance agent that can be corrupted by greed, a business web aggregator for insurance policies is a machine. It’s a module that allows people to:

1.       Browse among the list of insurance policies

2.       Read the terms, conditions and other information about the said policies.

3.       Compare between all of them,

4.       And buy one that’s most suited to their needs.

You too can become the Insurance web aggregator. But to be one, you need authorization from the IRDA called the Insurance web aggregator license. And it’s a license that comes at a price.

And through this article, we are going to discuss it.

Cost of being eligible for the license

There are several points mentioned in the eligibility criteria for the Insurance web aggregator license. In order to adhere to them, you have to pay their costs. They would involve the following:

1.       The cost of establishing your company in case you don’t have it yet.

2.       The cost of getting a referral agreement from an insurer

3.       The cost of training a principal officer and two more members of your company in ways of web aggregation of insurance policies.

4.       Cost of creating an insurance web aggregator business model. It would not be necessary if you possess the high business acumen the business of web aggregation needs.

Once you’ve fulfilled this part of IRDA web aggregator license fees, you can start the next step.

Cost of filing the application of web aggregator to the IRDA

The application for web aggregator involves several details. All of them are complex. And at times, can appear to be too complex. The trick of filing it correctly is:

1.       Getting the right documents from the start

2.       Getting an IRDA consultant to file the application for you.

In case you can’t find the right documents on your own, you can consult with IRDA experts for those as well. These experts are Chartered Accountants, Company Secretaries and more. They can put together the certain* required documents and file the application in no time.

Certain*: Documents like audited balance sheets, net worth certificate, Certificate of Incorporation, Memorandum of Association

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Cost of conducting a follow up with the department

After filing the application, there is a chance that it will initially receive certain objections. Don’t worry. The consult can conduct a follow-up with the department on your behalf and do what needs to be done to get approval for your application.

So what’s the IRDA web aggregator license fee?

The IRDA web aggregator license fee is the culmination of all the above costs. So, make sure that you have a robust financial infrastructure before applying for this license.

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