Health insurance is essential as it provides financial security against high medical costs, ensuring access to quality healthcare without a significant financial burden. It covers hospitalization, medical treatments, and preventive care, reducing out-of-pocket expenses and safeguarding individuals from unexpected health crises. The Insurance Regulatory and Development Authority of India (IRDAI) plays a crucial role in protecting policyholders from fraud and unfair practices by enforcing strict regulations on insurance companies. It mandates transparency in policy terms, ensures timely claim settlements, and monitors insurers for ethical conduct. IRDAI also operates grievance redressal mechanisms, such as the Insurance Ombudsman and consumer helplines, to address complaints efficiently. Additionally, it introduces measures like standardization of policy wording and guidelines against mis-selling to protect consumers from deceptive practices. By maintaining a robust regulatory framework, IRDAI enhances trust in the insurance sector and ensures that policyholders receive the benefits they are entitled to without exploitation.

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