INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA 

Research Grant Scheme

1.  Introduction:

Insurance  Regulatory  and  Development  Authority  of  India  (IRDAI)  sponsors proposals under Research Grant Scheme, which provides opportunities for research in the field of Insurance. IRDAI welcomes 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.

2.  Subjects covered:

The topics may include a wide range of issues of critical importance to the insurance sector but shall have relevance to the mission statement of Authority (Protecting the interests of the holders of insurance policies and orderly growth of insurance sector in India).

3.  Grant support:

i.      The funding will be provided to 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/proposal.

ii.      The budget shall include actual cost for research, writing, editing and publishing of  the   Research  reports  and  expenditure  would  be  reimbursed  towards honorarium, travel expenses, expenses for field survey and investigations, data entry and analysis, salary /expenses for hiring Research Assistant/administrative assistance etc., based on the budget  estimate submitted with the application, subject to submission of bills in support of expenses incurred therewith.The support will be towards reimbursement of necessary expenses essential for the research within the reasonable limits.

iii.       A reasonable limit is the normal cost required for a travel or for any other service as prevailing during the time of research in that geographical location but it needs to be estimated at the application stage itself and requires prior clearance of the Research Selection Committee. However, the grant shall not be utilized towards indirect costs, overhead costs, and other incidental expenses or for sharing of infrastructure etc.

iv.      In exceptional cases where the overall total expenses exceed the budget estimate due to genuine  reasons beyond the control of the applicant, the IRDAI may consider sanctioning of additional budget but within the maximum limit of Rs. 5 lakh subject to recommendations and  approval of the same by the Research Selection Committee.

4.  Disbursement of Funds

i)          Research Grants are paid in three installments viz.  up to 40% of eligible grant at the time of issuance of sanction letter as first installment; second installment up to 30% of grant after submission of Interim report and after six months and the  final  balance  amount  after  completion  of  the  research  project  and submission of duly signed audited report against the total expenses incurred for the project.

ii)         The bills supporting the expenses incurred for the research have to be duly verified and signed by an auditor.

5.  Eligibility:

Applicants are expected to have advanced degrees (Ph.D. or equivalent) and be associated with an educational organization or research institution.

6.  How to apply:

Applicant must ensure that all relevant information and major components required for consideration of the application are submitted to IRDAI in the given application format with a covering letter confirming submission of the following:

a.  Application with Contact information: Name, postal address, e-mail address, institutional  affiliation  if  any of  the Primary Research Applicant (PRA) and secondary applicant (wherever applicable), and name of the official institutional representative for communication, if applicable

b.  Project description: Abstract with detailed description of the proposed research c.  Statement of Institutional approval where applicable by Head of Institution with recommendation letters (at least two)

d.  Statement of use of restricted datasets (if applicable) in terms of access and use;

e.  Biographical sketch Budget Estimate

g.  Statement of the applicant’s past track record While each individual applicant can submit only one proposal, there is no restriction on the submission of more than one proposal from a single institution. However, one applicant shall be eligible to undertake one research project only for one financial year.

7.  Selection Procedure:

a)  Research  Selection  Committee:  A  Research  Selection  Committee  (RSC) constituted by IRDAI will assess and shortlist the proposals.

b)  Selection process:

i)          Preliminary  screening  by   RSC  shall  be  based  on  eligibility  criteria  and information furnished in the proposal and RSC shall take a decision in this regard.

ii)         Only the best proposals out of the applications received shall be short-listed and other proposals can be declined at the preliminary stage.                     Mere filing of application does not confer any right for sponsorship under the scheme.

iii)        The  applicants  of  the  shortlisted  proposals  shall  be  called  for  making presentation before RSC at their own cost. Based on the information furnished and the presentation given by the applicant, RSC will make recommendations to accept or decline an application.