Insurance Research Grant Scheme 2017
1. Introduction:
Insurance Regulatory and Development Authority of India (IRDAI) sponsors proposals under IRDAI 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)...
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