Why in the news?

The Insurance Regulatory and Development Authority of India (IRDAI) abolished the age limit for purchasing health insurance policies, effective April 1.
Individuals aged above 65 were ineligible previously for new health insurance policies.

About Insurance Regulatory and Development Authority of India (IRDAI)

IRDAI is the apex regulatory body overseeing the insurance sector in India.
It is an autonomous entity responsible for regulating and developing the insurance sector in India.
It was established under the Insurance Regulatory and Development Authority Act, 1999. It was formed on April 19, 2000.
- Headquarters: Located in Hyderabad, Telangana.
Composition:
- IRDAI is a 10-member body including the chairman, five full-time and four part-time members appointed by the government of India.
- The authority is supported by various departments and divisions responsible for different aspects of insurance regulation, including life insurance, non-life insurance, reinsurance, and actuarial matters.

IRDAI’s primary role is to regulate and promote the insurance industry in India through:

1818: Establishment of the Oriental Life Insurance Company in Calcutta marked the beginning of the life insurance business in India. The company faced failure in 1834.
1829: Madras Equitable started conducting life insurance operations in the Madras Presidency.
1870: Enactment of the British Insurance Act. Establishment of insurance companies like Bombay Mutual (1871), Oriental (1874), and Empire of India (1897) in the Bombay Presidency during this era, dominated by British firms.
1914: Commencement of publishing insurance company returns by the government of India.
1912: Introduction of the Indian Life Assurance Companies Act, the first legislation regulating life insurance.
1928: Enactment of the Indian Insurance Companies Act to gather statistical information about insurance business.
1938: Consolidation and amendment of insurance legislation with the Insurance Act, 1938, introducing comprehensive provisions to regulate insurers’ activities.
1950: The Insurance Amendment Act abolished principal agencies amid allegations of unfair trade practices. The GoI decided to nationalize the insurance industry in response to high competition levels.
1956: The Life Insurance Corporation of India (LIC) was established under the Life Insurance Corporation Act, of 1956, consolidating the life insurance business in India under a single entity. LIC took over the assets and liabilities of around 245 private life insurers and provident societies.

[2012] Consider the following:

The employees of which of the above can have the ‘Social Security’ coverage under Employees’ State Insurance Scheme?

(a) 1, 2 and 3 only

(b) 4 only

(d) 1, 2, 3 and 4