Is life insurance policy of Pvt Insurance company is guranteed by IRDA?

[PolicyWala]

I want to take Term Insurance from Pvt Insurance Company, I want to know - Is it guranteed by any authority like IRDA, in case Pvt Compant Ceases to exist, Still can I continue my policy on same terms?

Got this via email @sjainakola

[PolicyWala]

There is no guarantee by IRDA. IRDA is a watch dog, which supervises the insurance sector. More info - http://www.policywala.com/content.php/153-How-safe-is-your-insurance-company