Irdai plan to set up new platform for sale of insurance policies

Insurance regulatory and development authority of india (irdai) has proposed setting up a new platform for sale, servicing and claims of insurance policies,

The same could be to be had from December this year.

“All products from life, general and standalone health insurers to be listed on IRDAI’s proposed platform,” they said.
That allows you to sell policies, marketers will should end up platform members. They can sell it from all insurance organizations when they become members.

 

Irdai believes that insurance platform will help coverage penetration in tier 2, 3 areas and will also convey down existing commission rates.

In advance, sources said that the irdai committee is probably to advise permitting life insurers to sell health insurance. The committee is likely to are seeking a nod for the distribution and manufacture of health insurance.

The committee mentioned improved penetration, and global exercise to aid the circulate.
Presently, life insurers sell only fixed benefit health plans and not indemnity products. As per IRDAI, 75 percent of people pay for medical expenses from their pockets.

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