The regulator has asked companies to disclose the discounts they can offer on direct purchases since they involve no commission. Direct modes exist even now. All that IRDAI has now mandated is a bit more transparency. That doesn’t mean insurers are mandated to offer direct plans, unlike MFs
Irdai wants insurers to ensure fair and transparent competition among agents, besides cost-effective distribution.The new rules stipulate an expenses of management (EOM) structure that insurers have to put in place
The minimum health cover recommended has gone up from Rs 5 lakh to Rs 10 lakh since the COVID-19 pandemic set in. The ideal cover, however, depends on several factors, starting with where you live. Read on to find out what they are.
As per IRDAI’s latest notifications, life and general insurers do not have to adhere to any specific cap on commissions as long as they stay within the overall expenses of management limits.