Buying insurance could become cheaper over time, but the people selling those policies may have to earn less. However, that is if the insurance regulator’s latest suggestions go through. The Insurance Regulatory and Development Authority of India (IRDAI) has proposed tighter limits on commissions paid to banks, brokers and agents, along with curbs on digital practices that can push customers towards buying a policy.
The proposals are aimed at reducing the cost of distributing insurance and curbing mis-selling, but whether customers actually see lower premiums will depend on how insurers respond.
