E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings
You are at:Home»Business»Commission paid to agents to be mentioned on insurance cover note – What IRDAI proposed
Business

Commission paid to agents to be mentioned on insurance cover note – What IRDAI proposed

By July 12, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

Insurance Policy Commission: In order to prevent misselling and increase transparency in insurance policies, the committee formed by Insurance Regulatory and Development Authority (IRDAI) has proposed a proposal in which the commission paid to agents will be mentioned on the insurance cover note. The board meeting will be held on 15 July 2022 and a decision is expected on the same day. A source tells Zee Business Anurag Shah.

According to the source, in the coming days when someone buys an insurance policy or pays the policy premium, he or she will know how much commission the insurance company has paid on the platform from where they bought the policy or the agent who sold them the policy. This will be written on the premium receipt of the policy, said the source.

A decision on this can be taken at the board meeting on 15 July. Whereas opposite to this, brokers and aggregators have opposed the proposal and arguing that giving commission details on the policy can encourage corruption.

The agent’s commission will be recorded on health, life, and general insurance policy receipt, the source said.

The detailed commission proposal is given below:

Maximum Commission                                         First-Year                 Renewal Premiums

Life Insurance Individual Pure Risk                            40%                          10%

Life Insurance Deferred Annuity / Pension                 7.5%                         2%

Life Individual Other than Pure Risk                           35%                         7.5%
 
Maximum Commission

Health Insurance Individual 15%

Motor Insurance 20%

Fire Insurance 16.5%



[ad_2]

Source link

Related Posts

Air Duct Repair 101: Everything You Need To Know

By Corbin BowenFebruary 2, 2023

Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant

By January 5, 2023

LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer

By January 5, 2023

Foreign universities will need UGC’s nod to set up campuses in India

By January 5, 2023
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.