From The Economic Times · ET Bureau · · 50s
Irdai Proposes Insurance Commission Caps
Irdai introduces product-specific commission limits to cut insurer costs and boost policyholder value.
In brief
Irdai introduces product-specific commission limits to cut insurer costs and boost policyholder value. Irdai sets new commission caps for insurance products to reduce expenses and improve value for customers. Originally reported by The Economic Times.
Irdai's Commission Overhaul
Irdai proposes product-specific commission limits for insurers.
New Commission Caps
Life insurers face 15% EoM in two years, general insurers 25% in two years.
Product-Based Limits
Health policies: 15% for distributors, 20% for agents on first year.
Property Insurance Rules
Retail property: 15% for distributors, 20% for agents on first year.
High-Value Policies
Large property risks: 5% for distributors, 5.5% for agents.
What's Next
Irdai seeks feedback by October 25 to finalize changes.
The essence
Irdai sets new commission caps for insurance products to reduce expenses and improve value for customers.