E-Paper
Banks can sell policies of 5 insurance firms: panel
Life Insurance Council (LIC) has advocated that a bank should be allowed to sell products of five different insurance companies. It would soon send a note on this to Insurance Regulatory and Development Authority (IRDA), which is yet to come up with a guideline on bancassurance (refers to selling of insurance policies).
Updated on: Jul 5, 2013, 21:25:36 IST
Share via
Copy link
Life Insurance Council (LIC) has advocated that a bank should be allowed to sell products of five different insurance companies. It would soon send a note on this to Insurance Regulatory and Development Authority (IRDA), which is yet to come up with a guideline on bancassurance (refers to selling of insurance policies).
At present one bank can sell products of one life and one non-life insurance companies as an agent.
According to LIC’s recommendation a bank can tie up with at least five insurers with not more than 2% share per insurer. Insurance majors like Tata AIA, Aviva, Reliance Life and Bajaj have known to have supported the recommendation, sources said.
Get the latest India News, breaking headlines and real-time updates from across the country. Stay informed about politics, government policies, crime, weather and major national developments.
