Agent’s commission will have to be disclosed in front of customers taking insurance, IRDAI will soon implement these rules

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Jagran Bureau, New Delhi. Now on taking any type of insurance, it will be mandatory to give complete information about the commission of the agent to the customers on behalf of the company. Soon this rule is going to be implemented. Formal approval has been given by the Insurance Regulatory and Development Authority of India (IRDAI) to implement this rule. After purchasing the policy, the receipt and documents that will be given will be the information about the commission of the agent. At present, no information is given to the customers about the commission that the agent will get on taking any type of policy. This rule will apply to all types of insurance. To increase the penetration of insurance, IRDAI is going to bring complete transparency in the insurance sector.

Insurance companies sometimes pay more commission to the agent than the rules set by IRDAI. But now insurance companies will not be able to do this. This will make customers pay less money. This rule will be applicable to the aggregator for online insurance. The customers will be given full details of the commission paid to the aggregator. According to insurance companies, the customer has to pay the same amount for insurance online or through an agent. At present, different companies charge different premiums for taking the same type of health insurance or motor insurance.

According to sources, one reason for this could be the commission of the agent and this rule may come into force anytime in July. However, insurance companies are not wholeheartedly welcoming this decision of IRDAI. LIC mainly depends on its agent and this decision can hurt the agent. Agents said that due to the commission being exposed, the client can demand a part of the commission from them as there is a lot of competition in the market. According to the employees of insurance companies, general insurance companies pay 15 percent commission and up to four percent incentive to their agents on health and motor insurance. In case of life insurance, the commission depends on the term of the insurance.

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Edited By: Manish Mishra

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