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Banks to Rejig Insurance Products as IRDAI Proposes Commission Cuts

1 min read
RBI Grade BNABARD ESISEBI
  • IRDAI proposed lower Expense of Management (EoM) limits and product- and channel-specific commission caps for insurance distributors.
  • Separate limits are proposed for individual and corporate distributors, with higher limits for individuals.
  • Proposed commission caps include 30% for term insurance and 20% for health insurance for individual distributors.
  • The changes may lead banks to reassess the insurance products they sell through their branches.
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