‘Only 48% of life policies are renewed for over 5 years’
IRDAI is implementing stricter measures to combat mis-selling in the insurance sector, aiming to increase the renewal rate of life policies to over five years. The reforms, proposed by IRDAI chairman Ajay Seth, aim to improve coverage, affordability, accessibility, and transparency while eliminating regulatory loopholes and incentivizing ethical conduct.
Despite concerns about potential slowdown in business and livelihoods, the reforms are designed to create a more efficient and competitive insurance market, benefiting both insurers and policyholders.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
