In a first since the surrender value norms were revised, the state-owned Life Insurance Corporation of India (LIC) has reduced the first-year agent commission from 35 per cent to 28 per cent, sources familiar with the development told Business Standard. However, it has increased the commission for renewal premiums to 7.5 per cent, from 5 per cent. The minimum sum assured on the revised policies has also been raised to â¹2 lakh from â¹1 lakh, effective from October 1.
In June this year, the insurance regulator â Insurance Regulatory and Development Authority of India â issued a master circular on life insurance products, introducing norms to ensure better payouts for customers who exit their policies prematurely. These norms became effective on October 1.
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Jay Shah takes over as ICC chairman
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CONSOLATION PRIZES
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Now boarding
Governance premium is set to go up by many notches and banks will be put through the wringer, reports RAGHU MOHAN
