India's insurance regulator, IRDA, wants to shake up how insurance is sold after customer complaints, 2,97,468 complaints in FY26!
The new plan? Change how agents get paid so they focus more on helping customers long-term, not just making quick sales.
This move aims to build more trust and cut down on mis-selling.
Low coverage, complex commissions prompt reform
India's insurance coverage is still pretty low compared to the global average.
Complicated commission systems have made things worse, leading to frustrated customers and lots of complaints.
With these reforms, IRDA hopes insurance will finally become more transparent, and maybe even reach everyone by 2047.