LIAFI asks IRDAI to rethink Bima Sugam sales shift
Business
LIC agents are worried about IRDAI's latest plan to shift insurance sales to cheaper platforms like Bima Sugam.
Their main concern? These changes could make it harder for lakhs of agents to earn a living.
The Life Insurance Agents's Federation of India (LIAFI) has asked the regulator to rethink the proposals, hoping for a fairer deal for everyone involved.
Agents anxious over lower commissions
LIAFI says these proposed changes are already causing "concern and anxiety" among agents, especially since LIAFI had earlier raised concerns over a lower commission structure.
They believe the traditional agency model is at risk, and argue that proposed changes could shake up how insurance is sold, and who benefits from it, in India.