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Insurance agents crashing out

The life insurance sector has faced a challenge of agents leaving the profession

Insurance Agents

Business Standard 

Insurance agents crashing out

The life sector has faced a challenge of agents leaving the profession. Data from the Life Council show companies lost 51,278 agents in 2015-16. The Regulatory and Development Authority of India (Irdai), in an exposure draft on remuneration for and intermediaries, has proposed higher commission for agents in the first year as also subsequent years to incentivise these distributors. Further, it has also said that insurance companies can give rewards over and above commissions. Data show that the public sector Life Insurance Corporation of India (LIC) saw 102,044 agents exit in 2015-16. Private life insurers, on the other hand, made an addition of 50,766 agents in 2015-16

Insurance agents crashing out

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First Published: Wed, April 20 2016. 00:30 IST