Manickam Tagore writes to Sitharaman over LIC's policy restructuring

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Manickam Tagore writes to Sitharaman over LIC's policy restructuring - Business Standard

Quick Summary:

With these steep premium increases, agents find it extremely challenging to meet sales targets and provide affordable coverage to policyholders, he said.

The new policies introduced from October 1, 2024, further reduce the commission, which directly impacts the livelihoods of millions of agents, he said.

Despite multiple requests from agents and the insurance industry, there has been no increase in commission rates, even though the IRDAI allowed for increases through gazette notifications in 2013, 2017, and 2020, he said.