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News India Live, Digital Desk: New Insurance Policy: If you too have become upset by filling a huge premium of your car, health or life insurance, then a very good news is going to come for you. Just waiting for a few days and this burden on your pocket can be reduced to a great extent.
IRDAI, an organization that regulates the insurance sector, is going to make such a big change, which will directly benefit the common man. It is reported that 22 September IRDAI can announce its new policy ‘Insurance Extension’. As soon as this new policy arrives in insurance premium Large cuts up to 15% Can be seen.
So what is going to happen that will make the premium cheaper?
Let us understand it in easy language. Till now it was that when you used to buy an insurance policy, a large part of your given premium (about 30-40%) agent used to go as a commission. Meaning, this huge commission given to the insurance companies used to charge from you. This is the reason why your premium was so high.
But now IRDAI is going to change this system.
Under the new ‘insurance expansion’ policy, companies will have to set a limit of commission to be given to the agent. Now companies will not be able to give a huge commission to the agent arbitrarily. When the commission of the agent decreases, it is obvious that the cost of the company will also be low. And this will directly benefit the customers, which will make the insurance policy cheaper.
Which insurance will benefit?
This new rule is expected to affect almost all types of general insurance policies. Your:
- Health Insurance
- Motor Insurance
- Life Insurance
- Home Insurance
All these can be cheap. So if you are thinking of buying a new insurance policy or are going to renew your old policy, then waiting till September 22 can be a profitable deal for you. Thousands of rupees can be saved from this one decision.