IRDA is working on ways to increase the penetration rate

The Insurance Regulatory and Development Authority (IRDA) is considering the possibility of providing banks with the opportunity to sell the products of two life and non-life insurers. So far, these banks are only licensed to distribute life and non-life policies of a single insurer.

This initiative emanates from the committee set up by the authorities in 2009. The aim is to find solutions to the low insurance penetration rate.