The Life Insurance Agents’ Federation of India (LIAFI), which has 1,000 branch associations affiliated to it, on Thursday sought exemptions in the draft policy note of the Insurance Regulatory and Development Authority (Irda), which states that an agent should complete 20 different lives a year with the minimum first year premium income to be procured by him being Rs 1.5 lakh. “Many agents are objecting to this.
There is no uniformity in minimum business of private companies for obvious reasons. They (private companies) have reduced the number of lives at their convenience to retain the agents. We have made representations to Irda seeking uniformity across public and private insurance companies,” LIAFI president HM Jain told mediapersons here on Thursday.