Grocery and medical stores may soon be allowed to sell simple insurance products
Mumbai: Grocery and medical stores will soon be selling simple general insurance products, after Irda announced the new rule for monoline insurance agents, according to a news report published by Business Standard.
These agents will be allowed to sell only one product. IRDA has taken this step to promote sale of general insurance policies through the retail industry. The guideline will reduce the mandatory training hours as the agents are supposed to sell only one product.
These agents won’t be allowed to sell complex products, as they will be trained for selling only simple products. For example, medical shops will advise on personal accident cover; travel agents will suggest and issue travel insurance policies.