For the life insurance sector, the report of the product committee set up to review product regulations has set the tone for 2018. Set up in 2017, the committee has recommended measures dealing with reinsurance, pensions, product approval mechanisms and current investment norms. The push for change will come from recommendations around review of the high exit loads in traditional plans and greater transparency. “Transparency will be in focus because there is much greater customer awareness. We can expect the popularity of traditional plans to come down.... Also, if surrender values are increased as per the committees’ recommendations, margins for insurers will reduce and so will the lapsed profits,” said Shashwat Sharma, partner, and head of insurance, KPMG India.
75 years to reach per capita income of $2730, will take only 5 years to add another $2000, FM Sitharaman
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