Regulator Irdai has set up a high-level panel to suggest steps to increase the participation of banks for easy availability of insurance products across the country. Despite the large network of banks through their branches across the length and breadth of the country, the contribution of the lenders as corporate agents was 5.93 per cent of non-life premiums and 17.44 per cent of new business premiums for life insurance in 2022-23.
India's wealthy opt for term insurance policies worth Rs 5-20 crore: Report
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