Transparency wave now covers insurance agents

Those looking to buy a life insurance policy can now ask agents how much commission will be paid from the premium and the agent will have to disclose this. Earlier, this was applicable only for unit-linked insurance plans (Ulips). In addition, customers can ask agents for their identity card or appointment letter to verify their authenticity. Agents will now have to inform the policyholder upfront about the chances of the policy being rejected or approved. Agents will also not be able to hide information about whether the policyholder is a smoker or non-smoker, from insurance companies as this will affect underwriting.

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