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Banks to sell only standard insurance products

The objective is to ensure that banks do not sell customised insurance products where risk assessment is more complex

September 10, 2013 2:16 IST | India Infoline News Service
The ministry of finance said that banks will be permitted to sell only standard insurance products through their branches following the relaxation of brokerage norms by IRDA (Insurance Regulatory and Development Authority), according to a media report.

The objective is to ensure that banks do not sell customised insurance products where risk assessment is more complex, the report added.

Products with same features will aid to prevent mis-selling and also ensure that customers can chose a product based on the performance of the insurer, report further said.

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