Due to the new rules introduced by IRDA (Insurance Regulatory and Development Authority), Max Life Insurance Co Ltd said that it is likely to shrink in its margins for the January to March 2014 quarter, according to a media report.
The new rules of IRDA aims to reduce costs for policy holders, raise returns and increases the cover after death.
However, no details have been provided by the insurer about the exact decline in the margin.
The private insurer is aiming for 12%-15% growth in new premium for 2013-14. In the last three quarters, it had registered about 13% growth in business, the report added.