Budget Reactions: Allowing Banks to acts as broker good move, Birla Sun Life

Jayant Dua
Birla Sun Life Insurance

Steps to allow banks to act as brokers for selling insurance products of multiple companies will give customers more choice and will allow life insurance companies to make further inroads in the years to come. KYC documents of banks can be considered as surrogates for issuance of policies by insurance companies. This will bring customer convenience at the point of purchase and will provide ease of processing for the insurance companies. There are further recommendations that aim to enhance the penetration of insurance products in the country.

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