Health insurance is not a very attractive proposition for banks.
Annual rollover of policies as opposed to long time commitment in the case of life insurance
Lower premium as opposed to a ULIP where a customer signs up to invest 50K every year. Lower premium amount automatically results in lower commission
The bulk market is always directly covered by the health insurer sales teams themselves. Group health is an institutional sales model
The average health insurance premium for a 35 year old is less than 10K per year for a 5L annual cover, even at 10% commission the intermediary will hardly earn 1K per policy.
Selling health policies through banks will not be easy. There is just too much sales effort involved for banks to take this seriously irrespective of what IRDAI says.
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