@Investor_No_1 … Some useful information from Insurance industry, which might give you conviction to hold your life insurance companies.
LIC has around 11,60,000 individual agents while 23 private insurance companies in total have around 14,00,000 agents.
With Sugam initiative of IRDA, each life insurance agent will be able to take agency of 3 life insurance companies to sell life insurance as against currently only 1 is allowed.
Once Sugam platform gets activated by December, 11,60,000 LIC agents will be able to take agencies of 2 more life insurers, surely agents of HDFC life and SBI Life will increase manifold. Even if just 10% agents take agency of these companies, their agency force will be doubled in number. Its a huge benefit for them. And mostly all cream, performing and hardcore salespeople from LIC will go for HDFC life and SBI life… its a big thing…this is going to be a game changer…interesting to see , how this pans out.
Also policy portability is also going to come. Customers will get option to change Insurers just like mobile phone portability or mediclaim portability…
Mr. Panda ( IRDA Chairman) is on fire.
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