The alarming level of life insurance policy misselling has caught the attention of policymakers amid efforts by the insurance regulator to boost insurance penetration, a top official from the Insurance Regulatory and Development Authority of India (Irdai) said on Tuesday. According to Satyajit Tripathy, member-distribution at Irdai, while life insurance grievances often relate to product issues, non-life insurance complaints typically concern claim payments and exclusions. Addressing these grievances is essential to increasing insurance penetration, he said.
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