Insurance agents will not be able to sell policy of several companies simultaneously in the same category. According to information received by sources, the government can withdraw the proposal of Open Architecture Model. The rules of the insurance agent will not be relaxed. According to information received by sources, there is no expectation of change in the rules of insurance agent. Now agents will not be able to sell the policy of several companies simultaneously. For this, the government can withdraw the Open Architecture Model offer. According to sources, Anget will now be able to sell the policy of the same company in every category.
The proposal was opposed by LIC and SBI Life. Now the agent will be allowed to join 1 life, general or health insurance company. Agents will not be able to sell life, general or health products of many companies simultaneously. However, they will be allowed to join different companies in Life, Non-Life, Health.
LIC has a large network of agents. By the end of FY 2025, LIC had 1.5 million agents, which is 48 per cent of the entire industry. Talking about the contribution of agents to the premium, agents contributed 94 per cent to LIC’s premium in FY 2025. At the same time, agents contribute 21 percent to SBI Life’s premiems.