Come April 1 your health and Vehicle insurance will cost more with regulator Insurance Regulatory and Development Authority of India (IRDAI) giving go-ahead to insurers for revision in commission for agents.
The change in premium will be subject to a +/- 5 percent of the existing vehicle insurance rates.
Additionally, third party motor insurers have also hiked premium rates which will come into effect along with the IRDAI Regulations, 2016 from April 1, 2017.
Not only do these regulations bring about revised commission/remuneration rates, they will also introduce a new reward system that will be put in place, said IRDAI.
Further, insurers will have to give a certificate that there is “no detrimental change” in premium rates or any other provision of policies already sold.