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IRDAI Proposes 5 Key Changes That Could Lower Insurance Premiums

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India's insurance regulator IRDAI has proposed a new framework that could make insurance policies more affordable for buyers. One significant proposal would give customers the freedom to choose any insurer, even when a bank offers a lower loan rate conditional on purchasing insurance. The changes aim to increase competition among insurers and expand consumer choice. These proposed reforms are expected to benefit policyholders by potentially driving down premium costs across the sector.

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