Customers will get agent portability option soon, check details

New Delhi: Most people have insurance whether it is life insurance, medical, agriculture, or whatever. Insurance agents have played an important role in this because they visit door to door to convince people to take insurance. But after some time, they didn't keep their service as good as it was before. Many customers are upset because of the behavior of an agent. Earlier customers have no option to change the agent in mid of the insurance period.

But what now? The rule has changed. Customers have an agent portability option soon.  If you are not happy with the service of your insurance agent, now in the existing policy itself, you will get the option to change your agent. (Also Read: Mutual Fund: Here’s how you can convert SIP of Rs 10,000 into Rs 12 lakh in 5 years)

In order to provide better convenience to the customers, insurance regulator IRDAI is soon going to give the option of agent portability to the policyholders. (Also Read: THIS bank increases interest rate on FDs; check new rate, policy terms & more details)

As per the report, agent portability will not be available in general insurance. Life insurance policies with a tenure of up to 20 years and after the initial premium, a policyholder can change the agent. Policyholders can change through the insurance exchange.

After that, they can select a new agent. In case of a change in agent, the commission received on the premium will then be paid to the new agent. Reports suggest that the long tenure is the main reason behind this change. 

Agents will have to focus on the service as the rule is changing now. With the new rule, customers will get better service.