HDFC Life Insurance Co is in talks with the Insurance Regulatory and Development Authority of India (IRDAI) to allow life insurance companies to sell other regulated financial products, Deepak Parekh, chairman of the life insurance company, said at the 22nd annual general meeting. The move will help enable insurance companies to expand their reach and also improve customer experience.
There are 24 lakh insurance agents registered with life insurance companies, which provide a significant source of income for a large number of agents, Parekh said.
“I would also like to thank our regulator, the IRDAI, for its continued guidance and support to the industry in these challenging times. I am confident that the insurance regulator will continue to display its firm commitment to carry out reforms for increasing insurance penetration and facilitating sustainable growth of the industry,” he said.