GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Who has allowed banks to tie up with insurers, to sell three products each from life, non-life and standalone health insurance segment?
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RBI
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SIDBI
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IRDAI
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NABARD
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Explanation:
Detailed explanation-1: -IRDAI had earlier released draft paper allowing banks to tie up with 9 insurers. The Insurance Regulatory and Development Authority of India (IRDAI) is likely to look at opening up distribution architecture further and may allow individual agents to tie-up with insurers, sources informed CNBC-TV18.com.
Detailed explanation-2: -Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank’s customers.
Detailed explanation-3: -Insurance companies tie up with banks to sell products because it is a low-cost distribution channel and gives them access to a large customer base.
There is 1 question to complete.