General insurance agents seek aid from PSU insurers

A general insurance agents’ body has appealed to the four public sector general insurers to declare a compensation of at least ₹10 lakh each to the families of agents who have died of COVID-19.

It also wanted the four companies, namely National Insurance, New India Assurance, Oriental Insurance and United India Insurance, to extend interest free loans to agents hospitalised due to the virus. Seeking support from the companies for the agents, General Insurance Agents’ Federation Integrated (GIAFI) president Rapolu Sudhakar said payment of the compensation will immensely help families of the agents.

Many agents are unable to afford the cost of treatment for self and family members.

Under such circumstances, grant of interest free loans to those hospitalised would provide some relief. The loan can be recovered in instalments from the commission payable to them. The companies may also consider covering the lives of the agents under a group insurance policy, he said.

Mr. Sudhakar said with an estimated two lakh general insurance agents in the country, including private insurers, the insurance regulator, IRDAI, can consider permitting the companies to create a fund for their welfare.

In support of the demands raised by GIAFI, which has a membership of around 21,000 agents, he referred to the interest free advance, of up to ₹50,000, Life Insurance Corporation of India had issued last year to eligible agents. The life insurer, he said, has started recovering the advance.

Private general insurance companies have announced certain measures for their agents in the wake of the pandemic, but not compensation, sources said.

Bajaj Allianz General Insurance Company is providing its agents and their dependants access free of cost to doctor consultation on an app. In the event of death of agents, the company has said it will help an eligible dependant become an insurance advisor or offer him/her a full time job. Bajaj Allianz General as well as SBI General Insurance have also announced vaccination for their agents and their families.

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Printable version | Jul 25, 2021 12:15:33 AM | https://www.thehindu.com/news/cities/Hyderabad/general-insurance-agents-seek-aid-from-psu-insurers/article34617666.ece

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