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Thursday, 13 April 2017

IDBI Federal Life Insurance Co is planning to explore PoS (point of sales) channel to sell insurance policies and has filed for two such products to the Insurance Regulatory & Development Authority (Irda), its chief executive officer said. Irda allowed this channel a couple of years back to increase the distribution footprint of the insurance sector. PoS distributors are allowed to sell simple, over-the counter products where the risk of mis-selling is limited. 

“We hope to get approval this month," said IDBI Federal Life CEO Vignesh Shahane. 

The private insurer is planning to run pilots in seven locations ­ Delhi, Chandigarh, Lucknow, Bengaluru, Hyderabad, Chennai and Coimbatore to test response. 

Irda does not allow insurance companies to sell complex products like unit-linked insurance plans and deferred annuity plans through this channel. 

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