Did you know this?

General insurance companies are reducing the commission paid to insurance agents who sell health cover to people over 45 years of age. Some public sector general insurers have informed their agents that they would receive 15 per cent commission for health covers sold to individuals aged 45 years and below.
For those in the 45-55 age bracket, the commission is down to 10 per cent, while no commission will be paid where the individual has crossed 55 years.
This is bad news for those who are middle-aged and yet to take health insurance. Many agents have requested the Association of LIC Agents to take up the issue on their behalf.
They have also sent letters to the four public sector general insurers, the finance minister and the insurance regulator IRDA (Insurance Regulatory Development Authority).
Explains S S Bairagra, general secretary, ALICA, "People above 55 years are categorised as elderly. They would need an agent's services most, especially when there is a claim because a lot of running around will have to done. So, if no commission is paid, who will want to service them?" Simply put, no agent would want to spend effort to sell products to a customer or even service existing clients when there is no compensation provided.