Coverfox MD Sanjib Jha Slams IRDAI Insurance Reset Over 2% Commission Cap

Coverfox founder Sanjib Jha has written to IRDAI opposing the proposed 2% remuneration cap for loan-linked protection products, warning it could undermine insurance distribution to rural and low-income borrowers. He cited NABARD data showing 52% of rural households carry debt while only 24% hold life insurance. The reform has already wiped ₹34,155.78 Cr off PB Fintech's market cap over three trading sessions.

• IRDAI proposes a 2% commission cap for loan-linked protection products
• 52% of rural Indian households carry debt, only 24% have life insurance
• PB Fintech lost ₹34,155.78 Cr in market cap over three sessions
• India has 31 lakh agents and 27 lakh POSPs, needs 1 Cr by 2047