Many new agents wonder if they can increase income by representing multiple insurance companies at the same time. While the idea sounds profitable, IRDAI rules are very clear about what’s allowed — and what’s not.
IRDAI Rule for Life Insurance Agents
If you are a life insurance agent, IRDAI allows you to represent only one life insurance company at a time.
- Example: If you’re an HDFC Life agent, you cannot also sell LIC life policies directly as an agent.
- You may switch companies by surrendering your existing code and applying for a new one.
IRDAI Rule for General & Health Insurance Agents
For general and health insurance, the rules are slightly different:
- You can represent one general insurer and one standalone health insurer at the same time.
- Example: You could sell motor insurance for ICICI Lombard and health insurance for Star Health together.
POSP (Point of Sales Person) Flexibility
If you register as a POSP with a broker or corporate agent:
- You may get access to multiple insurers under their license.
- This is often the easiest way to sell multiple company products without breaking IRDAI rules.
Risks of Violating the Rule
Working with multiple insurers without authorization can lead to:
- Code termination
- Commission clawbacks
- Blacklisting in IRDAI’s agent database
Best Practice
If you want to diversify, consider:
- Working as a POSP with a reputed broker
- Offering different types of insurance (life + health/motor)
- Using PlanMatch to compare plans from various insurers
Call-to-Action
✅ Apply Now to Join Our Agent Network — get access to products from multiple insurers under one digital platform, plus tools like PlanMatch, WhatsApp Kit, and Sales Scripts.
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