With an aim to increase insurance sector's penetration, the government today said banks can act as brokers to sell policies and also simplified KYC norms for buying the product.
In a boost to the sagging insurance sector, Finance Minister P Chidambaram in his Budget also announced that insurance companies will be allowed to open branches in Tier II cities and below without prior approval of Irda.
He further announced all towns with a population of 10,000 or more will have an office of LIC and at least one public sector general insurance company by March, 2014.
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