Policybazaar, Turtlemint Feel The Squeeze

SUMMARY

• IRDAI's draft on insurance distribution has sent shockwaves through India's listed insurance tech space. Policybazaar-parent PB Fintech lost about ₹31,500 Cr in market value in a single session, and Turtlemint crashed to its lower circuit. The proposed commission caps now pose an immediate threat to the core business of both.

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Riya, 27, wants to buy her first family-floater health cover on PolicyBazaar. But before she sees a single price, the app asks for her name, phone number and city.

Within minutes, her phone starts ringing. She settles on a plan with an annual premium of ₹20,000.