IRDAI Commission Caps Crush Policybazaar, Turtlemint

India's IRDAI proposed commission caps on insurance distribution on September 23, triggering a 36% single-day plunge in PB Fintech, Policybazaar's parent, wiping about ₹31,500 Cr in market value. Turtlemint hit its 20% lower circuit. Jefferies estimates Policybazaar's new health commissions could drop 33% to 50%, threatening its highest-margin renewal revenue.