PB Fintech’s take rate could collapse from 18% to 11%, slashing FY28 revenue by roughly 30%—a hit that could push the distributor into red by FY28‑FY29.
Smaller players may find their current models unviable; consolidation could favor the big names, but the overall penetration effect stays uncertain.
Insurance firms might enjoy tighter margins from lower distribution costs, yet the upside is offset by a fragile distribution network that could throttle growth.
The consultation closes in October, but no firm date for final rules exists; until IRDAI issues the framework, investors face a high‑variance environment.