The Insurance regulatory and development authority, IRDA is considering a proposal to allow banks to sell products of two insurance companies each in life and non-life categories. After inaugurating the grievance portal for customers in New Delhi on Friday, IRDA Chairman J Harinarayanan said that a committee appointed by the authority has recommended that banks should be allowed to tie up with two insurers. It will help increase penetration. As per the current practice, a bank is allowed to sell products of one each in a life insurance company, a general and a health insurance firm. Mr. Harinarayanan said the IRDA is looking to open up the distribution channel to help increase penetration of insurance products amidst long pending demand of insurers for relaxing bank distribution channel.