This Blog provides you UpToDate information on life & General insurance dealing mostly with LIC's New Plan Circulars, MillionDollarRoundTable tips on marketing,Financial analysis and INCOME TAX.
LIAFI EC meeting at VIZAG Andrapradesh
LIAFI Excutive committee meeting will be held at visakhapatnam on 27th and 28th May 2013, time 11AM of 27th may 2013 and venue: platinum jubilee gust house, Nr: Distance educatuon building, Opp:AndhraUniversity out gate, Chinnawaltair road, visakhapatnam
contact persons - Mr venu (divisional president)09440913644, Tirumalarao 9848456957, sastry 8374341114, murty 9246623012
all all india liafi EC members are requested to attend the meeting and make the meeting grand success
vinay mohanty
chairman IT LIAFI
contact persons - Mr venu (divisional president)09440913644, Tirumalarao 9848456957, sastry 8374341114, murty 9246623012
all all india liafi EC members are requested to attend the meeting and make the meeting grand success
vinay mohanty
chairman IT LIAFI
India leads world in road deaths
India leads world in road deaths: WHO
NEW DELHI: In a dubious distinction for the country, the World Health Organization has revealed in its first ever Global Status Report on Road Safety that more people die in road accidents in India than anywhere else in the world,
The statistics for India are chilling. At least 13 people die every hour in road accidents in the country, the latest report of the National Crime Records Bureau reveals. In 2012, 2.14 lakh people in India lost their lives in road mishaps - that's significantly higher than the 2011 road death figures
Road deaths in India registered a sharp 6.1% rise, However, road safety experts say the real numbers could be higher since many of these accident cases are not even reported. "There is no estimate of how many injured in road accidents die a few hours or days after the accident," points out Rohit Baluja, member of the UN Road Safety Collaboration and Commission.
As per 2012 Railway survey more than 2400 people in tamilnadu died in Rail Accident
( Crossing Railway Line )and more than 500 people died whil using cell phone in crosing
the railway line
AN APPEAL
What your family will do if you are a victim in that accidents?
Any time any thing can take place to any one among us.
Either today or tomorrow or any other day but every one will get their death
certificate if not the birth certificate. For sure.
The truth is:
No one is exceptional and everyone has to leave this place, people, property,
belongings, affections and emotions.
What is the Immediate Action Required?
Question Yourself.. Am I Exceptional?
What would have happened to my family if I am also one among them who got
their death certificate?
Solution !!!
"Insure yourself Today" as per your requirements. Calculate your insurance
requirement as per the scientific methods. If you are married and have
dependents, if you are not married and have dependents still every one has to
insure..
Please Note - ( You can take advice from any of your financial advisor/Agents,
and this is not a obligation mail for selling insurance)
Only for one reason.. To Leave your dependants to live with assurance of
coming years in your absence.
We, Insurance Professionals have lost many lives of customers across the
country and feel so bad to give a very small amounts of death claims to the
widow. It hurts to give.
We know that family can not survive the remaining of life but no alternative,
the bread winner of the family has never thought what happens to my family
if today is my last day in life.
An Appeal:
No matter whether you are staying in metros or in villages, No ones life is secure.
If you cant do many things for the society,
At least do something for your family.
Respect Insurance Professionals who really care for you and your family. They
come to you to build happiness and prosperity in your family, when they visit
next time, Help them to Help others by referring your friends names
who needs immediate insurance and who has not insured till now.
No one wants to see, a widow of our friend comes to our
house day after day for financial support.
If you help your friend to Insure today, tomorrow you need not feel that you
could have advised him to insure."YOU NEED NOT BE AN AUTHORISED
INSURANCE PROFESSIONAL" to be a part of this DIVINE ACTIVITY of insuring others.
"we have to insure not because we may die, but for our dependants who will
live"
"Let us build a better society for us and for our coming generations"
Mail us, we can help you
(Kindly send this to all your friends, family members and whom you really care)
vinay mohanty
NON CTS-2010 CHEQUE VALID UPTO 31/07/2013
NON CTS-2010 CHEQUE VALID UPTO 31/07/2013
reservebank of india anaunced in a circularvinay mohanty
LIAFI congrats to Rajeev lohia for his victory
LIAFI congrats to Rajeev lohia for his victory
Ex-agent wins 10-yr battle against LIC for Rs44Lakhs dues //times of india 17-3-2013 kolkatta
Former LIC agent
Rajeev Lohia from Kolkata fought a legal battle against LIC for nearly 10 years
and got a ruling in his favour last October. LIC was directed by the division
bench of Justice Kalyan Jyoti Sengupta and Justice Asim Kumar Mondal to pay
Lohia his entire dues within three months. The insurer, however, didn't do so
and when Lohia moved a contempt petition against the company in January this
year, it prayed for time to move a Special Leave Petition (SLP) in the Supreme
Court. The Supreme Court admitted the SLP on March 1 on condition that LIC
deposit Rs 44 lakh that was due to Lohia till 2011 with the court registry.
Son of an LIC agent,
Lohia joined the profession in 1975, when he was barely 18 years old. "I
would get up at 4 am, attend classes at St Xavier's College till 9.30 am then
go around 'cold canvassing'. This meant knocking on the doors of people I
didn't know and asking them if they required a policy. I remember when I met my
first client and produced my college identity card to prove that I wasn't a
fraud, the man told me his mother, a nominee to his policy, had died 10 years
ago. I told him that these are the small issues that can cause problems later
on. He was my first client. After my rounds, I would attend management classes
in the evenings," said Lohia, who went on to become the youngest
Chairman's Club member ever.
In his career
spanning 27 years, Lohia claims to have sold 2,764 policies to about 1,000
people. The premium per year for these policies amounts to Rs 2.25 crore.
"My father would get magazines on the insurance industry from the US.
These were of great help. From there we came to know of the Million Dollar
Round Table (MDRT) and started communicating with it. The MDRT used the
purchase price parity index to fix a barrier. Any agent who wished to qualify
for MDRT needed to earn a commission of Rs 1.25 lakh per year. This was in
1985. For 15 years, I remained a life and qualifying member of MDRT and
attended 12 conferences in the US and Canada. In 1986, for the first time, the
Indian flag was hoisted at a MDRT meet due to our efforts," Lohia said.
On March 7, 2002, he
resigned from LIC to join a private firm as regional manager. His agent's
licence was also due to expire on March 31 that year. The very next day, he was
asked by his branch manager to furnish the name and address of the private firm
that he had joined. Lohia refused to do so as he had already resigned and the
principal-agent relationship between LIC and him had ceased to exist. On April
22, 2002, he received a show-cause notice for alleged misconduct and LIC
threatened to terminate his agency. Lohia replied that he had already resigned
and his agency stood terminated. On August 16, 2002, he was informed that the
renewal commission due to him would be withheld as penalty for termination of
agency. The former agent preferred a departmental appeal but nothing came of
it.
"I had never
expected such a reaction from the company that I had served with such
commitment. This was when I realized that the
company treats agents as bonded labourers who have no rights to seek better
opportunities in life. I went to court, not only for myself but for
the three million LIC agents across the country. Under law, even after an
agent's death, his next to kin are eligible to receive the renewal commission. By withholding my commission,
was LIC trying to establish that agents would rather die than join other
companies?" Lohia said.
On August 13, 2003,
he moved a writ petition in the high court. He told the court that the renewal
commission can't be withheld save for commission of fraud. In his case,
termination of agency was not due to fraud, Lohia submitted. The court then wanted to know from LIC how much the
company owed the former agent. The company submitted that the renewal
commission due till June, 2011, was excess of Rs 44 lakh. A further Rs 32 lakh
was also due apart from Rs 1 lakh as gratuity.
According to the
judges, someone's right can't be taken away on 'mere presumption or
assumption'. "We hold that the
petitioner-appellant is entitled to get all benefits of renewal commission as
well as gratuity. We accordingly direct the respondent Corporation
to quantify the same and make payment and we permit three months time to do
so," the court ordered.
LIAFI …. LIAFI
…. LIAFI …. .LIAFI....
We are for
agents, we live for agents
LIAFI …. LIAFI
…. LIAFI …. LIAFI ….
vinay mohanty
LIAFI great achivement
| premiume | Maximum commsision/remunaration | ||
| paying term | in any form as % of premiume | ||
| 1st year | 2&3rd year | subsequent year | |
| 5 | 15 | 7.5/5* | 5 |
| 6 | 18 | 7.5/5* | 5 |
| 7 | 21 | 7.5/5* | 5 |
| 8 | 24 | 7.5/5* | 5 |
| 9 | 27 | 7.5/5* | 5 |
| 10 | 30 | 7.5/5* | 5 |
| 11 | 33/30 * | 7.5/5* | 5 |
| 12years | 35/30* | 7.5/5* | 5 |
| or more |
vinay mohanty
latest traditional product guideline IRDA
In the latest traditional product guidelines, the Insurance Regulatory and Development Authority (IRDA) have called for non-linked variable insurance products (index-linked products) to be treated at par with unit-linked products (ULIPs). The insurers have been given time till June 30 2013 to re-file group products and September 30, 2013 for individual products re-filing.
The ceiling for first year commissions has been put at 15% for the first year for a 5 year term, 30% for 10 years and 35% for 12 years or more (40% for insurers aged less than 10 years). If the polices are procured by direct marketing no commission will be allowed for direct marketing, IRDA stated.
The minimum guaranteed surrender value would be 30% of the total premiums paid less any survival benefits paid, if policy is surrendered in the second and third year. If surrendered in the fourth year, it would be 70% of the total premiums paid less any survival benefits already paid. If surrendered during the fifth to the seventh policy year, it would be 90% of total premiums paid, less any survival benefits already paid,” the norms said. The surrender value beyond the seventh year would need to be filed by the insurer under the File & Use for clearance.
IRDA fixed the minimum death benefit at highest of 125% of the single premium or minimum guaranteed sum assured on maturity or any absolute amount to be paid on death, for single premium products. For other products, it will be highest of 10 times the annualised premium or 105% of all premiums paid on date on death, or minimum guaranteed sum assured on maturity or any absolute amount to be paid on death.
Posted on March 7, 2013 by Akanksha
The ceiling for first year commissions has been put at 15% for the first year for a 5 year term, 30% for 10 years and 35% for 12 years or more (40% for insurers aged less than 10 years). If the polices are procured by direct marketing no commission will be allowed for direct marketing, IRDA stated.
The minimum guaranteed surrender value would be 30% of the total premiums paid less any survival benefits paid, if policy is surrendered in the second and third year. If surrendered in the fourth year, it would be 70% of the total premiums paid less any survival benefits already paid. If surrendered during the fifth to the seventh policy year, it would be 90% of total premiums paid, less any survival benefits already paid,” the norms said. The surrender value beyond the seventh year would need to be filed by the insurer under the File & Use for clearance.
IRDA fixed the minimum death benefit at highest of 125% of the single premium or minimum guaranteed sum assured on maturity or any absolute amount to be paid on death, for single premium products. For other products, it will be highest of 10 times the annualised premium or 105% of all premiums paid on date on death, or minimum guaranteed sum assured on maturity or any absolute amount to be paid on death.
Posted on March 7, 2013 by Akanksha
BJP PM candidate Narendra modi
Dr. Manmohan Singh's government is the most corrupt union government since independence. It is not a coalition government but is indeed a coalition of the corrupt," the BJP resolution said.
"The UPA is leaving a legacy of 'insecure India' and 'suffering India'. India needs to be redeemed by the NDA under the leadership of the BJP. It is time to awaken the country, expand the NDA and generate a hope for decisive change, whenever election is held," the resolution said.
It also called for expansion of the National Democratic Alliance (NDA).gandhis hattao bharatmaa ko bachayo our next PM narendra modi
jay maa bharat maa, jai jai bharat maata, jai jai bharat vassi, jai hindustan
Bank KYC Enough for Buying Insurance Policies
Finance minister, P. Chidambaram in the budget said that Know Your Customer (KYC) norms of banks will be sufficient to acquire insurance policies. This will be eligible for both life and general insurance policies.
In other words, a person already holding a bank account will not be require to give any more documents while buying an insurance policy.
Rationale behind this move is that if the customer holds a bank account, it means the person has already submitted his identity and address proof, the key elements to satisfy the rules of KYC norms.
The person will not be asked for any more documents, irrespective of the bank he holds the account in. A customer who wants to buy an insurance policy has to merely submit a certificate from the bank (in which he holds an account), stating he is an existing customer and has satisfied the KYC rules.
Common KYC for banks and insurance policies will help in faster issuance of policies, make the process simple and reduce frauds as well. This will also increase insurance penetration, especially in Tier II and Tier III cities.
However, general insurance companies might insist on a separate KYC in some cases. They might need the potential customer to undergo additional KYC, if their insurance premium exceeds Rs 1 lakh. This can be applicable for fire, marine and householder policies, where premiums are usually on the higher side.
vinay mohanty
In other words, a person already holding a bank account will not be require to give any more documents while buying an insurance policy.
Rationale behind this move is that if the customer holds a bank account, it means the person has already submitted his identity and address proof, the key elements to satisfy the rules of KYC norms.
The person will not be asked for any more documents, irrespective of the bank he holds the account in. A customer who wants to buy an insurance policy has to merely submit a certificate from the bank (in which he holds an account), stating he is an existing customer and has satisfied the KYC rules.
Common KYC for banks and insurance policies will help in faster issuance of policies, make the process simple and reduce frauds as well. This will also increase insurance penetration, especially in Tier II and Tier III cities.
However, general insurance companies might insist on a separate KYC in some cases. They might need the potential customer to undergo additional KYC, if their insurance premium exceeds Rs 1 lakh. This can be applicable for fire, marine and householder policies, where premiums are usually on the higher side.
vinay mohanty
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