LIAFI-SG/CO-032/14 22
February 2014
Shri. S.K.
Roy,
Chairman,
L.I.C. of India, Central Office,
“Yogakshema”,
Jeevan Bima Marg,
P.B.
NO-19953,MUMBAI-400 021
Dear Sir,
Sub: New Plans- Hurdles in Marketing-Reg.
The Managing Director Sri. Sushobhan Sarker expressed his concern at the
new business figures from 1st January 2014 to 15th
February 2014. He said in our meeting on 17-02-2014 that he expected some
decline in new business but not to the present level. We agree with him and we are also concerned
about it. The following may be the reasons for this situation.
· The New Plans are not policyholder-friendly because the premium rates
are on higher side contrary to the expectations. We fail to understand whether
the Actuarial and Product development Dept. considered the present mortality rate or of Tretayugam.
We are herewith enclosing a news paper clipping for information. We are
certain that the present mortality rate is not taken in to account while
developing New Plans.
· By restricting the maximum age at entry and term we assume considerable
insurance field is lost and also the recycle chances.
· As per Central Govt., more than 50% of population is below poverty line.
New policies cannot cater to their needs. Unless Rs. 50,000/- SA policies are
introduced, the rural business will be affected.
· A good number of Children Plans with PWB should be introduced otherwise policies
from this section cannot be procured. PWB should be included for Plan No: 814.
· Though the Agents try to surmount above problems they are unable to
market because of the Benefit Illustration Procedure. Unless this hurdle is
removed we are not hopeful of reaching targets.
· The term of revival of policies shall be restored to five years.
All the above points were brought to the notice of ED (Mktg) in the
meeting held on 17-02-14. We request you to initiate remedial measures forthwith
so that Agent will be happy for marketing new plans.
Thanking you,
Sincerely yours,
For Life Insurance Agents
Federation of India
Secretary General
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