Senior Business Associate - SBA is a development officer on the rolls of LIC of India, who has been working with a cost ratio of less than 3% ( ie. if a development officer's annual remuneration is Rs 6 lakhs and he brings in a schedule premium of Rs 2 crore through his team of agents then his cost ratio would be 3%). They are authorized to operate all over India in recruiting agents and will be given Rs 15000/- PM to operate their office and allowed to collect premiums.
Chief Life Insurance Agents (CLIA) - Are either existing club member agents or ex employees of the corporation. Who basically function as off the roll development officers with out any fixed salary but they get various allowance for recruiting, training and mentoring agents. At the max it may work out to about 7.5% of First year premium.It is because of the similarity in the nature of job and professional jealousy that the development officers don't appreciate the corporations initiative.And contrary to what Sanjay Tulasian says the people in LIC are far more honest and sincere than any one in Max New York Life. No wonder MNYL is closing down offices across India.
vinay mohanty
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