vinay mohanty
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.
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GIST OF CCC MEETING AT MUMBAI CENTRAL OFFICE
Dear friends,,
attached the Agenda that had given to LIC Management. The meeting was attended by Shri V K Sharma MD, Shri S N Bhattacharya ED (Marketing) & other marketing,actuary dept officers. To our bad luck many of EDs and other officials could not attend because of various meetings at the management level.The following is the answer given by ED(Marketing).
New Plans:
a) Actuary secretary said a team was at IRDA on 22,23 at Hyderabad discussed for approval plans, D D Singh who is in charge of plans is objecting much for approval. About 11 plans are with IRDA, by August 1st fort night 2 or 3 plans may be launched.
b) No chance of reducing premiums further
c)A plan which allows age at entry upto 63 will be launched soon. Suggestions for various plans like whole life limited endowment plan, new janaraksha etc suggested
d)A plan with lowest premium & lower S A will be introduced. Also children plans.
e)Revival will be considered from 2 to 5 years.
f)No change in commission structure
Club Membership related issues:
a)Serious about removing Escalation clause.
b)Not discussed.
c)Will be considered.
d)Instructions given to concerned.
e)Instructions given.
f)Instructions given.
g)Agreed.
h)No
Agent related Issues:
a)Objection from P&GS Dept, one more it will be discussed.
b)Instructions given.
c)Noted for reforming.
d)Decided to extend for 6 more months
e)Instructions given.
f)No response.
g)Instructions given to issue to CM & ZM Club members initially.
Revision in Scheme of Advances:
a) No
b)Will be considered
c)Will be considered
d)Instructions given
CLIA Related issues:
a) Will be discussed with CLIA head
b)Not discussed
Policyholders related Issues:
a)Noted for giving instruction
b)Heard our view & assured to
c)Instructions will be sent
d)Not discussed
e)Not discussed
f)ED requested not to discuss as the management unable to face Unions.
5.Review of Agent regulation
Discussed & suggestions given.
Letter dated 19th July 2014
Agents related issues:
1) Assured to enhance Transaction fee.
2) Assured to provide service like issue of loan,loan interest & loan closure quotation, Revival quotation, change of address,change of nomination & issue of premium paid certificate by empowered agents after discussing with ED CRM .
3) ED assured to give minutes of the meeting hence forth.
N.Ramasubramanian
vinay mohanty
anaother letter to Shri. Arun Jaitely
LIAFI-SG/GOI-062/14 23
July 2014
Shri. Arun Jaitely,
Minister of Finance,
134, North Block,
NEW DELHI-110 001
Respected Sir,
Sub: Wasteful
Expenditure in L.I.C of India.
We congratulate you for presenting the maiden budget of this Government,
which is largely appreciated. You are
aware that L.I.C. is a gigantic financial organization supporting Central and
State Governments, Municipal Corporations and Local Bodies. All this is possible because of the faith
reposed by the policyholders in LIC. This
confidence is gradually eroding because of the meager returns they are receiving on their investment (policies) in
buying the products. We feel that LIC should control and avoid wasteful
expenditure there by regaining confidence of policyholders. We would like to bring the following few
areas to substantiate our claim.
1. The
GOI is trying to administrate with less Ministers and Officers. It is done in
view of better administration with less expenditure. LIC is doing the other way. LIC
increased number of departments after the year 2006. There are Four Managing
Directors’ posts and Twenty Five Executive Directors besides Chiefs for its
subsidiary organization like LIC HFL, Mutual Funds, and Credit Cards etc. Though LIC is modernized, there is no pruning
of personnel. We feel that there is excess work
force.
2. On
the instructions of Shri. P. Chidambaram,
previous Minister of Finance a concept of “MINI OFFICES” introduced by spending
Crores of rupees. This concept is nothing but to rehabilitate retired LIC
personnel and deputing existing personnel.
LIC also
introduced a scheme of “EMPOWERED AGENTS” who can collect premia. We are
requesting LIC to give more empowerment as is given to Mini Offices. This will
not only reduce expenditure on LIC but also improve status of an Agent.
3. LIC
introduced a scheme of providing Meal Coupons to its Officers / Employees, from 01-09-2010 onwards incurring around Rs. 262 Crores annually that might
have gone up to Rs. 350 Cr. The idea behind the scheme is that the
personnel must attend and leave as per their Standing Orders. We feel it is
nothing but bribing the personnel. Meal Coupons are misused by procuring Ration
and other commodities. This is possible because of nexus between the LIC
personnel and designated Malls
We raised these issues several times with
our Management without any results. Nearly Rs. 1000/- Cr., can be saved if proper
steps are taken, which in turn can be untilled for increasing the Bonus to policyholders.
We request you to enquire in to the above points and help the policyholders.
Thanking you,
Sincerely yours,
For Life Insurance Agents Federation of India
Sd.
Secretary
General
vinay mohanty
liafi letter to sri arun jaitly
LIAFI-SG/GOI-057/14 15 July 2014
Shri.
Arun Jaitely,
Minister
of Finance,
134,
North Block,
NEW
DELHI-110 001
Respected Sir,
Sub: Apprehension about Functioning
of LIC of India.
Our apprehension is that the Management of LIC is trying to dilute the strong
faith of policyholders in the Corporation. In order to introduce policyholder friendly,
and for their financial benefits, IRDA directed the insurance companies to
withdraw all the Plans by 30 September 2013. IRDA issued a notification to this
effect on 16-02-2013 and directed that NEW PLANS are available from 01-10-2013.
LIC continued the old
plans until 31-12-2013 instead of 30-09-2013. Forty-eight Individual Insurance Plans (Non-linked) were withdrawn by LIC. Though LIC was aware that NEW Plans were to be
made available from 01-10-2013, it submitted only one product for consideration of IRDA before 30-09-2013. One
more product was submitted before 31-12-2013. i.e., they have submitted two products only for consideration of
IRDA. We are enclosing a copy of reply given by LIC under RTI.
The above negligence clearly indicates the uncaring attitude towards the
policyholders. Any wise Management that has the knowledge of winding up of forty-eight products will be alert and
plan for new products. The Management of LIC failed miserably to get the
approval of new products well in advance. At present only nine products are available for marketing.
We the LIC Agents are finding it difficult to market the products out of
which only two or three products are popular. LIC may boast that they are
retaining the market share. We the Agents for our survival are convincing the
prospects and marketing. This in turn is keeping the LIC flag high.
Sir, LIC is a golden goose. Let them
not kill it. We hope you will take necessary steps to enquire why and how
it happened.
Thanking you,
Sincerely yours,
For
Life Insurance Agents Federation of India
Secretary General
we have Rs.40 lakh risk cover in case of damage due to cylinder explosion!
DID YOU KNOW??? I DID NOT. Few know that we have Rs.40 lakh risk cover in case of damage due to cylinder explosion!
Must read and pass on to as to as many as possible.
Every year, India sees its fair share of LPG cylinder mishaps, causing loss of life, limb and material assets. While most us know how to avoid accidents, few know that we have Rs.40 lakh risk cover in case of damage due to cylinder explosion!
"Around 10,000 incidents of cylinder explosions take place in different part of the country every year. Instances of death in such incidents are low, but cylinder explosions cause maximum damage to houses and properties, besides Injury to people," informed Ishwar Lal Jat, chief fire officer, adding that most people don';t claim this insurance amount in both cases!!
In fact, most companies have not seen a single insurance claim from citizens in years. Given the level of awareness, it';s not a surprise.
Customers are TOTALLY unaware
Customers are TOTALLY unaware
Most homemakers were completely shocked when DNA told them about the insurance cover available on LPG cylinders. "I never knew that such damages could be claimed from the gas agency," said Varsha Singh.
Leave alone simple homemakers, even well-read professionals seem to have little clue of this "hidden benefit". "I did not know that we get insurance in case an LPG cylinder explodes.
The staff at the gas agency never informed me," said Amit Agarwal, a Chartered Accountant who recently got a gas connection.
Turn to the court
Bhanwar Singh Chauhan, a senior advocate, confirmed that customers are insured from the time they buy an LPG connection. "If a customer is kept in the dark, they can complain about it in the consumer court and even file a petition against the agencies concerned for withholding the information," he said.
Insurance agents said it is very easy to get the claim - informs cops and gas agency, wait for survey by insurance officials and soon you will get the claim amount.
All it means that if you are a LPG user your life is insured in case of an accident for upto Rs 40 Lakhs. In case of an accident you can claim upto Rs 50 Lakhs incl damages and hospitalisation charges. The LPG companies and the govt are conveniently not advertising this order deliberately.
"In the event of accident. All registered LPG consumers are covered under an insurance policy taken by the PSU Oil Companies.
In case of the unfortunate event of an accident, the customer must immediately inform the distributor in writing. The distributor then informs the concerned Oil Company and the Insurance Company about the same. The distributor will offer assistance to the customer in completing the formalities of insurance claims arising out of the accident.
In addition to the above, all LPG distributors also have Third Party Liability Insurance to cover losses in the event of an LPG accident."
Replacing your life insurance policy might get tougher
If Irda’s guidelines are implemented, cases of surrendering policies and making these paid-up might decline
Often, insurance policyholders are misled into replacing their policies with new ones, with promises of lower premia or better returns. Though the process wasn’t difficult so far, this might change soon. The Insurance Regulatory and Development Authority (Irda) has issued draft guidelines on replacement of life insurance policies. Now, an agent should secure the written consent of the policyholder, inform the existing insurer 15 days before submitting new proposal forms, and send the forms to the new company only after this 15-day period. In their policy documents, insurance companies must advise customers not to surrender, lapse or make paid-up existing policies before taking on a new one.
They should also advise customers not to withhold full or part amount of the surrender value payable, and inform the new company of a customer’s existing policies. P Nandagopal, managing director and chief executive, India First Life Insurance, says there could be various reasons to replace a life insurance policy. For instance, in case of a term policy, as the premium rates for new policies are lower, there might be a case to replace the existing policy with a new one. Or, for a savings-linked policy such as an endowment plan, if the need for which the policy was purchased has changed, some might want a new policy.
While Irda’s move is a step in the right direction, it could put additional burden of documentation on insurers and raise administrative costs, Nandagopal says. However, S Sridharan, head of financial planning and advisory, FundsIndia.com, says it will mean only an additional column in the policy document. “Now, Irda is putting more responsibility on companies and agents to ensure there is no mis-selling. According to the guidelines, before selling a policy, an agent has to mention whether it is a replacement or a new one. And, the insurance company has to personally verify this with the customer,” he says. Even if the customer is convinced a policy has to be replaced, he has to now undergo a through process and it is expected this will reduce cases of surrendering policies and converting these into paid-up ones, he adds. Deepak Mittal, managing director and chief executive, Edelweiss Tokio Life Insurance, says currently, an insurance company knows if an existing policy is being replaced only if the policies are from the same company.
But once the new guidelines come into force, “it will be tougher for agents to pitch a new policy to replace a lapsed one because of disclosures. But the flow of information has to be smooth”. Subrat Mohanty, head (strategy and products), HDFC Life, says, “Now, the customer will be advised that continuing with the old policy is better for him and if he decides to go ahead, he will be given time to reconsider his decision.”
Often, insurance policyholders are misled into replacing their policies with new ones, with promises of lower premia or better returns. Though the process wasn’t difficult so far, this might change soon. The Insurance Regulatory and Development Authority (Irda) has issued draft guidelines on replacement of life insurance policies. Now, an agent should secure the written consent of the policyholder, inform the existing insurer 15 days before submitting new proposal forms, and send the forms to the new company only after this 15-day period. In their policy documents, insurance companies must advise customers not to surrender, lapse or make paid-up existing policies before taking on a new one.
They should also advise customers not to withhold full or part amount of the surrender value payable, and inform the new company of a customer’s existing policies. P Nandagopal, managing director and chief executive, India First Life Insurance, says there could be various reasons to replace a life insurance policy. For instance, in case of a term policy, as the premium rates for new policies are lower, there might be a case to replace the existing policy with a new one. Or, for a savings-linked policy such as an endowment plan, if the need for which the policy was purchased has changed, some might want a new policy.
While Irda’s move is a step in the right direction, it could put additional burden of documentation on insurers and raise administrative costs, Nandagopal says. However, S Sridharan, head of financial planning and advisory, FundsIndia.com, says it will mean only an additional column in the policy document. “Now, Irda is putting more responsibility on companies and agents to ensure there is no mis-selling. According to the guidelines, before selling a policy, an agent has to mention whether it is a replacement or a new one. And, the insurance company has to personally verify this with the customer,” he says. Even if the customer is convinced a policy has to be replaced, he has to now undergo a through process and it is expected this will reduce cases of surrendering policies and converting these into paid-up ones, he adds. Deepak Mittal, managing director and chief executive, Edelweiss Tokio Life Insurance, says currently, an insurance company knows if an existing policy is being replaced only if the policies are from the same company.
But once the new guidelines come into force, “it will be tougher for agents to pitch a new policy to replace a lapsed one because of disclosures. But the flow of information has to be smooth”. Subrat Mohanty, head (strategy and products), HDFC Life, says, “Now, the customer will be advised that continuing with the old policy is better for him and if he decides to go ahead, he will be given time to reconsider his decision.”
Source : BS
vinay mohantyNarendra Modi, other top politicians keep faith with LIC for life insurance cover
Big-wigs of Indian politics appear to have full faith in good old state-run insurer LIC when it comes to taking insurance cover for their life while a few others have started trying private players as well. High-profile politicians who have taken policies of Life Insurance Corporation of India, the dominant India firm, include BJP Prime Ministerial candidate Narendra Modi, Congress’ Ajay Maken, and Naveen Jindal, among others, according to an analysis of their poll affidavits.
Hundreds of poll contestants have life insurance policies with LIC alone. Insurance penetration is a major issue in the country where there are just about 35 crore policies in force out of a total population of 120 crore. With private companies strongly coming into the picture in past few years, many politicians have taken life covers in both LIC and private players. For instance, JD(U) candidate from Paschim Champaran Prakash Jha has policies in LIC and Max Life Insurance. BSP’s Shah Alam alias Guddu Jamali and TMC’s Sudip Bandyopadhyay have also taken policies in LIC, Kotak Life and Max. His party’s Darjeeling candidate Baichung Bhutia has gone for LIC, Max Life and Bajaj Allianz.
Typically, insurance policy covers (sum assured) range from Rs 1 lakh to Rs 50 lakh in rare cases. Analysis of poll affidavits show that while in a majority of cases politicians have regular premium paying policies, some have have opted for single premium products. Interestingly, some political heavyweights like L K Advani, Jyotiraditya Scindia and Sonia Gandhi have not listed any insurance policy in their poll affidavits. While it can be argued that 86-year-old Advani may not get an insurance cover citing his advanced age, the younger lot like 43-year-old Scindia, one of the wealthiest ministers, is also among those who have not mentioned any life cover in their affidavits.
None of his family’s immediate members, including wife Priyadarshini, son Mahanaaryaman and daughter Ananya Raje, have life insurance listed in the affidavit. Among emerging political leaders, 45-year-old Arvind Kejriwal has not listed any insurance policy in either his name nor his wife Sunita’s. 27-year-old Rakhi Birla of Aam Aadmi Party, 32-year-old Chirag Kumar Paswan (son of Ram Vilas Paswan) of Lok Janhit Party, 41-year-old Jyoti Mirdha (and her husband Narendra) are among scores of Lok Sabha contestants who have not listed any policies in their election affidavits.
vinay mohanty
Hundreds of poll contestants have life insurance policies with LIC alone. Insurance penetration is a major issue in the country where there are just about 35 crore policies in force out of a total population of 120 crore. With private companies strongly coming into the picture in past few years, many politicians have taken life covers in both LIC and private players. For instance, JD(U) candidate from Paschim Champaran Prakash Jha has policies in LIC and Max Life Insurance. BSP’s Shah Alam alias Guddu Jamali and TMC’s Sudip Bandyopadhyay have also taken policies in LIC, Kotak Life and Max. His party’s Darjeeling candidate Baichung Bhutia has gone for LIC, Max Life and Bajaj Allianz.
Typically, insurance policy covers (sum assured) range from Rs 1 lakh to Rs 50 lakh in rare cases. Analysis of poll affidavits show that while in a majority of cases politicians have regular premium paying policies, some have have opted for single premium products. Interestingly, some political heavyweights like L K Advani, Jyotiraditya Scindia and Sonia Gandhi have not listed any insurance policy in their poll affidavits. While it can be argued that 86-year-old Advani may not get an insurance cover citing his advanced age, the younger lot like 43-year-old Scindia, one of the wealthiest ministers, is also among those who have not mentioned any life cover in their affidavits.
None of his family’s immediate members, including wife Priyadarshini, son Mahanaaryaman and daughter Ananya Raje, have life insurance listed in the affidavit. Among emerging political leaders, 45-year-old Arvind Kejriwal has not listed any insurance policy in either his name nor his wife Sunita’s. 27-year-old Rakhi Birla of Aam Aadmi Party, 32-year-old Chirag Kumar Paswan (son of Ram Vilas Paswan) of Lok Janhit Party, 41-year-old Jyoti Mirdha (and her husband Narendra) are among scores of Lok Sabha contestants who have not listed any policies in their election affidavits.
Source : PTI
vinay mohanty
140 jobs opening in Life Insurance Corporation of India 8/7/14
140 jobs opening in Life Insurance Corporation of India
8/7/14
Life Insurance Corporation of India invites online
application for the recruitment of Associate (Mini Office) for Any
Graduate holders//Company name : Life Insurance
Corporation of India
Posts : Associate (Mini Office)///Qualification : Any Graduate
Salary : Rs.20000/- p.m/ //No of Openings : 140
Location : Kanpur//Last date to apply : 25.07.2014
Posts : Associate (Mini Office)///Qualification : Any Graduate
Salary : Rs.20000/- p.m/ //No of Openings : 140
Location : Kanpur//Last date to apply : 25.07.2014
Details of Post :Associate (Mini Office)
Life Insurance Corporation of India invites Online
Applications from eligible retired employees of Life Insurance Corporation of
India for engaging as Associate (Mini Office) on contractual basis for a
period of two years.
1.
TOTAL No.OF VACANCIES: 140
2.
Eligibility Conditions as on 01/07/2014 shall be
as under: Eligible Employees of the Corporation who have retired in the to
apply cadre of Higher Grade Assistant, Assistant administrative Officer,
Administrative Officer, Assistant Divisional Manager, Divisional Manager and
Sr. Divisional Manager are eligible to be considered for engagement. Employees
who have resigned, voluntarily retired or have been removed from services due
to disciplinary proceedings are not eligible to be considered for engagement
under the scheme. Existing Associates (Mini Office) are not eligible to apply.
3.
Age Maximum age shall not be more than 63 years.
4.
Remuneration : Fixed Remuneration of Rs 20,000/— (RS
TWENTY THOUSAND ONLY) per month plus 10% of the gross salary last drawn by the
employee who have retired as HGA/AAO/AO/ADM prior to retirement on attaining
the age of superannuation. In case of Officers who have retired in the cadre of
DM/SDM, the remuneration of Rs. 20,000/— (RS TWENTY THOUSAND ONLY) per month
plus 10% of the gross salary payable at the maximum of the scale of ADM on the date
of retirement of the Officer. The employees so engaged shall be entitled to
Provident Fund of 10% of their Fixed Remuneration per month which shall be
deducted from the monthly salary and an equal amount shall be contributed by
the Corporation towards Provident Fund. No other benefits/allowances that are
payable to
regular employees of the Corporation shall be payable during the tenure of engagement.
regular employees of the Corporation shall be payable during the tenure of engagement.
Selection Procedure: Selection
will be made on the basis interview of short listed candidates Medical Examination. of
performance in the personal and subsequent Pre—Engagement
difference in bitween SBA and CLIA
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
For your club member cashless mediclaim card
Dear agents,
For your club member
cashless mediclaim card and mange group
mediclaim policy online, ex:- your agent
code is 01234734, your U/N is
1234734@lic
Step 1
Login to
and click on lic logo
step 2
click on
agent login
username : agecode@lic
password : lic@123
step 3
after successful login
change your password
step 4
click Employee
Contact Details
update your mobile no and
password
step 5
click Benef
Details
check your details
step 6
click E-Cards
get your cashless admit card
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