Agenda discussed in ICC meeting at Central Office

Agenda discussed in ICC meeting at Central Office and agreed by Central Office.
1. On line product will not come without taking LIAFI into confidence and discussion.
2. LIC view on draft of irda of India agreed up to 40%.
3. Escalation clause discussion positive.
4 Reduction in minimum net no of life considered
5 .payment of computer allowance for zm dm and bm clubs considered.
6 Club members group insurance may be increased .
7. Printing of stationary earlier practice may be continued.
8. Enhancement of gratuity discussion is in progress with Government of India results expected in next fin.year.
9. Introduction of 2nd housing loan agreed circulation will come very soon.
10. Strengthening of direct and career agents draft submitted by LIAFI may be considered soon.
11. Empowering empowered agents annex-1 submitted to ed clia process going on .
 12. Amendments to1972 agent regulation  work in progress.
 13. Child education loan for agents considered.
14.  CC camera 📷 in all office started .
15.  Mid day meal coupons for agents not considered but Federation demands are still stand.
16.  Interest on sambhardhan scheme from the date of deduction will be considered.
By  D S Shukla and N Gajapati Rao.


Conditions For Club Membership For FY 2015-16 For LIC Agents

Conditions For Club Membership For FY 2015-16 For LIC Agents

With the change in the financial year the conditions for Club Membership for LIC agents also changed due to the escalation clause, that is 5% increase in First Year commission paid and Renewal commission paid every year. Qualifying conditions for various clubs in financial year 2015-16 and Membership year 2016-17 are as follows:
Qualifying conditions for Club Membership for Financial year 2015-16 (Continuation
S. No.Name of ClubCM’s ClubZM’s ClubDM’s ClubBM’s Club
1Minimum Net No. of Lives40302015
2a. Net No. of Lives          OR1301008050
b. Total Lives In-Force600400250150
3Renewal Commission Paid (Rs.)2210001540006600039000
4First year commission Paid (Rs.)22100015400010000056000
There is a difference between the entry criteria for agents who are already club members ie for continuation due to relaxation given to them from escalation clause for year 2013-14. Agents who are trying to become club members in coming year will have to earn 5% extra commission compared to agents who are already club members.
Qualifying conditions for Club Membership for Financial year 2015-16 (New Entry
S. No.Name of ClubCM’s ClubZM’s ClubDM’s ClubBM’s Club
1Minimum Net No. of Lives40302015
2a. Net No. of Lives          OR1301008050
b. Total Lives In-Force600400250150
3Renewal Commission Paid (Rs.)2320001620006900041000
4First year commission Paid (Rs.)23200016200010500059000

vinay TOPICS: divisional

Terms and Conditions for Registration for LIC's e-Services

Terms and Conditions for Registration for LIC's e-Services

1. For Registration on LIC Portal, following details are mandatory:

» Your policy number/s
» Premium amount under the policy (excluding taxes)
» Your Date of Birth
» Your e-mail id

2. To avail the benefits of LIC's e-Services, please enroll your policies first and then register for the same through the option provided.

3. For Registration for LIC’s e-Services, following details are mandatory:

    a) Your Mobile number
    b) Any one of the following:
       i.) PAN Number
       ii.) Aadhaar Number
       iii.) Passport Number

4. Premier Services can be availed for policies on your own life and on the life of your minor children.

5. After filling-up the registration form, you may take a print-out, sign it and upload the scanned image of the registration form and also scanned image of any of the KYC documents, as mentioned in point No.3 (b) above, through the option provided.

6. After uploading of the form, the policyholder is required to click on the link of “submit request” provided on the page of "Upload Form".

7. The request form will be verified by our Officials within 3 working days of submission of request and after the details are validated, you will be eligible for availing LIC's e-Services which include special services such as viewing of policy and proposal images and policy claim history.

8. However all services, other than “Policy & Proposal images” and “Policy claim history” will be available immediately after registration itself.

9. You may have to re-login if the session expires after a specified period of inactivity.

10. Online premium payment through Portal continues as earlier.

Now agents can hire sales representatives to sell insurance policies

Now agents can hire sales representatives to sell insurance policies

The board of directors of insurance companies will have to approve remuneration structure of such sales persons, clarified IRDAI Chairman, T.S. Vijayan.

IRDAI has announced examination and training program for appointing of Point of Sales Person (PoSP). This means, insurance companies and insurance intermediaries like agents, brokers and insurance marketing firms can now appoint their sales representatives across the country to solicit insurance policies.

In a press release, IRDAI has said, “To facilitate the growth of insurance business in the country thereby increasing the insurance penetration and insurance density, IRDAI has notified guidelines on Point of Sales Person – Non-Life & Health Insurance. One of the requirements for an individual to become a PoSP is to appear for training and passing examination conducted by National Institute of Electronics and Information Technology (NIELIT). The training and examination will be conducted online by NIELIT by charging Rs.500 inclusive of taxes.”

Earlier in October, IRDAI had come out with guidelines on appointment of PoSPs. According to the guidelines, agents can appoint a matriculation passed person as their sales representative to solicit insurance policies anywhere in India. However, such PoSPs should have at least Aadhaar card or PAN card as a proof of identity. PoSPs are required to complete online training and pass an examination. Insurance companies or agents will have to bear expenses incurred on this exercise.

To start with, PoSPs can distribute plain vanilla non-life products having standardized features. These products will have pre-underwritten coverage covering segments like motor insurance - both comprehensive and third party, personal accident policy, travel insurance, home insurance, health insurance and other policies notified by IRDAI. Pre-underwritten policies are like social security schemes having pre-defined coverage, risks and premium.

Recently, in a public forum, IRDAI Chairman T. S. Vijayan said that the insurance regulator is planning to introduce over-the-counter (OTC) insurance policies having standardized features. Vijayan said, “Just like savings bank accounts which are easy to understand, we are working with insurers to introduce simple products with standard features that would be distributed over-the-counter. These products will have pre-defined benefits such as Pradhan Mantri Bima Yojana and Pradhan Mantri Suraksha Yojana.” Going forward, IRDAI may allow PoSPs to sell such over-the-counter products.

In order to curb mis-selling under this new distribution channel, policies sold through PoSPs will come with identification number captured through Aadhaar or PAN.  However, insurers or insurance agents will be liable for any misconduct of their sales representatives and can be penalized.

Though the guidelines don’t give any clarity on the remuneration for such representatives, T.S. Vijayan, IRDAI Chairman on the sidelines of an event told Cafemutual that the board of trustees of insurance companies will have to take a call on fixing the remuneration of PoSPs.

Experts say that this new distribution channel could be a cost effective way to grow business. It can help agents expand their distribution footprint across the country, thereby helping increase the insurance penetration in India. 

New launching, product will also be available in the online version, which will be cheaper.

HINDU BUSINESSLINE<MUMBAI, FEB 1:  
Life Insurance Corporation of India (LIC), the country’s largest life insurer, announced the launch of its own insurance repository LIC E-services on Monday.
Chairman SK Roy said that for policies sold online, the policy bond will be hosted on the E-services portal but other policyholders can also register on the portal, which will be free of cost for the policyholder.
Services, such as status of policy, bonus, loans, and claims will be available to customers registered with the portal.
The portal will ensure access to policy-related information as well as payment anytime and anywhere.
Cheaper to buy online
The LIC chief said his company has decided that for any new product that the company will be launching, the product will also be available in the online version, which will be cheaper.
“The premiums would be lower than offline products because there will be no intermediation costs and the benefit of that will be passed on the policyholders,” he said.
As for the impact of selling products online on its agency force, which stands at over 12 lakh, Roy said: “While we have come out with a modern customer-centric initiative, we have to ensure that our agents take advantage of this system. We will be working on that.”
Challenging fiscal
Roy observed that in terms of operations, the current fiscal year has been challenging for LIC. He said: “We are seeing green shoots. In December, we grew faster than the industry as per Life Insurance Council data.
“Our performance has further improved in January with a near double-digits growth rate. We are confident that the corporation will do well in the remaining months of the fiscal and achieve our new business premium collection target of 31,000 crore.”
Investment gains
On the investments front, LIC has been focusing on the equity markets. Its investments crossed 53,000 crore in the current fiscal, against 39,000 crore last fiscal. The company has also booked income on investment, which stood at around 10,000 crore this year.
Roy said the company has been actively investing in, apart from banking, sectors such as IT, pharma and FMCG.
On rising non-performing assets (NPAs) in the banking sector, he said that the entire system is concerned about NPAs but the Corporation will continue participating in bond issues of public sector banks to shore up their tier-II capital on a case-to-case basis.

(This article was published on February 1, 2016)

LIC newretilebusiness share dives to 54%


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