LIC assures LIAFI to consider their various demands


The management of Life Insurance Corporation (LIC), a major public insurance company, is considering a few proposals of the Life Insurance Agents Federation of India (LIAFI), including to hike the current bonus rate shortly for the benefit of crores of policyholders in the country.
The LIC management has agreed in principle to several demands of LIAFI in a meeting held in Mumbai on June 17, said Devi Shankar Shukla, president of LIAF, here today.
Mr Shukla told UNI that, ''We had been demanding for a number of issues for the welfare of LIC policyholders which include the hike in existing bonus rate as well as reduction in interest rate onloan against LIC policy.''
He further said that the LIAFI has also demanded to increase the commission of LIC agents as recommended by the regulator Insurance Regulation Development Authority (IRDA).
Mr Shukla said that LIC's executive director Vinay Shah has assured them to look into and implement these decisions soon.
A special meet was called by the Agents Federation at Ahmednagar yesterday to apprise the outcome of meeting with LIC management in Mumbai, in which around 1,000 agents participated, said Federation secretary Sudhir Padhye.
Chandrashekar Gandhi, secretary of Agents Credit Society, said, ''We had passed a number of resolutions in Ahmednagar meet which include education loan for agents' kids, hike in festival advance, computer advance to ZM and DM club members, increase the amount of housing loan, change in Agents Regulation Act and group insurance for Club members among others.''
Apart from Mr Shukla, the working president of LIAFI Avdesh Kumsar, western zone president M L Bafna, organisational secretary Suresh Shelke, Mahesh Gugade addressed the agents meet.UNI SP SS NP2006
-- (UNI) -- C-1-DL0171-795748.Xml

ICC MEETING 17-6-16


Good morning to all.

Information sharing  ICC MEETING  is over yesterday with management.
Management agreed with following issues:

1. Education loan for agents kids.

2 Festival advance to increase.

3. Computer advance to ZM and Dm Club members.

 4.  Housing loan may increase and for two Houses.

 5. Agents regulation act may be changed shortly.

 6. Group  Insurance for Club members may increase.

7. Mediclaim may be increase and also add spouse.
8. Lot of changes took place on empower agents module.

 9.  Some relaxation to club rule.

 This is for your kind information.


vinay mohanty

insurance will sale Through Common Service Centres (CSCs) or Jan Seva Kendras

An army of digitally trained individuals are leading a silent entrepreneurship revolution in the heart of Indian villages. Through Common Service Centres (CSCs) or Jan Seva Kendras, many young people (some even teenagers) have enrolled to become Rural Authorized Persons (RAPs) to solicit business.
These individuals need to undergo training and examination as specified by the Insurance Regulatory and Development Authority of India (IrdaI), in the subject of insurance products and other necessary topics.
The online examination for RAPs is conducted by the National Institute of Electronics and Information Technology or any other institute as approved by IrdaI from time to time in their centre spread across India.
Through RAPs, the sale and procurement of general insurance products are extended among the vicinity of the village or town that they reside in.
A CSC is a low cost setup and distribution centre for government institutions to deliver e-governance services to the rural population. The CSC-SPV (special purpose vehicle) has been established by the Indian government under the National e-Governance Plan.
To monitor and supervise the progression of CSC-SPVs, a state designated agency (SDA) acts as a nodal agency, and the service centre agency (CGA) becomes the implementing agency which provides the required investment budget and the functional specification of the CSC as identified by the SDA.
The principal officer, a person employed by the CSC-SPV, should have a clean history without involvement in financial forgery or criminal acts, and should have the requisite qualification and experience.
Insurance companies enter into an agreement with CSC-SPVs for distribution of its products through these centres. The timeline for such an agreement is fixed for three years.
Insurance companies at their end, amalgamate their technology portals with the interface used by CSC-SPVs. A RAP within the contours of the village is authorized to solicit insurance business on completion of the necessary training and examination as specified by the IrdaI. A RAP sells and procures general insurance products. The essential paperwork and identification of the insured are seamlessly carried out at the CSC with the help of technology tools.
The premiums are collected by CSC-SPV centres in cash, which is later remitted to the insurer. The policy contract, too, is submitted to the prospect through the RAPs.
Such personal touch points through RAPs have given those in village access to simple-to-understand products to mitigate the risk to life, motor, agriculture pump sets, personal accident insurance and farmer’s package policies. By limiting the sum insured of these products to Rs 2 lakhs (other than for motor insurance), insurers are able to extend such micro-insurance covers and obviate the risk emerging from such groups.
Further, insurers have consciously decided to keep away complex products which require specialized knowledge on premium computation for RAPs to solicit and service products.
The freshly created category of over-the-counter products is not only easy to understand for village level entrepreneurs but also the right entry level product for the rural population.
Today, Anganwadi workers, young local talent and even specially-abled people have joined the CSC movement, thus improving their skill sets and possibilities of a better livelihood. These entrepreneurs on the ground level have the power to connect with local communities, which no outsider with the strongest branding campaign can create.
By imparting knowledge and training on curbing frauds, companies can embark on such progressive initiatives to arrest future fraudulent activities.