This document discusses the history and achievements of the Life Insurance Agents Federation of India (LIAFI) over the past 49 years since its establishment in 1964. Some key points include:
- LIAFI represents over 27 lakh life insurance agents in India and advocates on their behalf with insurance companies and regulatory bodies.
- It has succeeded in establishing regulations to protect agents' rights and introduce benefits like increased gratuity amounts and group insurance schemes.
- LIAFI works to improve the prestige and professional status of insurance agents and discusses issues with LIC management every six months.
- The organization is concerned with policyholder issues as well and has advocated for reduced stamp duties and faster claim settlements on their behalf
LIC Agent Training, Recruitment by Raj SharmaRaj Sharma
The document discusses requirements and process for becoming a Life Insurance Corporation (LIC) agent in India. LIC is India's largest life insurance company established in 1956 to serve rural and economically disadvantaged populations. To become an LIC agent one must have a 12th standard pass, be age 18 or older, undergo 100 hours of online and offline training, and pass an examination administered by the Insurance Regulatory and Development Authority. The document provides contact information for an experienced LIC agent who can provide assistance with the application process.
This document promotes becoming an agent for Life Insurance Corporation of India (LIC), highlighting the benefits such as being self-employed with no capital requirements, unlimited income potential, and lifelong renewal commissions. It notes that LIC agency offers one of the highest-paid professions worldwide and that there is a large untapped insurance market in India. The document provides commission rates agents can earn and emphasizes that agents only need a high school education to qualify. It encourages readers to join LIC agency to gain financial freedom and security.
This document provides information about career opportunities as an LIC agent. It summarizes some top agent performances, including Shri S. B. Choudhary who earned over Rs. 2 crore in commission in 2002. The document outlines the changing role of agents from just selling policies to providing financial advice. It highlights LIC's financial strength as India's largest insurer and asset manager, as well as its wide range of insurance products. The document concludes by inviting the audience to join LIC's team of agents and share in the business opportunities and rewards.
Business opportunity to Build your career as LIC Agent.
You will be trained by Experts to make your career a grand success.
Go through the presentation and apply online or give us a call for appointment.
WE MAKE ORDINARY PEOPLE EARN EXTRAORDINARY WEALTH
The document discusses the advantages of pursuing a career as an LIC agent. It notes that most wealthy individuals are self-made business owners rather than employees. Given India's large working age population and lack of sufficient job growth, entrepreneurship is needed. Becoming an LIC agent provides an opportunity to enter business with little capital investment. While some may be apprehensive about marketing skills or competition, the document asserts that proper training can help agents earn over 1 lakh rupees per month within 3 years by building a trusted client base and receiving lifetime royalty payments and referrals. Those interested in leaving a trail where no path exists rather than following an existing path are well-suited for this career.
LIC OF INDIA, AGENT LIC, BE AN INSURANCE AGENT, LIC SURATVinodkumar Hariani
The document describes the opportunities available in becoming a life insurance advisor with Life Insurance Corporation of India (LIC). It highlights that life insurance agency is one of the highest paid professions worldwide with no limit on earnings. As an LIC advisor, one can earn commissions from new policies as well as ongoing renewal commissions with no mandatory retirement age. It promotes the career opportunities, training, support and benefits available to agents.
LIC of India is providing an exclusive opportunity to become an entrepreneur as a "City Career Agent". Agents will receive a stipend of Rs. 7,000 per month in the first year plus commissions to earn over Rs. 25,000. With performance, total earnings could reach over Rs. 1,00,000 per month after 3 years. Selected agents will receive training and support to develop prospects and meet sales targets. The Indian life insurance market provides great potential for growth given low insurance penetration and density compared to other countries, increasing incomes, and rising consumer awareness. This opportunity is available to a select few individuals.
LIC Agent Training, Recruitment by Raj SharmaRaj Sharma
The document discusses requirements and process for becoming a Life Insurance Corporation (LIC) agent in India. LIC is India's largest life insurance company established in 1956 to serve rural and economically disadvantaged populations. To become an LIC agent one must have a 12th standard pass, be age 18 or older, undergo 100 hours of online and offline training, and pass an examination administered by the Insurance Regulatory and Development Authority. The document provides contact information for an experienced LIC agent who can provide assistance with the application process.
This document promotes becoming an agent for Life Insurance Corporation of India (LIC), highlighting the benefits such as being self-employed with no capital requirements, unlimited income potential, and lifelong renewal commissions. It notes that LIC agency offers one of the highest-paid professions worldwide and that there is a large untapped insurance market in India. The document provides commission rates agents can earn and emphasizes that agents only need a high school education to qualify. It encourages readers to join LIC agency to gain financial freedom and security.
This document provides information about career opportunities as an LIC agent. It summarizes some top agent performances, including Shri S. B. Choudhary who earned over Rs. 2 crore in commission in 2002. The document outlines the changing role of agents from just selling policies to providing financial advice. It highlights LIC's financial strength as India's largest insurer and asset manager, as well as its wide range of insurance products. The document concludes by inviting the audience to join LIC's team of agents and share in the business opportunities and rewards.
Business opportunity to Build your career as LIC Agent.
You will be trained by Experts to make your career a grand success.
Go through the presentation and apply online or give us a call for appointment.
WE MAKE ORDINARY PEOPLE EARN EXTRAORDINARY WEALTH
The document discusses the advantages of pursuing a career as an LIC agent. It notes that most wealthy individuals are self-made business owners rather than employees. Given India's large working age population and lack of sufficient job growth, entrepreneurship is needed. Becoming an LIC agent provides an opportunity to enter business with little capital investment. While some may be apprehensive about marketing skills or competition, the document asserts that proper training can help agents earn over 1 lakh rupees per month within 3 years by building a trusted client base and receiving lifetime royalty payments and referrals. Those interested in leaving a trail where no path exists rather than following an existing path are well-suited for this career.
LIC OF INDIA, AGENT LIC, BE AN INSURANCE AGENT, LIC SURATVinodkumar Hariani
The document describes the opportunities available in becoming a life insurance advisor with Life Insurance Corporation of India (LIC). It highlights that life insurance agency is one of the highest paid professions worldwide with no limit on earnings. As an LIC advisor, one can earn commissions from new policies as well as ongoing renewal commissions with no mandatory retirement age. It promotes the career opportunities, training, support and benefits available to agents.
LIC of India is providing an exclusive opportunity to become an entrepreneur as a "City Career Agent". Agents will receive a stipend of Rs. 7,000 per month in the first year plus commissions to earn over Rs. 25,000. With performance, total earnings could reach over Rs. 1,00,000 per month after 3 years. Selected agents will receive training and support to develop prospects and meet sales targets. The Indian life insurance market provides great potential for growth given low insurance penetration and density compared to other countries, increasing incomes, and rising consumer awareness. This opportunity is available to a select few individuals.
The Life Insurance Corporation of India (LIC) was established in 1956 and is wholly owned by the Government of India. It has over 200 million policyholders, making it the largest life insurer in India. LIC has a strong presence across India with over 2,000 offices and 1.2 million agents. It has assets of over 5 trillion rupees and contributes significantly to the Indian government's expenses and economic development projects. LIC offers a variety of insurance and pension plans to Indian customers.
This document summarizes the career opportunities and benefits of becoming a life insurance agent with LIC of India. It outlines that agents can earn unlimited commissions, often becoming one of the highest paid professions. Agents receive ongoing renewal commissions for policies they sell, which can provide a steady income stream for 20-25 years. Top agents receive various benefits like loans, reimbursements and club memberships. Becoming an agent requires training and licensing but no separate devoted time, as it can be done alongside other careers or businesses. The role provides social service while generating funds for national development activities.
This document is a company training report submitted to Guru Jambheshwar University of Science and Technology by Deependra Parmar. The report analyzes saving schemes completed at LIC of India as part of Parmar's BBA degree program. It provides background on the supervisor, Mr. Surjeet Bishnoi, and declares that the work is Parmar's original work. It also acknowledges and thanks those who provided guidance and support during the training.
The document is a letter from Bharat Thakkar, a Development Officer at LIC, inviting the reader to become an insurance advisor with LIC. It outlines the benefits of becoming an LIC insurance advisor such as unlimited income potential, lifelong commissions, low barrier to entry with just a 12th grade education required and no upper age limit. It also highlights LIC's reputation and market dominance in India as the largest and most trusted insurance company. Tables are included showing projected annual income growth over a 15 year period ranging from Rs. 4.9 lakhs in year 1 to over Rs. 1 crore in year 15 by selling insurance plans.
This document summarizes a research paper on competition in the life insurance sector in India. It provides background on the history and evolution of life insurance in India, including the nationalization of the industry in 1956 and the recommendations of the Malhotra Committee in 1994 to privatize the sector. It lists the current public and private life insurers operating in India, noting that LIC maintains over 70% market share. The paper examines issues around competition and dominance in the life insurance market.
This document summarizes the performance of the Life Insurance Corporation of India (LIC) from 1999-2000 to 2008-2009. It discusses that LIC saw fluctuating growth in policies issued, premiums collected, and number of agents. While some years saw high growth rates, others saw declines. Overall, the compound growth rate for policies was 9.25% and premiums was 13.64%, showing good performance. It also discusses how LIC competes in the private insurance market in India and the changes to the insurance sector since privatization.
#IRDA
Insurance regulatory development and authority is the statutory, independent, and apex body that governs and supervises the insurance industry in India.
Organizational Setup of IRDA
OBJECTIVES OF IRDA
FUNCTIONS OF IRDA
#OMBUDSMAN
POWERS OF OMBUDSMAN
Complaints Can Be About
#RBI
Reserve Bank of India is the central bank of India. The reserve bank of India was established on 1st April 1935, under the reserve bank of India act,1934.
This bank was constituted as a private shareholders bank with a fully paid-up share capital of Rs.5crores, divided into 5,00,000 fully paid up shares of Rs.100 each.
Bank was nationalized with effect from January 1949 under the reserve bank Act,1948.
The entire share capital of the bank was acquired by the central government after giving adequate compensation to the shareholders.
Thus, from 1st January 1949, the reserve bank of India became a state-owned institution.
MANAGEMENT OF RBI
OBJECTIVES
FUNCTIONS OF RBI
Awareness of schemes and services of mf isshail0065
Micro-finance refers to small loans, savings, insurance, and other financial services provided to low-income individuals. It originated in the 1970s and has grown significantly since. Today, over 16 million people are served by over 7,000 microfinance institutions worldwide. In India, the Self Help Group model launched in 1991 has expanded access to financial services for millions of rural poor, especially women. Microfinance aims to help the poor generate income, build businesses, and gain financial stability and empowerment.
This document provides an overview of Life Insurance Corporation (LIC) of India. It discusses that LIC was established in 1956 by the Parliament of India by consolidating over 245 private life insurance companies. LIC is wholly owned by the Government of India and is the largest life insurance company in India. The document outlines LIC's history, functions, benefits of life insurance, plans offered, rights of policyholders, subsidiaries and interesting facts such as LIC being the largest insurer in the world with over 29 crore policyholders.
LIC is India's largest life insurance company established in 1956. It is headquartered in Mumbai with over 2,000 branches across India. LIC aims to provide affordable life insurance primarily to rural and economically backward sections of Indian society. It has over 27 crore policies and assets of over ₹31 lakh crore, making it the largest insurer in India. LIC's objectives include spreading life insurance widely, maximizing savings mobilization, and acting as trustees for policyholders.
The document provides an overview of the evolution and current state of the Indian life insurance industry. It discusses how life insurance progressed from being privately-owned pre-1956 to becoming nationalized, and then opening to private players post-2000. It analyzes key LIC products like endowment and money back policies that were popular historically due to commissions. New private insurers are introducing more customized products and innovative features to attract customers and gain market share.
Job Opportunities In LIC,........ Bharat Thakkar , AhmedabadLIC
This document provides information about becoming a Life Insurance Corporation of India (LIC) insurance agent. It outlines the eligibility requirements, documents needed, and registration process. Some key points include:
- To become an agent one must have passed 10+2, be at least 18 years old, and have a positive attitude.
- Documents required include photos, age and address proof, and educational certificates.
- The process involves registering with IRDA, completing 50 hours of online/offline training, passing the IRDA exam, and getting licensed. Then an interview is held with the LIC branch manager.
- Being an agent provides benefits like high income, prestige, entrepreneurship, training, club memberships
This document provides information about becoming a Life Insurance Corporation of India (LIC) agent, including the application process and benefits. It outlines the commission structures for different policy types in the first few years. It also describes the benefits agents can receive as members of LIC's different agent clubs, including loans, reimbursements, and group insurance coverage. Finally, it discusses the Million Dollar Round Table (MDRT), an international organization for top life insurance professionals that offers networking opportunities and prestige for qualified agent members.
The Indian government plans to launch an initial public offering (IPO) for Life Insurance Corporation of India (LIC), the largest insurance company in India. The government aims to raise approximately Rs 90,000 crore by selling 6-10% stakes in LIC. LIC has a strong brand recognition and over 50% of the insurance market share in India. While some see privatization as a challenge, the IPO could attract more foreign investors and increase competition in the insurance sector.
This document provides an overview of the Life Insurance Corporation of India (LIC) over its first 50 years, from its formation in 1956. Key points:
1) LIC was formed by amalgamating 245 private insurance companies into a state-owned corporation to spread life insurance across India.
2) Over 50 years, LIC grew from insuring a few hundred crores to over 400 trillion rupees, contributing significantly to India's economic growth and development.
3) In addition to providing insurance, LIC invested policyholder funds into national infrastructure projects like housing, water, electricity, transport and industries, totaling over 3.85 trillion rupees in contributions to social and economic development.
This document provides an overview of the history and objectives of Life Insurance Corporation of India (LIC). It discusses how LIC was established in 1956 by nationalizing 245 Indian and foreign insurance companies. The key objectives of LIC are to widely provide life insurance, particularly in rural areas, and provide financial protection to insurable persons at reasonable cost while maximizing the mobilization of peoples' savings.
1. The document discusses the evolution and growth of the insurance sector in India from its beginnings in the 19th century to modern reforms and the growing role of private players.
2. It describes some of the major global players in the Indian insurance market like Aviva, AIG, and Prudential and their strategies for growth.
3. The future of the Indian insurance industry is seen as highly promising with projections of over 500% growth by 2010 and the potential to become a $60 billion industry as more of the population gains access to insurance products and services.
Dynamics of-agency-recruitment-insurnace-sector1Nagpur home
The document is an industrial training project report submitted by a student for their MBA program. It provides an overview of the insurance sector in India, including a brief history highlighting key milestones such as the nationalization of insurance companies in 1956 and their privatization in 1999-2000. It discusses the underdeveloped state of the insurance market in India prior to privatization and the reasons for private insurance companies entering the Indian market, such as low penetration rates and the inability of LIC to cover more than 10-15% of the population.
The document provides an overview of the career of a life insurance agent. It discusses the importance of observing professional conduct and putting clients' needs first. It emphasizes creating positive outcomes for clients through life insurance, such as financial security, independence, and peace of mind. The document argues that being a life insurance agent allows one to do great good by helping families in difficult times, such as providing for widows and orphans. It presents the career as a meaningful way to serve others and one's community.
The document summarizes the recruitment process for 200 vacancies for Assistant Administrative Officer positions at Life Insurance Corporation of India. It provides details on the application process, eligibility criteria, exam structure and dates, reservation policies, selection process, and important dates. The last date to apply online is January 22, 2015 and the exam is tentatively scheduled for February 20, 2015. Selection will involve an online exam testing reasoning ability, quantitative aptitude, and other subjects, followed by an interview for shortlisted candidates.
The Life Insurance Corporation of India (LIC) was established in 1956 and is wholly owned by the Government of India. It has over 200 million policyholders, making it the largest life insurer in India. LIC has a strong presence across India with over 2,000 offices and 1.2 million agents. It has assets of over 5 trillion rupees and contributes significantly to the Indian government's expenses and economic development projects. LIC offers a variety of insurance and pension plans to Indian customers.
This document summarizes the career opportunities and benefits of becoming a life insurance agent with LIC of India. It outlines that agents can earn unlimited commissions, often becoming one of the highest paid professions. Agents receive ongoing renewal commissions for policies they sell, which can provide a steady income stream for 20-25 years. Top agents receive various benefits like loans, reimbursements and club memberships. Becoming an agent requires training and licensing but no separate devoted time, as it can be done alongside other careers or businesses. The role provides social service while generating funds for national development activities.
This document is a company training report submitted to Guru Jambheshwar University of Science and Technology by Deependra Parmar. The report analyzes saving schemes completed at LIC of India as part of Parmar's BBA degree program. It provides background on the supervisor, Mr. Surjeet Bishnoi, and declares that the work is Parmar's original work. It also acknowledges and thanks those who provided guidance and support during the training.
The document is a letter from Bharat Thakkar, a Development Officer at LIC, inviting the reader to become an insurance advisor with LIC. It outlines the benefits of becoming an LIC insurance advisor such as unlimited income potential, lifelong commissions, low barrier to entry with just a 12th grade education required and no upper age limit. It also highlights LIC's reputation and market dominance in India as the largest and most trusted insurance company. Tables are included showing projected annual income growth over a 15 year period ranging from Rs. 4.9 lakhs in year 1 to over Rs. 1 crore in year 15 by selling insurance plans.
This document summarizes a research paper on competition in the life insurance sector in India. It provides background on the history and evolution of life insurance in India, including the nationalization of the industry in 1956 and the recommendations of the Malhotra Committee in 1994 to privatize the sector. It lists the current public and private life insurers operating in India, noting that LIC maintains over 70% market share. The paper examines issues around competition and dominance in the life insurance market.
This document summarizes the performance of the Life Insurance Corporation of India (LIC) from 1999-2000 to 2008-2009. It discusses that LIC saw fluctuating growth in policies issued, premiums collected, and number of agents. While some years saw high growth rates, others saw declines. Overall, the compound growth rate for policies was 9.25% and premiums was 13.64%, showing good performance. It also discusses how LIC competes in the private insurance market in India and the changes to the insurance sector since privatization.
#IRDA
Insurance regulatory development and authority is the statutory, independent, and apex body that governs and supervises the insurance industry in India.
Organizational Setup of IRDA
OBJECTIVES OF IRDA
FUNCTIONS OF IRDA
#OMBUDSMAN
POWERS OF OMBUDSMAN
Complaints Can Be About
#RBI
Reserve Bank of India is the central bank of India. The reserve bank of India was established on 1st April 1935, under the reserve bank of India act,1934.
This bank was constituted as a private shareholders bank with a fully paid-up share capital of Rs.5crores, divided into 5,00,000 fully paid up shares of Rs.100 each.
Bank was nationalized with effect from January 1949 under the reserve bank Act,1948.
The entire share capital of the bank was acquired by the central government after giving adequate compensation to the shareholders.
Thus, from 1st January 1949, the reserve bank of India became a state-owned institution.
MANAGEMENT OF RBI
OBJECTIVES
FUNCTIONS OF RBI
Awareness of schemes and services of mf isshail0065
Micro-finance refers to small loans, savings, insurance, and other financial services provided to low-income individuals. It originated in the 1970s and has grown significantly since. Today, over 16 million people are served by over 7,000 microfinance institutions worldwide. In India, the Self Help Group model launched in 1991 has expanded access to financial services for millions of rural poor, especially women. Microfinance aims to help the poor generate income, build businesses, and gain financial stability and empowerment.
This document provides an overview of Life Insurance Corporation (LIC) of India. It discusses that LIC was established in 1956 by the Parliament of India by consolidating over 245 private life insurance companies. LIC is wholly owned by the Government of India and is the largest life insurance company in India. The document outlines LIC's history, functions, benefits of life insurance, plans offered, rights of policyholders, subsidiaries and interesting facts such as LIC being the largest insurer in the world with over 29 crore policyholders.
LIC is India's largest life insurance company established in 1956. It is headquartered in Mumbai with over 2,000 branches across India. LIC aims to provide affordable life insurance primarily to rural and economically backward sections of Indian society. It has over 27 crore policies and assets of over ₹31 lakh crore, making it the largest insurer in India. LIC's objectives include spreading life insurance widely, maximizing savings mobilization, and acting as trustees for policyholders.
The document provides an overview of the evolution and current state of the Indian life insurance industry. It discusses how life insurance progressed from being privately-owned pre-1956 to becoming nationalized, and then opening to private players post-2000. It analyzes key LIC products like endowment and money back policies that were popular historically due to commissions. New private insurers are introducing more customized products and innovative features to attract customers and gain market share.
Job Opportunities In LIC,........ Bharat Thakkar , AhmedabadLIC
This document provides information about becoming a Life Insurance Corporation of India (LIC) insurance agent. It outlines the eligibility requirements, documents needed, and registration process. Some key points include:
- To become an agent one must have passed 10+2, be at least 18 years old, and have a positive attitude.
- Documents required include photos, age and address proof, and educational certificates.
- The process involves registering with IRDA, completing 50 hours of online/offline training, passing the IRDA exam, and getting licensed. Then an interview is held with the LIC branch manager.
- Being an agent provides benefits like high income, prestige, entrepreneurship, training, club memberships
This document provides information about becoming a Life Insurance Corporation of India (LIC) agent, including the application process and benefits. It outlines the commission structures for different policy types in the first few years. It also describes the benefits agents can receive as members of LIC's different agent clubs, including loans, reimbursements, and group insurance coverage. Finally, it discusses the Million Dollar Round Table (MDRT), an international organization for top life insurance professionals that offers networking opportunities and prestige for qualified agent members.
The Indian government plans to launch an initial public offering (IPO) for Life Insurance Corporation of India (LIC), the largest insurance company in India. The government aims to raise approximately Rs 90,000 crore by selling 6-10% stakes in LIC. LIC has a strong brand recognition and over 50% of the insurance market share in India. While some see privatization as a challenge, the IPO could attract more foreign investors and increase competition in the insurance sector.
This document provides an overview of the Life Insurance Corporation of India (LIC) over its first 50 years, from its formation in 1956. Key points:
1) LIC was formed by amalgamating 245 private insurance companies into a state-owned corporation to spread life insurance across India.
2) Over 50 years, LIC grew from insuring a few hundred crores to over 400 trillion rupees, contributing significantly to India's economic growth and development.
3) In addition to providing insurance, LIC invested policyholder funds into national infrastructure projects like housing, water, electricity, transport and industries, totaling over 3.85 trillion rupees in contributions to social and economic development.
This document provides an overview of the history and objectives of Life Insurance Corporation of India (LIC). It discusses how LIC was established in 1956 by nationalizing 245 Indian and foreign insurance companies. The key objectives of LIC are to widely provide life insurance, particularly in rural areas, and provide financial protection to insurable persons at reasonable cost while maximizing the mobilization of peoples' savings.
1. The document discusses the evolution and growth of the insurance sector in India from its beginnings in the 19th century to modern reforms and the growing role of private players.
2. It describes some of the major global players in the Indian insurance market like Aviva, AIG, and Prudential and their strategies for growth.
3. The future of the Indian insurance industry is seen as highly promising with projections of over 500% growth by 2010 and the potential to become a $60 billion industry as more of the population gains access to insurance products and services.
Dynamics of-agency-recruitment-insurnace-sector1Nagpur home
The document is an industrial training project report submitted by a student for their MBA program. It provides an overview of the insurance sector in India, including a brief history highlighting key milestones such as the nationalization of insurance companies in 1956 and their privatization in 1999-2000. It discusses the underdeveloped state of the insurance market in India prior to privatization and the reasons for private insurance companies entering the Indian market, such as low penetration rates and the inability of LIC to cover more than 10-15% of the population.
The document provides an overview of the career of a life insurance agent. It discusses the importance of observing professional conduct and putting clients' needs first. It emphasizes creating positive outcomes for clients through life insurance, such as financial security, independence, and peace of mind. The document argues that being a life insurance agent allows one to do great good by helping families in difficult times, such as providing for widows and orphans. It presents the career as a meaningful way to serve others and one's community.
The document summarizes the recruitment process for 200 vacancies for Assistant Administrative Officer positions at Life Insurance Corporation of India. It provides details on the application process, eligibility criteria, exam structure and dates, reservation policies, selection process, and important dates. The last date to apply online is January 22, 2015 and the exam is tentatively scheduled for February 20, 2015. Selection will involve an online exam testing reasoning ability, quantitative aptitude, and other subjects, followed by an interview for shortlisted candidates.
The document provides an overview of the business model of insurance intermediaries, describing how brokers and agents function as intermediaries between clients and insurers, adding value through consulting, placement, and service activities. It discusses the value chain for brokers in consulting clients, placing insurance, and providing ongoing service, as well as how agents add value for insurers. The summary also examines how intermediaries can capture value and build lasting client relationships.
This document defines and describes different types of insurance intermediaries according to IRDA act 1999, including brokers or agents who represent consumers and match their needs with suitable insurance products. It discusses insurance agents, brokers, bancassurance where banks sell insurance, and micro insurance agents. For agents, it covers eligibility, education, training, functions, rights, and termination. For brokers it discusses licensing and code of conduct regarding clients, sales practices, and more. It also provides details about bancassurance partnerships in India.
A project report on Training & Recruitment of Life Insurance Agent. Guwahati ...Riyaj Shah
The Summer Excel Training I have done in Bharti AXA life Insurance Company Ltd. Guwahati, in the partial fulfillment of MBA course for 30 days was a memorable one in my management education.
I gathered a very good practical experience with this project.
Insurance intermediaries such as agents, brokers, corporate agents, surveyors, and loss assessors facilitate the purchase of insurance and provide services that complement the insurance process. They serve as an important distribution channel between consumers and insurers. The supervisory authority sets requirements for intermediaries to regulate their conduct in order to protect consumers and promote confidence in insurance markets. Intermediaries reduce search costs for buyers and insurers by knowing the insurance marketplace and matching clients' risks with insurers. They also reduce uncertainty by providing information to both parties about risks, market conditions, and insurer finances.
Ia april 2013 what really motivates producersJustin Berry
The document discusses different approaches to producer compensation used by insurance agencies. It summarizes the findings of a study that found compensation incentives do not generally drive producer behavior unless they are perceived as unfair. It then provides examples of compensation approaches used by several agencies, including tiered commission rates, bonuses for growth, and reducing renewal commissions for producers who do not meet new business requirements. The goal of these approaches is to align producer compensation with agency growth objectives.
The document is a presentation about email marketing for insurance agents and brokers. It aims to dispel common myths about email marketing, provide tools to overcome obstacles, and give a 6-step action plan for success. It discusses the 7 most common obstacles to email marketing success and provides ways to transform those obstacles into successes. Finally, it outlines the 6 points of an action plan for implementing an email marketing strategy.
The document discusses cancer statistics in the United States, noting that approximately 2 million new cases of cancer will be diagnosed each year, with 1 in 2 men and 1 in 3 women expected to develop cancer in their lifetimes. It warns that while 95% of cancer patients claim to have health insurance, 1 in 4 say their insurance covered less than expected, and 1 in 8 were surprised by bills their insurance didn't pay. The document encourages contacting an insurance provider to ensure clients have adequate coverage for cancer treatment and the unexpected costs that often arise.
The Virtual Insurance Agent that sells push based contextual microinsuranceAndrea Silvello
The Next Generation Virtual Insurance Agent for insurance disruptors and reinsurers that want to sell push based contextual micro-insurance in the age of the customer
Variety of Distribution Channels for InsuranceHermith Mana
This document outlines various avenues for distributing insurance products, including agency networks, brokers, bancassurance, telemarketing and the internet. It also discusses cultural factors, infrastructure needs, regulatory roles, and priorities for customers like convenience and reliability. The ideal approach requires innovative products and distribution, strong execution, a clear roadmap, and customer-focused services.
Insurance intermediaries serve as the critical link between insurance companies and consumers. They facilitate the placement and purchase of insurance and provide services to both insurers and policyholders. There are two main types of intermediaries - insurance agents, who represent insurers, and insurance brokers, who represent policyholders. Intermediaries advise consumers, present insurance options, and assist with placing coverage, claims management, and risk management. They are an essential part of insurance supervision and distribution.
This document discusses challenges in insurance distribution and various distribution channels. It notes that insurance is sold, not bought, and distributors play a key role in advising customers. Common developed market channels include agencies, brokers, bancassurance, and direct response. Challenges for insurers and distributors include building customer faith and credibility. Traditional agent-based distribution had drawbacks like lack of product knowledge. Emerging rural channels include banks, NGOs, post offices and internet kiosks. Success requires understanding customer needs and matching the right intermediaries with market segments.
Marketing for Independent Insurance Agents on a Shoestring BudgetThree Deep Marketing
This presentation is for independent insurance agents. Jeff Sauer presented at the Trust in Marketing Seminar in Minneapolis, MN on 3/20/2012. This presentation showcases marketing activities done by large organizations and how to achieve a similar effect on a shoestring budget.
The document discusses the history and development of insurance in India. It provides definitions of insurance and describes different types of insurance like life, health, automobile, fire insurance. It summarizes the key players in the insurance sector including LIC, private insurers, and the regulatory body IRDA. It also outlines the products offered by LIC and investment policies of insurance companies.
1. The document discusses the history and development of the insurance sector in India. It traces insurance in India back to 1818 and discusses key developments like nationalization of insurance in 1956 and privatization in 1999.
2. The roles, types (life, general, health etc.), and major players (both public and private) of insurance are described. It also compares the market share and business of public sector giant LIC versus private insurers.
3. Benefits of insurance planning and investment opportunities in insurance are highlighted. Laws and regulations governing the insurance sector in India are also briefly outlined.
The Insurance Act of 1938 was the first legislation governing all forms of insurance in India and provided strict state control over the insurance business. It aimed to safeguard policyholder interests and establish norms for smoothly conducting the insurance business and minimizing disputes. Subsequent acts like the Insurance Regulatory and Development Authority Act of 1999 established regulatory authorities to further protect policyholders, regulate the industry, and ensure its orderly growth.
- Life insurance first came to India from England in 1818, with the Oriental Life Insurance Company starting as the first life insurer.
- The Insurance Act of 1912 was passed to regulate the insurance business, requiring actuarial certification of premium rates and valuations.
- The LIC Act was passed in 1956 leading to the nationalization of the insurance industry and creation of LIC as a statutory body.
- Today, LIC dominates the Indian life insurance market as the largest insurer, though private players have gained significant share in recent years.
- Life insurance first came to India from England in 1818, with the Oriental Life Insurance Company starting as the first life insurer.
- The Insurance Act of 1912 was passed to regulate the insurance business, requiring actuarial certification of premium rates.
- The LIC Act was passed in 1956, creating LIC as a state-run monopoly provider of life insurance in India. LIC started with 5 zones, 33 divisions, and over 200 branch offices.
- Today, LIC has over 2000 branch offices, over 100 divisional offices, and 8 zonal offices, with a network of over 1.2 million agents. It remains the largest life insurer in India though its monopoly has ended.
Life insurance first came to India in 1818 from England. The Oriental Life Insurance Company, established in Calcutta, was India's first life insurance company. India did not have legislation regulating the insurance business until 1912, when the Life Insurance Companies Act and Provident Fund Act were passed. The Life Insurance Corporation of India (LIC) was established on September 1, 1956 after the LIC Act was passed in 1956. LIC is now the largest life insurer in India, providing various insurance products and services to over 180 million policyholders through over 2,000 offices across India.
- Life insurance first came to India in 1818 from England. The first life insurance company was Oriental Life Insurance Company in Calcutta.
- There was no regulation of insurance business in India until 1912 when the Life Insurance Companies Act and Provident Fund Act were passed, requiring actuarial certification of rates and valuations.
- The LIC Act was passed in 1956 leading to the nationalization of the insurance industry and creation of LIC as a state-owned monopoly until 2000. LIC now has over 2,000 offices nationwide and over 1.2 million agents.
This document discusses the insurance sector in India. It provides background on insurance sector reforms and the Malhotra Committee of 1993. It then discusses the key players in the Indian insurance sector and some issues facing life insurance in India, including the need to raise foreign direct investment limits, high expense ratios for private players, strengthening core product offerings, delays in profitability for private insurers, lack of professional agency channels, promoting bancassurance, and other global issues impacting insurance. The document provides an overview of the current state and challenges within the Indian insurance industry.
This document discusses recruitment and selection at SBI Life insurance. It provides background on the life insurance industry and SBI Life's vision, values, and achievements in 2013-2014. Recruitment involves locating and attracting individuals for job vacancies, while selection eliminates candidates who do not have the required skills. The findings note that Indians prefer LIC and internal references when applying to SBI Life. The conclusion states that insurance faces high attrition, making recruitment critical, and innovations are needed for organizations to sustain in competition.
EXCELLENT OPPURTUNITY FOR BRIGHT CAREER
• IF YOU ARE LOOKING FOR ORGANISATION WHERE YOU
• DECIDE YOUR OWN TIMINGS TO WORK,
• CAN EARN AS MUCH YOU WANT AND
• PROVIDES EVER INCREASING INCOME,
• FACILITY OF CAR
• TELEPHONE
• COMPUTER ETC.
AND ALSO SECURED FUTURE
JOIN AS AGENT OF LIFE INSURANCE CORPORATION OF INDIA
OPPURTUNITY FOR MALE/FEMALES/HOUSEWIVES/C.A.’S/ OR ANY
PERSON ZEAL TO GET ALONG WITH PEOPLE
ALSO CONTACT FOR INSURANCE PLAN FOR YOUR NEEDS
SANJEEV HANDA
Sr. Business Associate
9810163246
handa1502@gmail.com
BE A MDRT AGENT AND START EARNING RS. 1 LAKH PER MONTHSanjeev Handa
LIC is India's largest life insurance company with over 1.16 lakh employees and 1.2 million agents [SENTENCE 1]. It had over 36 million new policies last year and a market share of over 83% [SENTENCE 2]. Being an LIC agent provides an independent career with flexibility, training, rewards and benefits like a pension scheme [SENTENCE 3].
ICICI Lombard is a 74:26 joint venture between ICICI Bank Limited and Canada based Fairfax Financial Holdings Limited. It is one of the leading private general insurance companies in India, offering an array of insurance products for retail and corporate customers. These include health, home, motor, travel, and other insurance products that can be purchased online through its website. ICICI Lombard also has specialized insurance offerings and services for non-resident Indians. It uses a multi-channel distribution approach including retail agents, brokers, bancassurance partnerships, and online channels.
The document discusses LIC of India and ICICI Prudential Life Insurance. It provides an introduction and history of LIC since its nationalization in 1956. It discusses LIC's expansion over the years and increasing use of technology including computerization, networks, internet services, and more. It also provides an introduction to ICICI Prudential as a joint venture between ICICI Bank and Prudential plc. It lists some of the insurance plans offered by both LIC and ICICI Prudential.
The document discusses the insurance industry in India. It notes that India has 53 insurance companies, with 24 in life insurance and 29 in non-life insurance. The life insurance market is the largest in the world, with 360 million policies, though penetration is still low compared to other countries. The industry is expected to grow at a CAGR of 12-15% over the next five years. Major players include LIC, HDFC Life, ICICI Prudential Life, and SBI Life Insurance. The regulatory body is IRDA. While growth has been strong, there remains significant potential for further expansion of insurance coverage across India.
State Bank of India (SBI) is a multinational banking and financial services company headquartered in Mumbai, India with over 200 years of experience. SBI entered into the league of top 50 global banks and has over 24,000 branches and 59,000 ATMs serving over 42 crore customers after merging its subsidiaries. SBI has an overseas presence through 195 foreign offices spread across 36 countries. SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif, with SBI owning 62.1% and BNP Paribas Cardif owning 7.7%. SBI Life has over 2.49 crore policyholders and assets under management of over Rs. 1.41 l
- Life insurance first came to India in 1818 from England. The Oriental Life Insurance Company was the first insurer in India.
- Key legislation around insurance was passed in 1912 and 1956, leading to the creation of LIC as a state-owned monopoly insurer.
- Today, LIC remains the largest insurer in India with over 180 million policies, 2048 branches, and revenues of over $173 billion USD, though its market share has declined with privatization and competition from other insurers.
The document summarizes the career opportunities available as a life insurance agent in India. It outlines the qualifications needed, training process, earning potential, commission structure, and benefits of becoming an agent. Top agents earn over Rs. 4 crore annually and have opportunities to become development officers or rise up in the LIC organization. Overall, it promotes becoming a life insurance agent as a lucrative and socially impactful career choice.
Do You want to earn extra Money or
Do You want to make career as LIC agent.
please visit
http://www.careeraslicagent.com/
Sudhakar Hotkar
Dev. Officer. -9004601942
The document summarizes the insurance sector in India. It discusses the evolution of the sector from being a public sector monopoly to allowing private players. It provides an overview of life and general insurance services and major public and private players. It notes that while LIC remains the largest insurer, private players have grown their market share in recent years. The insurance sector contributes significantly to the Indian economy through long-term savings and funding for development.
This document provides a critical analysis and comparison between LIC and ICICI Prudential Life in 3 paragraphs:
LIC was established in 1956 as a state-owned insurer and is the largest insurer in India. ICICI Prudential was founded in 2001 as a joint venture and is one of the leading private insurers. Both companies offer a range of insurance products and have strong financial performance, with ICICI Prudential having a slightly higher claims settlement ratio. While LIC has a larger market share and brand recognition, ICICI Prudential has shown significant growth through innovative products and services. An informed decision requires considering individual needs and carefully comparing the features, services and stability of available policies from both companies.
Similar to Life insurance agents_federation_of_india_liafi_ppt_presentaton_19.8_mb (1) (20)
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...mayaclinic18
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
3. LIFE INSURANCE AGENTS FEDERATION OF INDIA 1964
KNOW YOUR FEDERATION -LIAFI
1. LIAFI is established on 2nd October 1964, at Bombay, It has completed 49
years of Glorious Existence. Every L.I.C. Agent is celebrating this day 2nd
October throughout the country.
2. It was on 24th January 1945 that Agents of the Country came together at
Calcutta under the leadership of Late S.S.Ali to protect our rights. Hence
every year, we celebrate 24th January as Agency Profession Protection Day
(A.P.P.Day)
3. LIAFI has represented the Agents community before various Parliamentary
committees.
4. LIAFI could succeed in brining in Agents Regulations 1972. These
Regulations are first of its kind in the world.
5. LIAFI could succeed in convincing L.I.C. to formulate club rules to enhance
the prestige of L.I.C Agents who are consistently doing Good Business.
6. LIAFI could succeed with a lot of struggle in introducing the prestigious
Career agency scheme in LIC of India.
7. LIAFI is mainly instrumental in establishing many Life Insurance
Educational Institutions.
8. LIAFI discusses with L.I.C. Management every six months in the form of
Agents Consultative forum Meeting.
9. LIAFI could succeed to enhance the gratuity amount from Rs. 50,000/- to
Rs. 2,00,000/- but now it should be increased to Rs. 5,00,000/-
10. LIAFI could succeed in covering agents under Group Insurance Scheme
with accident cover.
4. 11. LIAFI could succeed in covering all Agents under Group Insurance Scheme
through their respective Associations.
12. Every efforts and each step of LIAFI is directed towards achieving full time
professional status to the Life Insurance Agency career in the country. So
that we can do our work with Honour and dignity.
13. In It?s pursuit of achieving professionalisation LIAFI has succeeded in
getting the stipend of career agents increased from Rs. 750 to Rs. 2500 p.m
and Mediclaim to club members.
14. Group Loan (Vehicle Loan) replenishment scheme for agents has been
implemented from 1.10.2005
15. Discussions for Group savings linked insurance scheme is on the
finalization stage.
16. Because of the efforts of LIAFI Our CM Club Convention is continued or
even be can go for different types of training like motivation, stress
management and health management etc.
17. Because of the efforts of LIAFI our festival advances is increased from Rs.
7000/- to Rs. 15000/-
18. LIAFI is always concerned about problems of Policy Holders. L.I.A.F.I. tried
for Penal Interest to the Policy Holders on delayed Payment.
19. LIAFI was also instrumental in bringing relief to the Policy Holders by way
of reduction in stamp duties on Policy Loans.
20. Early settlement of Survival benefit claims, Maturity Claims, Death Claims
etc. are the results of L.I.A.F.I.?s continuous efforts.
21. It is because of our efforts that crores of Rupees of Special Medical Fee are
now being refunded to agents.
22. Given a whole hearted helping hand by the Agents Community L.I.A.F.I. is
confident of achieving many more rightful benefits to the policy holders
and to the Agents Community of India which are being enjoyed by our
foreign counterparts. Mainly health, wealth and honour till his death. The
way to achieve this aim is full time Professional status for agency career in
India.
21. HUGE GATHERING BY LIAFIANS AT JANTAR
MANTAR IN PROTEST AGAINIST INSURANCE BILL
22. LETTER TO SWAROOP
• LIFE INSURANCE AGENTS’ FEDERATION OF INDIA (LIAFI)
President: Secretary General:
• S.B.Sreenivasa Chary Shyamal Chakraborty
•
•
• To
Dated 05-09-2009
• Mr. D.Swaroop
• Chairman
• Committee on Investor Protection
• and Financial Literacy
•
• Dear Sir,
•
• Subject:-Life Insurance Agents Federation of India (LIAFI ) Strongly Condemns the Draft
• Report of the Committee on Investor Protection and Financial Literacy
• Recommending scrapping the Agents’ Commission by 2011-Reg.
•
• The Draft Report of the Committee on Investor Protection and Financial Literacy recommending scrapping the Agents’ Commission by 2011 on Life
Insurance and ULIP Products is uncalled for as it appears to have been proposed without having representation from insurance industry who are well
informed about the problems concerning the industry and absolute need for an insurance advisor being a primary underwriter.
•
• No representation in the six-member committee of any insurance player, in particular a behemoth like LIC of India, which is serving the nation for the
last 53 years and a key nation builder, is a glaring blunder. This indicates a deliberate attempt to avoid the material facts which goes against the
predetermined agenda of massacring the agent community.
•
• When LIC was started in the Year 1956, the Life Fund of the Corporation was Rs 380.61 crores today the same has reached Rs. 8, 07,317.43 crores.
From 7, 94,585 policies by the end of 1957, today LIC has in its books over 25.78 crores in-force policies. Agents, who are responsible for 95 per cent
of Corporation’s business, have played a vital role to bring all these Policies into the Corporation’s books. No other evidence is necessary to prove
the role played by the Agents of the Corporation to bring about the Customer Awareness and Literacy about Life Insurance.
•
• Contd-2
•
• -2-
23. • Your report is against the very spirit of Investor Protection and Financial Literacy of crores of people of India who are depending upon the advice of 27
lakh Life Insurance Advisers. Life Insurance Agents, who will be adversely affected by this proposal, are known and respected as the Financial Counselors
in the Indian households. They are in a position to influence people’s decision to plan the family financial wellbeing.
•
• The ill informed Committee is with a mindset that Life Insurance Agents are garnering great incomes by way of commissions on Policies marketed by
them. It is a matter of pity that the Average Income of the Life Insurance Agents today is around Rs.60000 /- per annum which is much below the salary
of a Class IV employee. The agents are also selling single premium and ULIP Policies and getting only two percent commission on it.
•
• The Committee felt that the Agents need not learn their job apart from passing a simple examination held by IRDA at the time they joined the
profession. If the job of Life Insurance Agents were to be easy and to earn huge commissions was an unqualified job, why would over 8 lakhs of Agents
get terminated in the last 5 years on account of mal performance? Contrary to the Committee’s opinion, those who are on the job of continuous
learning about their profession only remain in the profession. The 80/20 principle works for Life Insurance Marketing Also. It is those highly competent
and qualified 20 % of the Agents who approach people extend them professional guidance and bring in 80 % the business.
•
• Two years ago the then IRDA Chairman Mr. C.S.Rao in his report has ruled out the need to bring about a change in the existing Commission Structure for
Agents.
•
• Comparing the Mutual Fund Agents’ Commission with that of the Life Insurance Agents is in appropriate. The Investment and Life Insurance are two
different functions of Financial Markets. Life Insurance is a long term contract and certainly needs understanding the proponents’ needs and counseling
appropriately.
•
• The Findings and Recommendations of the Committee on Investor Protection and Financial Literacy headed by Mr. D.Swaroop are baseless, imaginary
and arbitrary and are against Public Interest and will be hampering the livelihood of 30 lakhs of Life Insurance Agents in the Country.
• The Life Insurance Agents’ Federation of India LIAFI in view of all the reasons stated above, Strongly Condemns the recommendations and appeals to
scrap all proposals against the constructive role being presently played by the Life Insurance Agents and save the Life Insurance Industry and the lives of
Agents who are Committed to their Profession. LIAFI also demands the Committee not to tamper with the existing Agents’ Commission protected under
Insurance Act 1938 failing which LIAFI will have to be constrained to go ahead with a Nationwide Agitation for which the Committee will be responsible.
•
• Yours faithfully
•
• S.B.SREENIVASA CHARY
• President, LIAFI
• Flat.No-202, 2-2-185/56/c/3
• Sathya Sai Apartments
• Baghamberpet, HYDERABAD-500 013
•
•
• Copy to:
•
• 1. Sri.PRANAB MUKERJEE, Honourabl’e Minister for Finance, Govt of India for kind
• Notice and not taking in to consideration of the Recommendations made by the
• Committee in the interest of the Insurance Industry
• 2. Sri J.HARINARAYAN, Chairman Insurance Regulatory Development Authority, Hyderabad for necessary action.
• 3. Sri T.S.Vijayan, Chairman, LIC of India, Central Office, Yogakshema, Mumbai for Necessary action
•
•
•
•
27. LETTER TO YASHWANTH SINHA
To Date -26th
October 2010
Shri Yashwant Sinha
Honourable Chairman
Parliamentary Standing Committee on Finance
New Delhi
Subject- Standing Committee on Finance – Examination of ‘The Insurance Laws (Amendment)
Bill, 2008
Dear Sir,
The Life Insurance Agents Federation of India wishes to express thanks to the Parliamentary Standing
Committee on Finance for their considering our request for a personal hearing on the Insurance Laws
(Amendment) Bill,2008.
We the Life Insurance Agents’ Federation of India have been consistently working since 1964 to
improve the policy conditions, policyholders’ benefits, agents’ socio-economic status, and the
working of the industry with the end objective that if the Country and its people shall flourish it shall
be our inclusive growth. We have achieved a lot in all the targeted dimensions by persuasive dialogue
and resultant cooperation of the LIC OF INDIA- once the Industry in itself and now to be dwarfed as
one of the Industry but whose client base may dwarf the population of some of the countries of the
world and whose annual growth rate of 8-9 percent for last 2-3 decades may dwarf the Average
growth rate of so many economies of the world. The figures need not be put before this learned
Committee but it is our humble duty to reiterate before you that this was achieved by the toil of the
Agents’ and the sacrifice of the policy holders of the early days of the L I C Of India.
With this perspective; we append below our observations and suggestions on those proposed
amendments in the Insurance Act 1938 vide this bill i.e. The Insurance Laws (Amendment) Bill
2008 that have a direct bearing to the Agents and/ or policy holders of the Life Insurance Corporation
Of India. Once these amendments are passed as proposed, they will consequently pave the way for
lakhs of Insurance agents will be out of books of insurance company and also the inflow of insurance
business will be reduced drastically. Sir, we humbly pray you for a sympathetic, thoughtful
consideration on our submission before inking recommendations on the subject.
We have reservations on the amendments, proposed on the following Sections of the Insurance Act
1938 viz. Sec(s) 40, 40A,44 and 45; vide Clause no. 48, 49 , 57and 58 of the subject Insurance
Laws (Amendment) Bill 2008.
28. Clause 48, mentions the substitution of new section for section 40 of the Insurance Act 1938. The
relevant parts of this Section on which we want to draw your attention are 40(2)and 40(2A)
The Sec 40(2A) has a provision to protect the policyholders orphaned by their procuring Agents
either due to termination by the Insurer for non-fulfilment of minimum business to maintain Agency /
or death or for any other reason and allows to extend service to such policyholders by another Agent
and encourages the other Agent by allowing half of the commission that was otherwise payable to the
procuring Agent. This practice has been giving relief for long to the large class of orphan
policyholders created by the wrong system of appointment of Agents in the Industry.
Once our demand used to be that the full renewal commission should be extended to the Agent who
opted the client for future servicing ; but considering the interest of the Insurer and the view that the
Renewal Commission is actually the deferred compensation out of the First Commission, that the
Insurer is supposed to pay at once and one time but - due to economical reasons and dynamics of the
Industry - cannot settle at the instance of procurement of the business by the Agent , we reconciled to
the pattern as per the Sec 40(2).
Sec 40(2) of the Act defines the limit for the commissions payable to the insurance agents on first
year premiums and the renewal premiums on policies affected through them.
These Sections are being omitted without any specific substitute section in the proposed Insurance
Laws (Amendment) Bill 2008. Whereas the amendment bill has not mentioned specific details in the
substitute section on commission limits with this amendment, the statutory protection and guarantee
of the commission payable to the agents which is available in the act would be taken away.
Sir, due to vested interest a campaign with the help of media is now on to malign the noble profession
of Insurance Agency like –mis-selling, high commissions etc. and the perception has been coined that
the insurance agents are cornering a very high percentage of commissions on the business procured.
It is a matter of pity to point it out before you that the Average Income of the Life Insurance Agents
today is around Rs.60000 /- per annum. Had this profession be so easy to earn, the lakhs of Life
Insurance agents been not out of books of Insurance companies every year. The Annexure 1 showing
the details of Additions and deletions of individual agent’s commission expenses ratio of Life Insurers
are enclosed herewith for your kind information.
For your ready assessment about the role, responsibility and commission of the Agent in procuring
new business we quote from the recorded interview of Sri S B Mathur, Secretary General, Life
Insurance Council, the representative body of All Life Insurance Companies in India , and a print copy
is annexed as Anex.II
An insurance agent’s role is different from a normal distributor.
He gives a primary report of financial and physical health of a person in such cases. So he is a
primary underwriter.
Secondly, in case of death, who helps the family? It’s the agent. In case of death before
completion of three years, the agent has an active role in the mandatory investigation.
29. Despite these, commissions have been gradually coming down. The law has capped
commission payments. Our provisional data shows that last year, 47% of the total new
premiums of Rs1.09 trillion came at commissions of less than 2%. During the four years
ending fiscal 2009, 42% of the new premiums came at commissions of less than 2%.
During those years, mutual ….. contd.
From Mint dated 10th
May 2010.
Sir, with all that stated above we see a very grim future of the LIC agents and the Agency as a
career in the hands of any other Authority except the democratically elected Parliament by the
people of India.
Thus by this ame ndme nt the class of Agents, and the pe rsistency of the Agency as a care er, shall
suffe r by loosing the statutory prote ction give n to the m by the Insurance Act 1938.
Conse que ntly the policyholde rs shall also be victim to this ame ndme nt. For the se and othe r
re asons, we strongly re que st to re tain Se c 40(2) of the Insurance Act 1938.
Clause 49 of the bill se e ks to omit Se ction 40A of the Insurance Act 1938 so as to omit the
provisions relating to limitation of expenditure on commission. This also provides for the payment of
commission to insurance agents at the rates specified in the act. By omission of this clause, there is no
clarity as to the commission payable to the agents. Further there is no alternate provision made in the
proposed bill.
Our views that this section defines the upper limit that any insurance company can spend on
commission to their agents and should remain as it is. If this amendment takes place, not only
demoralise the agency force but also lakhs of agents will be deprived of the statutory protection
embedded in the Act. Therefore we strongly request you to retain the section 40A with Insurance Act
1938 only and the Regulator should not be empowered.
Clause 57 of the Insurance Laws Amendment Bill 2008 proposes to wipe off the entire Se c 44 of the
Insurance Act 1938.
Sir, this Section is the foundation of the Agency Career in our country. The Sec owes its existence on
the acceptance of the following facts—
1.The Insurer needs a person to propagate his life insurance plan , but simultaneously wants him to
share the risk of underwriting i.e. probe into the buyer’s personal habits, his family history, his
medical history, moral hazard etc on the grounds of misstatement in which Insurers decline the Death
Claims and terminate the soliciting person .
2. It is universally accepted fact that selling of non tangibles and in particular the life insurance is one
of the toughest jobs and wisely said that life insurance is always sold and seldom bought. So the
person who opts to solicit the insurance – one of the toughest jobs - has simultaneously to share the
risk of underwriting, leniency in which may lead to his termination.
3. It is also universally accepted by the Insurers all over the world that the job of this person needs
more than average remuneration as incentive, but that could not be cut from the first premium for the
30. reason of sustaining the business, and hence the conception, of a part compensation as the First
Commission and deferring the balance of payment in instalments to be paid out of the renewal
Premiums and named as Renewal Commission, was born.
4. It is also widely observed that only 45-50% of policies remain in force till maturity or it can be said
that 50% of the policies sold lapse before the full term. Amongst many, one of the reasons of
lapsation is the Insurer himself. This excludes death cases. Lapsed policy means no renewal premium
paid and so, no renewal commission. THUS
The soliciting Agent has to bear a) the pains of doing the toughest selling b) the risk of primary
underwriting c) accept his compensation in future instalments as renewal commission d) loosing his
renewal income due to death of the policyholder or lapsing of the policy.
5. It is also accepted by the Actuaries that if prudently run, a policy starts adding to the profits of the
Life Insurer only after its fifth instalment been paid.
Considering these, amongst so many others, the prudent Members of the Council while framing the
Insurance Act 1938 introduced the Sec 44.
44 (1), apparently to protect the Agent from loosing his earned but deferred income and inserting
subsections (a) ,(b) and (c) to protect the Insurers from the liability of payment of renewal
commission not before the latent period of 5 years.
44(2), apparently to protect the heirs of the Agent from loosing their rights to the renewal
commission.
Thus you will kindly observe that a stand which was accepted after a prolonged discussion by our
learned forefathers in the Council and stands true on all the legal, social and economic reasoning is
going to be negated by omission of this Sec 44.
The reminiscence of the deletion of this Sec 44 shall be felt by the country in the year 2020-25, when
we are destined to be the 3rd
growing economy behind USA and CHINA. The economic prosperity
shall come with its own problems of intra mismatch, big population, high unemployment etc. We
shall be a Democratic country of 150 crore people of which about 50 crore shall be in the impatient
age group of 20-30 and seeking for employment. We advocate for the Insurance Agency as a whole
time career and as a respectable source of employment, provided the profession gets protection by
such Sections as Sec 44 and the Govt takes other measures towards professionalizing the Agency
Career (for which we have a separate panel of people working on the scheme).
We strongly request you to stop the omission of the Sec 44 of the IA 1938 and scrap the Clause
57 of the ILAB 2008.
Clause 58 of the Insurance Laws Amendement Bill 2008 seeks to amend Sec 45 of the Insurance
Act 1938 amongst others.
31. Sir, Sec 45 gives a protection to the heirs of the policyholders from the action of the learned and
highly paid officials of the Insurer from declining Death Claims on flimsy grounds, if the death occurs
after completion of two years of the policy; but gives enough space to the insurer to protect itself from
wrong, malicious design - if any- either by the policyholder or his soliciting Agent. During the regime
of this Sec 45 the LIC has made tremendous financial growth. We shall like to draw your attention on
the Death Claims Statistics for the year 2008-09 - Annex. 3, a period when the Sec 45 prevails, and
kindly note that the private insurers have repudiated the death claims to the extent of 9.97 % whereas
LIC has repudiated as much as 1.33 % only.
Clause 58 seeks to extend this period of 2 years as per Sec 45 of the Insurance Act 1938 to 5 years
during which the policy can be called to question. It can be easily inferred that this extension shall
give more leeway to the above kind of Insurers to repudiate higher percentage of the death claims
raised by the mostly shy, semi literate/ ill literate , inwardly looking and mostly e xploited class the –
widows ; to whose benefit the conception of Life Insurance was born. Besides, the LIC has withstood
it for last 55 years.
Hence, we pray to stop the amendment to Sec 45 0f the IA 1938 as proposed in the Clause 58 of the
Insurance Laws Amendment Bill 2008.
Sir, by transferring these very important financial powers (which are with the parliament for a
very valid reason for the last 72 years) to the Regulator - there are possibilities of these
provisions being misused either deliberately or through ignorance or under influence. Besides,
the proposed amendments will adversely affect Agents, Policy holders and also the health of the
insurance industry. With regard to the changes and omissions recommended in the above said
sections, maintaining status quo is ideal in the current juncture for the industry as well as
insuring public of our country.
Sir, these are our humble submissions as an additional and / or updated suggestion to our earlier
memorandum; with a request to keep us always involved in the process, since we are your soldiers on
the front or the ground level and understand the pulse of the nation.
Thanking you once again for inviting us for personal hearing and all the pains that you may have to
take for the same.
Sincerely yours,
S.B.SREENIVASA CHARY SHYAMAL CHAKRABORTY
President Secretary General
38. Agency Section, Marketing Department,
3
rd
floor, Central Office, “Yogakshema”,
Jeevan Bima Marg,
MUMBAI 400 021
Ph: - (022) – 66598333,34,38,39, Fax: - 22824386,
e-mail: -co_agency@licindia.com
Ref: Mktg/A/32 17.01.2011
Shri S.B. Sreenivasa Charry,
President, LIAFI,
Flat No.202, 2-2-185/56/C/3,
Sathya Sai Apartments,
Baghamberpet,
Hyderabad-500 013.
Re: Meeting with Agents Representatives (LIAFI) on 8th
February, 2011
It has been decided to hold a meeting with you and Shri Shyamal Chakraborty,
Secretary General, LIAFI to discuss issues of mutual concern on 8th
February, 2011 at
11.30 a.m. in Committee Room No. 1, 7th
floor, Central Office, Mumbai.
We would request you to kindly confirm your participation along with Shri
Shyamal Chakraborty. Kindly note that maximum three outstation members subject to
overall limit of five will be allowed to participate in the abovementioned meeting.
Kindly let us know the names of the members who would be attending the above
meeting. We would also request you to inform us about the likely issues to be discussed
in the abovementioned meeting.
Yours faithfully,
Executive Director(Mktg.)
C.C. to Shri Shyamal Chakraborty, Secretary General for information
39. To
Sri Sridharan
Chairman
IRDA Sub Committee
(Commissions & Intermediaries & Policyholders)
Dear Sir,
Subject:-Discussion on Persistency of policies.
Ref: 1 Comments submitted by Life Insurance Agents Federation of India Dated 29-7-2010
2. View points submitted by Life Insurance Agents Federation of India Dated 9-9-2010
We wish to express our thanks to you for inviting us to participate in the meeting to be held on 6th
December 2010 at IRDA office to discuss on “Persisting of Life Insurance policies.”
It is a matter of great concern for all the persons involved actively in the insurance industry for keeping
low rate of Persistency of Life Insurance policies and higher percentage of lapsation of life insurance
policies.
With reference to the letter cited, we have already submitted our observations and views on the above
subject as stated in the Reference 1st
and 2nd
. In addition to the above representations, further we are
furnishing the following observations and views for your ki nd notice.
According to the Annual reports of IRDA, during the last three financial year’s i.e. 2006-07, 2007-08 and
2008-09 nearly 16.50 laks agents were out of the books of the Insurance industry on various reasons.
Let us assume an agent has brought an average 6 policies to make it simpler 16.5 laks agents x 6 lives
equaling to 1 crore policyholders have become orphan. The customer is totally disappointed and the
person who promises to serve the entire period is no more in the picture. Due to this policy holders are
not able to keep their policies in force and leads to high lapsation and low persistency.
Hence the solution for keeping high persistency lies in retention of the agency force and there is a
need to design an effective system to make the agency force as professional. Keeping in view of the
above facts, and in the interest of insurance industry our Federation expresses its opinion and
suggests that one committee should be constituted by the IRDA .This committee should be
empowered to study the problems of Insurance agents, ascertain the reasons for huge termination of
agents every year and to give their certain recommendations in solving the problems in this regard.
The draft paper on persistency of life insurance policies particularly suggestions made at No.6 imposing
a disincentive clause for lapsation and part of the first year commission shall be withheld to be paid
based on persistency in later years and suggestion no 2 and 3 imposing minimum 20 policies and 1.5 lac
first year premium income is not advisable and against the very spirit of protection of policy holders .
LETTER TO IRDA FROM LIAFI ON 06/12/2010
40. -2-
The Malhotra committee also made one of the major recommendations in its report that
“Improvement of the commission structure for agents to make it an effective instrument for procuring
business specially rural, personal and non obligatory lines of business.”
There is a provision in the Insurance Act 1938 i.e Sec 40(2A) has a provision to protect the policyholders
orphaned by their procuring Agents either due to termi nation by the Insurer for non-fulfillment of
minimum business to maintain Agency / or death or for any other reason and allows to extend service to
such policyholders by another Agent and encourages the other Agent by allowing half of the commission
that was otherwise payable to the procuring Agent. This practice has been giving relief for long to the
large class of orphan policyholders created by the wrong system of appointment of Agents in the
Industry.
But unfortunately majority of insurers and agents are not aware of this and there is no proper and
effective implementation of the same. If this tool utilizes, there is a possibility of reducing higher
percentage of lapsation and maintain good persistency by way of paying commission on orphan policies
revived by an agent other than the one procuring the same.
The copy of the earlier representations submitted to you also enclosed herewith once again for your
kind information and necessary action.
Today majority of the insurance agents are belongs to Rural are a, hence this new proposal of stipulating
minimum requirements for agents in terms of performance is not advisable and it leads to not only
huge terminations of insurance agents in the industry but also Lacs of policy holders are going to
become orphan.
Keeping in view of the above mentioned facts, The Life Insurance Agents’ Federation of India, (LIAFI)
appeals to rationalize and moderate all proposals against the constructive role being presently played
by the Life Insurance Agents and save the Life Insurance Industry and the lives of Agents who are
committed to their Profession.
Thanking You
Yours sincerely
S.B.SREENIVASA CHARY
President, LIAFI
41. POINTWISE DISCUSSIONS
Central Office MDRT Support Desk
Agency Section, Marketing Department,
3rd
floor, Central Office, “Yogakshema”,
Jeevan Bima Marg, MUMBAI
400 021
e-mail:- co_agency@licindia.com
Ref: Mktg./A/ICCM Dated: 9th
Nov, 2012
Re.: Issues raised by Agents Association in ICC Meeting on 05.11.12.
A Meeting with the representatives of LIAFI was held on 05.11.12 in
conference room of CO OS Deptt. Yogakshema Bldg CO Mumbai. The following members were
present in the meeting:
From Management side: From LIAFI:
Sh.Hemant Bhargava ED (Mktg. /PD) Sh. S.B.Sreenivasa Chary, President (Hydrbd)
Sh. P.H. Kutumbe ED (F&A) Sh. Shyamal Chakraborty, G.Sec (Kolkatta)
Ms. T.T. Mathew ED (U&R) Sh. A.S.Permer (Barelly)
Sh. Niranjan Mishra ED (CLIA) Sh. N.C.Khandelwal (Delhi)
Sh. K. Ganesh ED (CRM) Sh. Samit Ganguly (KSDO)
Sh. R. Sudershan ED (IT) Sh. Singarapu Srinivas (Hyderabad)
Sh. P. Venugopal Chief (P&GS) Sh. A.N.Srivastava (Patna)
Sh. H.S.B Sinha Chief (Mktg.) Sh. Sunil Nigam (Shahdol)
Ms. Vidhu Verma Secretary (Mktg.) Sh. P.Srinivasan (Coimbatore)
Sh. P.J.Tikoo AS (Mktg) Smt. Seeta Kakodkar (Goa)
After a brief introduction round by all the meeting started with a
welcome address by ED (Mktg.) He said that Corporation has managed a marginal growth in
NB. There has been huge growth of GDP in last few years but we are not growing at the same
speed. ULIP products have shown a high negative growth but our NAV is presently at a 52 week
high. ED then requested the LIAFI to deliberate with respective departmental heads.
The discussion continued and matters related to CRM were taken. ED (CRM) shared some facts
with members as LIC has 30crore policy holders and 22crore customers. During last FY we have
had 40crore transactions out of which 9crore were outside made BOs. For vision 2020, we will
have to formulate means to cater to about 170crore transactions a year. He also said that soon
premium payment by mobile phone will be possible. He advised that agents to go for ECS or
payment through credit cards where charges towards LIC were lowest at Rs/- 35. He also talked
about relationship renewal programme, its benefits and online services to be started and also
urged agents to play their role in NEFT collection data.
42. CRM
1) Facilities like generation of Loan/
Revival/Surrender quotations, Loan
related repayments, cash acceptance in
CDA cases, change of address and
change of nomination etc. to be made
available to Empowered agents.
2) Staff is not aware about several new
initiatives of CRM and also how the
modules work.
3) BMs signature should be removed from
ECS mandate and also the CDA
charges on ECS.
4) Remove restriction on printing of
premium status and FUP updation on
agent’s portal.
ED (CRM) discussed in detail and said that at
present these suggestions can not be
implemented, however he took a note and
assured to look into them in future.
ED noted the point and assured that it will look
into it.
ED noted the point and assured that it will look
into it.
ED noted the point and assured that it will look
into it.
ED (IT) then gave a brief review of latest developments and insisted on agents that e-feap
module has now settled and scene will be much better now. Review of issues related to IT
department raised by agents association.
IT
1) Rosters not taking care of correct no.
of lives and single premium policies,
less premium paying term policies,
retire and enjoy policies, other branch
policies transferred within Division etc.
are not counted.
2) Green channel FPR can not be
generated again. LIC should introduce
e-commission bills and mail them to
the Agents, as at several places
commission bills are not printed at all.
3) Premium due lists are not provided and
there should signing authority for
agents on premium certificate at
premium point centre.
ED (IT) discussed in detail and said that at
present they have resolved all complaints of
this nature, however he assured to look into
specific cases (if any) for desired corrections.
ED noted the point and assured that it will look
into it.
ED (Mktg.) also intervened and requested ED
(IT) that duplicate FPR should be printed with
words DUPLICATE on it.
ED noted the point and assured that it will look
into it.
43. Chief (P&GS) then gave a brief review of changes and latest developments in group insurance.
Review of issues related to P&GS department raised by agents association.
P&GS
1) Group Term insurance increase in
Maturity age and quantum of insurance.
2) Agents association also desired a group
insurance scheme of their own.
.
3) Samvardhan yearly statement to the
Agents, they also raised that Samridhi
prizes and also CZ had floated a
competition on pension policies but
prizes were not given yet.
Chief (P&GS) replied that Sum insured was
increased only last year, however they have
called for data and would examine again. He
also insisted that premium on allowing age 70
will be very high which the association agreed
to pay
Chief (P&GS) replied they are welcome with
their proposal and data, Thereafter P&GS will
send a quote.
He also agreed to revisit it and get the
certificate issued.
ED (CLIA) then gave a brief review of new things brought by the department and showed
concern for very slow increase in the number. Review of issues related to CLIA department
raised by agents association.
CLIA
1) New Display Boards for Premium
Points.
2) Enhancement in transaction fee to Rs/-
10-
3) Higher office allowance should be
there.
4) Agents at premium point should have
authority to sign receipts.
5) Different types of receipts are given at
premium points and Branches. There
should be uniformity in premium
receipts issued by BOs/PPs & SBAs.
6) RCAs & UCAs should also be allowed
to CLIAs. Allotment of agents of
terminated CLIAs made to Dos and not
vice verse.
For all the points raised :-
ED (CLIA) discussed in detail and said that at
present these suggestions can not be
implemented, however he took a note and
assured to look into them in future.
ED noted the point and assured relook into it.
He also insisted that non performance by the
channel was a big hindrance in allowing any
fresh benefits.
44. ED (F&A) then gave a brief review of latest developments and insisted on agents to use the
alternative channel of premium payment more. Review of issues related to F&A department
raised by agents association.
F&A
1. Multiple transactions should be allowed
on 1 cheque.
2. NEFT should come in a phased manner
as only 14% people have bank accounts
in India. Final policy payments are
taking more time now.
3. CDA charges are loaded separately on
each policy in multiple policies on a
single life
For all the points raised :-
ED (F&A) as well as ED (IT) gave their view
point on certain measures taken and also
ensured to have a relook into it.
ED (U&R) then gave a brief review of changes and latest developments in underwriting. Review
of issues related to U&R department raised by agents association.
U&R
1) Questions regarding Terrorist Activity
should be removed from ACR.
2) One year clause in NMS/NMG should
be removed.
3) Reinsurance limits should be increased,
citing various examples of higher
amounts in different countries.
4) Widows are not allowed proper
insurance it should be increased and
liberalized.
5) Female category III and minor
insurance should be revisited.
6) Medical examinations held by different
companies for their CEOs should be
treated valid.
ED advised agents, since they are in field with
so many connections to know about a person’s
health, habits etc. that is why this question is
in ACR, however if they don’t have any
specific knowledge they may write (Not to my
knowledge) to terrorist question.
For all the points from 2 to 6 raised :-
ED noted the point and assured that it will look
into it.
(LUNCH BREAK)
45. ED (Marketing/PD) then made a presentation and gave a brief review of what is the present
scenario of market and what is our performance as on date. He also assured that all issues raised
will be followed with servicing departments. Agents association expressed satisfaction and
thanks for introducing cashless medi-claim for agents and increase in amount of Housing Loan
for Club member Agents. Review of issues related to Marketing department raised by agents
association.
Marketing
1) Removal of Escalation Clause.
2) Office allowance clarification on
graded office allowance to CM Club
Agents and proportionate office
allowance to Club member Agents in
case of death of an Agent.
3) Increase in Computer allowance.
4) Increase in out of pocket expanses.
5) Revision in Daily Allowance.
6) Current position of Gratuity
notification.
7) Modification in Scheme of advances,
vehicle advance and marriage advance
to be given to Agents 6 times.
8) Why service tax on Jeevan Akshy
policies on proposer.
Already deferred by 1 year.
It has been already put up and soon we will
come out with clarifications.
Not possible presently.
Not possible presently.
It has been already put up and soon we will
come out with a new circular.
Matter is pending with Government for
notification.
Matter is under consideration.
Tax levied by Government only and we have
taken up with them already.
Meeting Closed with Vote of Thanks.
46. REPRASENTATION TO- ED- IT
To 27th
JULY 2012
The Executive Director, (IT/SD)
LIC of India, Central Office
MUMBAI,
Respected Sir,
Subject: Suggestions from Life Insurance Agent’s Federation of India with regards to
the Agent’s Portal, Merchant Portal and with respect to Hardware and software.
The Life Insurance Agent’s Federation of India would like to submit its suggestions on the
following Subjects for your kind notice and favourable action.
1. MERCHANT PORTAL
2. AGENT’S PORTAL
3. HARDWARE & SOFTWARE
1. Merchant Portal – Suggestions for Improvement
It is highly gratifying to get connectivity from our respective offices and save time and
energy instead of going over to the branch offices and save time energy and money.
Apart from Premium Payment, we are able to look at the Policy Status, partially generate
the Revival Quotations and also generate Premium Payment Certificates.
There are some more areas where we are sure the Merchant Portal can be of greater utility
as mentioned hereunder.
Generation of Agents’ Commission Bills – Presently Branch Offices are burdened with
colossal amount of work fortnight after fortnight towards printing the Commission Bills for
Agents. This will not only involve huge stationery but also consumes significant printing
time. At times all other activities have to be put in abeyance on account of the printers
being used to print bills for several hours nonstop. This will also result into repeated
breakdowns of Printers and other hardware.
47. -2-
Suggestions: Make available a link for the Agents’ Commission Bills online for the Agents to
download. Alternatively, the Bills can be sent via email to the agents whoever opts for the
same. An estimated 20 Cr can be saved on account of this activity alone by the Corporation
each year.
Payment of Premium through Credit Cards: Initially, Premium payment was allowed
through using Credit Cards. However, this feature is not available any more. This is
extremely customer friendly feature and should be restored.
Premium Certificates: For all New Policies, Premium Paid Certificates are not generated
particularly for those issued within the year. Further while opting Premium Cert for
Consolidated Policies, some of the policy numbers don’t get reflected in the Cert with a
result that repeated exercise for the balance of policies has to be done.
Online Invoice Payment to LIC: Payment made online on Saturday, gets reflected only on
Tuesday next and during the meanwhile, Premium Payment activity for the Merchant ID
remains suspended.
FUP Updation: Sometimes although the Premiums are paid through Merchant Portal and
the respective invoices together with Cheques/Cash are remitted at LIC other than Servicing
Branches, the FUP online are not moving to the next due date. On enquiry the concerned
Branch Offices have reported that they don’t have the availability of un-updated leads.
Premium Payment for Health Insurance Policies: Health Plan Premium should be accepted
through Merchant Portal.
LOANS:
1. The Policy Status does not reflect the Existing Loan and Interest Outstanding if any.
2. The Loan Quotations generated, don’t take cognizance of Existing Loans.
3. Merchant Portal should be enabled to collect Loan Principle and Interest
Outstanding.
4. While generating the Premium Receipt, if the Loan & Interest outstanding if any can
also be reflected, it would be ideal.
48. -3-
2.SUGGESTIONS REGARDING AGENTS PORTAL
Consolidated Premium Paid Certificates to be enabled
Status of Proposals forwarded DO/ZO/CO are not captured on the Agent’ Portal
Provision may be made in the portal to reflect Net No. of Lives
FUPs for Policies issued under SSS may be updated on real time basis
The “Edit Contact Details” link is defunct
Club Member Agents may be given the data of their business and short fall if any to
maintain existing Club Status or reach higher Club Status may be indicated.
Claims Enquiry in Agents as well as Merchant Portal is not functioning.
All latest LIC Forms may be provided on the Merchant and Agents Portals as downloadable
.pdf forms.
All Agent Related Circulars may also posted on the Agents as well as Merchants Portal and a
download link there for may be provided.
3.Suggestions with respect to Hardware and Software
1. Some of the old Systems have slowed down after E-Feap is launched. The Existing
Hardware is not compatible with New Software. This is inordinately slowing the
process. Systems and Printers have to be upgraded compatible with the speed of e-
Feap in all branches.
2. Hardware particularly in the Branches are in deplorable state. The Print sometimes
is hardly visible. This is causing unrest at Cash Counters.
49. -4-
1. In some Branches the Cables and other Peripherals need to be replaced. So also the
Mouses being used have to be replaced.
2. A separate System and printer may be provided at the Agents’ Room.
3. Club Roasters module is in the E-Feap Software is having several bugs. If a Policy
Holder takes one Policy in different financial years, it is being treated as one life. As
per rules, If only a Policy Holder obtains more than one Policy in the same financial
year it should treated as one life.
4. While counting the Number of Lives in Force, the Health Insurance Policies, Single
Premium Policies, Fully Paid up Policies, Pension Policies and Transferred in and out
Policies are not taken into consideration. The Software should be amended
appropriately accommodating all the above features.
5. After introduction of Loan and Maturity Payment online through NEFT Transaction,
the Policy Holder or the Agents have no information whether the payment is made
and if so when and how. An automatic intimation should be generated by the
software as and when payment is made.
6. Wherever Customers bank through Cooperative Banks, transactions may be
processed through ECS using the MICR Number and Core Banking Account No. as the
Co-op Banks have not yet got the NEFT Numbers.
7. Under Jeevan Ankur Plan 807, Enhancement in Service Tax has not been captured by
the Software under SSS Mode. This may be updated.
8. Maturity Claim intimations are generated in excess of payable Bonuses but while
payments are actually made to Policy Holders the payments are for a lower amount.
The Maturity Intimations should be rationalized so that Policy Holders don’t get a
shock when the actual payment is received.
50. -5-
1. In NB in some branches, Duplicate Policy No’s are being generated. It has been
reported that the number is reaching to thousands which is extremely alarming.
Immediate plugging of this loop hole should be taken on SOS basis.
2. Periodic interaction with Agents should be held at all levels by the concerned IT
Heads in order to improve the Customer Service.
Keeping in view of the above, we request you to kindly view oursuggestions in the true spirit and
in the overall interest of the Customers, Agency force and the corporation.
Yours Faithfully
S.B.SREENIVASA CHARY SURI SEETA RAM
President Chairman, Information and Technology
Copy to
The Executive Director, (Mktg), LIC of India, Central Office, MUMBAI
51. THE MINUTES OF THE LIAFI REP- MEETING ON 5/07/2012 LIC
MANAGEMENT
LIFE INSURANCE AGENT’S FEDERATION OF INDIA,(LIAFI 1964 )
MINUTES OF THE LIAFI REPREDENTATIVE MEETING WITH LIC MANAGEMENT
The LIAFI Representatives Meeting with the Management of LIC held on 5th
July 2012 at Central office, MUMBAI. The
following Officials from LIC of India and Representatives from Life Insurance Agent’s Federation of India (LIAFI)
participated in the said meeting.
OFFICIALS FROM LIC OF INDIA:
1. Mr.D.K.MEHROTRA Chairman, LIC of India
2. Mr.H.L.BHARGAVA Executive Director, Marketing
3. M r.H. S.B.SINHA Chief M arketing
4. M S. VIDHU VERM A Secretary
5. M r.A.K.TRIVEDI Secretary
6. M r.P.J.TIKOO Asst.Secretary
7. M r.SANJAY SINGH Asst. Secretary
8. M s.SWATHI Administrative Officer
REPRES ENTATIVES FROM LIAFI:
1. S .B.S REENIVAS A CHARY President
2. S HYAMAL CHAKRABORTY S ec.General
3. N.C.CHANDHAK Chairman, Planning Committee
4. V.K.DUBEY Chief Editor, ILU M agazine
5. HARBAJAN SINGH National office Bearer
The M eeting has commenced with the welcome address by Sri HEM ANTH BHARGAVA, ED, M ktg and exp lained the business
p erformance of LIC, Details of Club members, Highlights of agent’s p erformances, agent’s statistics, market trend and its share,
concerns with falling the number of agents and commission statistics of agents through Power Point Presentation. He
congratulated the Agents for the good p erformance recorded and for p ositive growth in gaining the M arket Share during the
financial y ear.
The M anagement has exp ressed its concern on declining number of agents every year due to various reasons and recruitment of
agents also not an encouraging move during the last financial y ear and disap p ointed.
The Statistics which we have collected from the Central Office pertaining to the Commission p aid during the last five financial
y ears, Additions and deletion of Agents and Cub M embers entry and continuation with growth percentage are mentioned in the
following tables for your kind information.
52. The President of LIAFI S ri S .B.S REENIVAS A CHARY has introduced his team members to the management and all the
members from LIAFI felicitated the Chairman on the occasion of the official confirmation of his p osition as Chairman, LIC of
India. It is really a worthy meeting which has been attended by the Chairman and p ositively resp onded on the issues.
Further the President exp ressed his concern on the issues related to IRDA guidelines such as Closure of p lans from 1 st
October
2012 and refilling the same as p er New Guidelines for Designing Products, Orp han Policies. The President also exp ressed the
Concern of Agents and Policy Holders with resp ect to the p rop osed Direct Tax Code by M inistry of Finance. LIAFI
rep resentatives requested the management to take up the matter with Regulator and Govt of India not to initiate such drastic
regulations which would adversely imp act Insurance Industry , Policy Holders and the Agents.
The Chairman informed the delegation that LIC has already rep resented the matter to the IRDA as well as to the Govt of India.
He accep ted that these guidelines would adversely imp act the new business and that the Industry will also suffer a lot if the same
is imp lemented.
GRATUITY:
We are extremely hap p y to inform y ou that the management has agreed to enhance the quantum of amount of Gratuity from 2
lakhs to 3 lakh.The necessary p rop osals have been sent to the Govt of India for ratification and M anagement is awaiting the
ap p roval from the M inistry of Finance.
GROUP INS URANCE:
The Executive Director (M KTG) agreed to send the p rop osals to the P&GS Dep t for extending the group insurance to the
maximum age of 70 y ears of agents. At p resent it is available for the agents who are aged less than 65 y ears.
GROUP MEDICAL INS URANCE:
This M ediclaim facility will be available for all Cub M ember agents up to the age of 80 y ears. Currently there is a single TPA
op erating for all India from M umbai, which is causing lot of inconvenience for p roces sing and settlement of claims. Further,
there is undue delay in p rocessing and also excessive rejections for vague reasons. Mr S hyamal Chakrborty our S ecretary
General p laced some sp ecific cases before the management, which are p ending since long time for claim settlement.
The Executive Director (M ktg) has assured to take up this issue with the New India assurance Comp any Ltd at the time of
Renewal of Policy i.e. in the month of Sep tember 2012. M anagement also assured the delegation to p rop ose for decentralization
to sp eed up claim settlements at Zonal level.
TERM INS URANCE:
It has been agreed by the management to initiate t he p rocess for enhancement of term insurance for all agents which is required to
be sent the necessary p rop osal to the Govt of India.
REVIS ED CLUB RULES : Lengthy discussions were held on “Revised Club Rules” issue p articularly on Number of lives,
escalation clause and first y ear and renewal commission. The management has informed that there is a p ositive growth in
commission earnings and growth of Club member’s strength every y ear and if there is any adverse imp act on the club members
then it would be consider after reviewing the p erformance.
The ED,M ktg has assured that instructions would be reissued to all the concerned for club roaster p rep aration without any
mistakes and all single p remium p olicies, health and p ension p olicies also going to be incorp orated on Net Number of Lives in
force basis.
AGENTS ’ HOUS ING LOAN:
When we have raised the issue for enhancement of Housing Loan, the Chairman also in our meeting and advised the Executive
Director to take up the matter with LIC Housing Finance LTD and resolve the same at the earliest. Accordingly S ri HEMANTH
BHARGAVA, ED, Mktg has informed the delegation that he has taken charge recently and assured to settle the same within two
months.
53. OTHER LOANS :
The proposal for increasing number of times in availing the Four Wheeler and M arriage Advance placed before the management
in the said meeting and the Executive Director positively responded and assured to examine the possibilities.
OTHER MATTERS :
We have raised the point of including minor children in exercising the option to visit any place of their choice in India in lieu of
attending the CM Club Convention. We have explained the reasons for inclusion of minor children and management was also
convinced in this matter.
M anagement has agreed to include "FAMILY" in place of Spouse and also agreed to include in the option to visit any place of
their choice in India and “Other than India".
Discussions were held on Direct Agents Benefits and on the clause related to 5 activated supervised agents for the payment of
Training and M entorship allowance to CLIA. We have advised the management irrespective of number of agents the Allowances
should be paid those who have procured the minimum required first year premium.
We had a discussion with Mr. K.GANES H, Executive Director, CRM in relation to the Non availability of Policy Valets, Non
Delivery of Policy Bonds in time, Enhancement of Transaction fee and transit insurance for empowered agents.
In addition to this we have given the feedback with regards to the problems in ECS. We have specifically requested not to insist
the Bank M anager attestation in the prescribed format to be submitted at the time of proposal wherever the Cancelled Chq and/or
Passbook Copy are presented as Bank Account Proof. It is also assured by him to check the possibilities after going through the
RBI guidelines. He has assured to solve these concerns at the earliest.
M r.Suri Seetaram, from Hyderabad also had given some valuable suggestions in relations to the portal updating and upgrading
the collection of Loan principle and interest at premium points and other than servicing branches. The ED, CRM has informed
the delegation that the process of EDM S completion is in the completion stage and several new developments would be
introduced at the earliest and hopefully this may take place with effect from October 2012 itself.
We have also brought some technical problems to the notice of M r. B.Venugopal, Executive Director, IT particularly the
problems being faced by the agents and policyholders due to E-feap at the Branches. It has been told by him that tentative
relaxations provided in implementation NEFT
We have also got an opportunity to meet both the Managing Directors Mr. THOMOS MATHEW and S US HOBHAN
S ARKAR and submitted the memorandum with regards to the concerns of Agents community. They have positively responded
on certain issues and assured to safeguard the Agents interest.
The delegation of LIAFI has also met the Executive Director, CLIA Mr. NIRANJAN MIS RA, Mr. T.C.S US EEL KUMAR,
ED, Bank Assurance & Alternative Channels and Mr. M.R.KUMAR, ED, Personnel at Central Office, M umbai and
represented the matters related to the concerned Departments.
The Meeting concluded on a positive note.
Vote of Thanks was proposed by the S ecretary General, LIAFI Mr S hyamal Chakraborty.
S .B.S REENIVAS A CHARY S HYAMAL CHAKRBORTY
PRES IDENT S ECRETARY GENERAL
54. To Date d 23-06-2011
The Exe cutive Dire ctor (Mktg)
LIC of India, Ce ntral Office
Yogakshema,
MUMBAI.
Respected Sir,
Subje ct: Grie vance s of Age nts and Policy Holde rs Particularly LIC tie d up with the Ne w
Software E-FEAP to improve e fficie ncy of the organization.
The Life Insurance Agents Federation of India humbly submits the Following grievances of the policy
holders and Agents particularly with the introduction of new Software which is known as E Feap for
your kind attention and necessary action.
LIAFI is glad and appreciates the way Corporation is upgrading technology to keep up with times, by
way of adopting new technology with an intention to extend efficient and prompt services to its Policy
Holders,
It has been noticed that there are serious drawbacks in the newly introduced E-Feap programme which
has become a serious hurdle in the conduct of day to day business for the employees and is creating
avoidable issues between corporation employees and policy holders as well as agents.
SOME OF THE PROBLEMS IN E-FEAP
1. ECS transactions are not being updated particularly in Health Policies
2. Policyholders policy loans, Revival of Policies, Surrenders processing has become very difficult as
compared to earlier process more particularly with whole life and Jeevan Anand Policies.
3. Abnormal delay in data keying in NB. FEAP has become a time consuming programme without
results.
4. FUP Updation in SSS policies and accounts Mismatch
5. SSS policy commissions are not being processed.
5. Invoices generated at Premium Points run by Agents’ Offices could not be updated in LIC’s
Systems, even after remitting cash and submitting relevant papers to Servicing branches.
6. Club roasters menu for the year 2010-11 option not available.
7. Inordinate delay in payment of Commissions to Agents is caused. Some of the branches are unable
to Generate commission invoice and bills till date
PROBLEMS REG E FEAP SOFTWARE
55. -2-
8. The New Program does not identify the Advances sanctioned to the agents and hence Vouchers are
not generated even after two months
9. Policy Refunds during Free Look Period or Agents’ Bulk Deposit refunds are not processable.
10. Agency Code Correction wherever required could not be done. At NB stage even if a typographic
error takes place, officials are unable to correct the same.
We have quoted only few problems but there are many other flaws in the new software which cannot
be solved. We apprehend many more unfriendly features and snags in the programme.
We came to know that the concerned incumbents at departments, are unable to get the proper support
either from the Higher offices concerned or from the WIPRO servicing company in solving the said
problems even after sending repeated e-mails.
We are also receiving lot of complaints from the customers and the field force with regard to the
servicing aspects at branch level. There is a need to set up a mechanism to solve the problems to
rectify these issues immediately and not to repeat such kind of defects in future.
Keeping in view of the above and in the interest of the customers and reputation of our esteemed
organization, we humbly request your immediate intervention in handling such kind of grievances and
enable the policy holders and agents enjoy with the services of LIC at an early date.
Yours faithfully
S.B.SREENIVASA CHARY SHYAMAL CHAKRABORTY
Copy to
The Chairman, LIC of India, Central Office, Yogakshema, MUMBAI, for necessary action
56. LIFE INSURANCE AGENTS FEDERATION OF INDIA
SOUTH CENTRAL ZONE
President Secretary Treasurer Resident Secretary
S.Srinivas K.Chandra shekara J.Chandra shekar M.Phaneendra kumar
99854 22277 98451 19748 98491 24075 93939 33911
To
The Regional Manager (Mktg)
LIC of India, South Central Zone
HYDERABAD.
Dear Sir,
Subject: - Submission of Agenda points to be discussed in the Agents Representatives
Meeting to be held on 29.10. 2013.
At the outset, The Life Insurance Agent’s Federation of India, South Central Zonal Council would like to extend its sincere thanks to you for
confirming the date of Agent’s Representative Meeting to be held on 29th October 2013 at Zonal Office, Hyderabad and allowing All the Zonal
Level Representatives to this meeting.
The following office bearers of LIAFI, SCZ will be participated in the above meeting.
1. Singarapu Srinivas President
2. M.Rajavardhan Reddy Chief Advisor, Corporate Club Member
3. K.Chandra Sekhara General Secretary, Bangalore
4. M.Phaneendra Kumar Resident Secretary
5. D.Ramachandra Vice President, Bangalore
6. J.Chandrashekar Treasurer
7. J.Krishna Reddy Secretary, Kadapa Division
8. S.Srinivasa Raju Secretary, Machilipatnam Division
After consulting our Agents from various Division Council associations, we have finalized the following Agenda for discussion in the ensuing
meeting.
The Various Points Proposed to be Discussed are:-
1). Roasters: - In some divisions, they are not obtaining signatures of agents on club roasters for finalization of club. By this practice it will
create lot of confusion in agents. There is a need to ensure the accuracy of roasters particularly in calculation of Net No of lives in force.
AGENDA FOR JCC MEETING ON 29/10/13
57. 2) At least one computer terminal should be provided at all branches in the agent’s chamber and also provide password as supplied
to DO’s (only read)
3). Samvardhan pension fund annual (Accumulated) statements should be sent to all contributed agents branch wise.
4). Samriddi competition award pension contribution amount of LIC should be credited to the pension fund regularly.
4). New Business. Special attention should be given for completion of the proposals in order to meet the expecting new business due
to closure of products.
5). Confusion prevailed in payment of office allowances to the Club members and needs to be clarified and enlightened in this
regard.
6). Special training must be conducted on new products guidelines from January at Branch, Division & ZO level
7). Draught/Cyclone advance should be given in all affected areas.
8). Implementation of the housing loan as per the revised scheme
9). Recommendations to be sent to central office for providing second time housing loan or enhancement of existing loan as per the
eligibility.
10).Commission bills are sending through online. But most of the agents are from rural areas; hence they don’t know how to use
the internet for obtaining the bill. Hence we request you to continue old system excluding having mail ID agents.
11) Agents portal: - By introducing the following things it is very useful to club member agents.
A) Details of existing membership and also shown for upgrade the membership
B) No. of policies in force. As on date earned comm.details (Renewal and fresh)
C) Details of last year lapsed policies for revive to makeup current year membership
D) Loan/SB cum revival quotations.
12) Premium intimation, SB/MC, Loan int. intimations sent to policy holder through SMS.
13) Foreclosure intimations should be sent policy holder as well as agent before 2 months.
Any other matter with the permission of the chair.
Yours faithfully
M.Phaneendra kumar
Resident secretary
61. Without these efforts and struggles from LIAFI we
could not be able to get these benefits
• ENHANCEMENT OF GROUP INSURANCE TO 5 LAKHS
• ENHACEMENT OF GRATUATY TO 2 LAKHS
• CHIEF LIFE INSURANACE ADVISOR
• ENHANCEMENT OF HOUSING LOAN TO AGENTS
• ENHANCEMENT OF CAR LOAN.
• ENHANCEMENT OF MEDICLAIM
• PREMIUM POINT TO AGENTS
• REIMBURSEMENT OF MDRT FEE
• ENHANCEMENT OF FESTIVEL ADVANCE
• EARLY SETTLEMENTS OF SB/MC PAYMENTS
• ABOLITION OF SWAROOP COMMITTEE REPORT
• AND SO MANY
62. WITH CO OPERATION OF TEAM LIAFI
SOUTH CENTRAL ZONE
SINGARAPU SRINIVAS
PRESIDENT
K.CHANDRASHEKAR
GENERAL SECRETARY
63. Designed by
N.KRISHNA
CHAIRMAN
IT WING (KAR)
LIAFI,SCZ
EMAIL-liconwheels@rediffmail.com
“All of our dreams can come true if we just have the courage to pursue them.”
– Walt Disney