Which company to choose to buy Term Insurance Plan

Which company to choose to buy Term Insurance Plan

Life Insurance

Term Insurance Plans are the best plans to cover risk of life. Term plans not only provide high risk cover but with less premium in return. With increase in the Insurance companies premium for term plans differ very much. Difference in the premium can be double between lowest to highest, this puts the person taking insurance in dilemma of which company is best to take Term Insurance Plans. Continue reading “Which company to choose to buy Term Insurance Plan”

Conditions for Club membership for FY 2015-16 for LIC agents

Conditions for Club membership for FY 2015-16 for LIC agents

LIC, Life Insurance

With the change in the financial year the conditions for Club Membership for LIC agents also changed due to the escalation clause, that is 5% increase in First Year commission paid and Renewal commission paid every year. Qualifying conditions for various clubs in the financial year 2015-16 and Membership year 2016-17 are as follows:

Also Read: Deferment of escalation clause for LIC of India’s Club Member agents


Qualifying conditions for Club Membership for Financial year 2015-16 (Continuation) 

S. No.Name of ClubCM’s ClubZM’s ClubDM’s ClubBM’s Club
1Minimum Net No. of Lives40302015
2a. Net No. of Lives          OR1301008050
b. Total Lives In-Force600400250150
3Renewal Commission Paid (Rs.)2000001400009000050000
4First-year commission Paid (Rs.)2000001400006000035000

There is a difference between the entry criteria for agents who are already club members ie for continuation due to relaxation is given to them from escalation clause for the year 2013-14. Agents who are trying to become club members in coming year will have to earn 5% extra commission compared to agents who are already club members.

Qualifying conditions for Club Membership for Financial year 2015-16 (New Entry) 

S. No.Name of ClubCM’s ClubZM’s ClubDM’s ClubBM’s Club
1Minimum Net No. of Lives40302015
2a. Net No. of Lives          OR1301008050
b. Total Lives In-Force600400250150
3Renewal Commission Paid (Rs.)2100001470009500053000
4First-year commission Paid (Rs.)2100001470006300041000
Nomination in a Life Insurance policy

Nomination in a Life Insurance policy

Knowledge Hub, Life Insurance

Nomination is a right conferred by the section 39 of the Insurance Act 1938, on the ‚Äúholder of a¬†policy of life assurance on his own life‚ÄĚ to appoint a person/s to receive the policy moneys in¬†the event of the policy becoming a claim by the assured‚Äôs death.¬†The term ‚Äúholder of a policy‚ÄĚ ordinarily means a proposer or life assured or an absolute¬†Assignee who has right, title & interest in the policy. But if the holder of the policy is not life¬†assured himself, he cannot effect a valid nomination under the policy. In other words, if holder¬†of the policy is life assured, then only he can effect valid nomination under the policy. In other¬†cases, where proposer and life assured are different persons i.e. policies taken during minority¬†of life assured OR policies taken by father on major child, nomination is not allowed. In case¬†policy is absolutely assigned in favour of assignee, though he is a holder of the policy, Assignee¬†cannot effect valid nomination under the policy. This is because, he is not life assured under¬†the policy.