In my earlier post “Conditions for Club membership for FY 2015-16 for LIC agents”┬аI mentioned about the escalation clause and commission required to qualify for the particular club for the financial year 2015-16 for new as well as continuing club members. The escalation clause is a yearly increase in commission by 5% compared to last year, and it was effective from 2013-14 for new entrants and 2014-15 for continuing club members. But as per the new circular of
LIC Mkt/A/21(R) dated 01/07/2015┬а dated 06/06/2016 escalation clause has been reviewed.
As per the new circular by LIC marketing department dated 06/06/2016, implementation of escalation clause has differed till the membership year
2016-2017┬а 2017-2018 for a new entry to the club and 2017-2018┬а2018-2019 for continuing club member. Club member conditions will be same as it was in the year 2013-14 till the mentioned financial years.
Qualifying conditions for Club Membership for Financial year 2015-16 ( for Continuation)┬а
|S. No.||Name of Club||CMтАЩs Club||ZMтАЩs Club||DMтАЩs Club||BMтАЩs Club|
|1||Minimum Net No. of Lives||40||30||20||15|
|2||a. Net No. of Lives ┬а ┬а ┬а ┬а ┬аOR||130||100||80||50|
|b. Total Lives In-Force||600||400||250||150|
|3||Renewal Commission Paid (Rs.)||200000||140000||60000||35000|
|4||First-year commission Paid (Rs.)||200000||140000||90000||50000|
Copy of the old circular is displayed below