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.

Keep all the Insurance policies in electronic form with Insurance Repository

Keep all the Insurance policies in electronic form with Insurance Repository

Insurance in News, IRDA Updates

Role & Objectives of Insurance Repositories:
‚ÄúInsurance Repository‚ÄĚ means a company formed and registered under the Companies Act, 1956 and which has been granted a certificate of registration by Insurance Regulatory and Development Authority (IRDA) for maintaining data of insurance policies in electronic form on behalf of Insurers.
To implement the Insurance Repository System, IRDA has granted Certificate of Registration to the following five entities to act as Insurance

Repositories.
‚ÄĘ NSDL Database Management Limited
‚ÄĘ Central Insurance Repository Limited
‚ÄĘ SHCIL Projects Limited
‚ÄĘ Karvy Insurance Repository Limited
‚ÄĘ CAMS Repository Services Limited

A policy holder can buy and keep all the policies under an electronic Insurance Account (eIA) with any one of the Insurance Repository of his/her choice. The existing policies in physical mode too can be dematerialized and held in the eIA. The access to all the policies is then available at a click of a button. The Insurance Repository System not only provides policyholders a facility to keep insurance policies in electronic form but also enables them to undertake changes, modifications and revisions in the insurance policies with speed and accuracy. In addition, the Repository acts as a ‚Äėsingle stop shop‚Äô for policy servicing.

Convert LIC's New Child Money Back plan into endowment plan

Convert LIC's New Child Money Back plan into endowment plan

Life Insurance

LIC of India’s new plan Children Money Back Plan (Table No. 832) provides money back at policy anniversary coinciding are falling after 18th, 20th and 22nd birthday. Money back is equal to the 20% of the basic sum assured in the policy. But many people don’t like the money back policy want the endowment plans so that they can get a lump sum amount after a fixed interval of time.

The New children money back plan has a unique feature to reinvest the survival benefit with LIC itself and later it can be taken with interest already decided by LIC. Continue reading “Convert LIC's New Child Money Back plan into endowment plan”

LIC of India’s New Plan Jeevan Lakshya (Plan No. 833)

LIC of India’s New Plan Jeevan Lakshya (Plan No. 833)

Life Insurance

LIC’s Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility. It is available for sale from 12/03/2015.Benefits: