Club Membership

Club Crowns An Agent
Agents are the backbone of LIC of India. The agents have therefore to be nurtured and cultivated to grow up in the profession, acquiring sufficient knowledge, skills and competence to discharge their duties effectively towards policyholders and clients. To inculcate professionalism in agents, to motivate them for higher production and consistency of business, to encourage them to render service to policyholders and to accord them a higher status in the organisation and society, the institution of Clubs at 4 levels
Rtn. P.S. Ravindiran, S.B.A., Chennai ; 9444407791 ; nalurpsr@nalurpsr.com ; Web: nalurravindran.com
Branch Managers Club, Divisional Managers Club, Zonal Managers Club and Chairmans Club was brought into existence with effect from 1.4.1971. This may be hailed as the landmark in raising the status of the profession of insurance salesman in this country. In order to promote professionalism amongst a larger number of agents and to enhance insurance coverage at a faster pace, Distinguished Agents Clubs at Branch Level have been formed w.e.f. 1.4.1999.
A premium Agents Club called the CORPORATE CLUB has been formed w.e.f. M.Y. 2004-05 to motivate and recognize high performers.
CLUB MEMBERSHIP
Calendar Year: 1st Jan to 31st Dec Financial Year: 1st Apr to 31st Mar Club Year : 1st Sep to 31st Aug MDRT Year: 1st Jan to 31st Dec Corporate Club Year: 1st Apr to 31st Mar Agency Year: Will vary from agent to agent Ex: D.O.A. 14.2.2000, then 1st Mar to 28th Feb is the Agency Year
To Qualify
To declare a club an agent should qualify for the Qualifying Year and 2 out of 3 years preceding the Qualifying year Ex: For 2011-12, the qualifying year is 2011-12 and 2010-11, 2009-10, 2008-09 are to be taken Net Lives: Lapses of previous year will be deducted from that year. i.e. 2010-11 lapses will be deducted from 2011-12 lives ; 2009-10 lapses will be deducted from 2010-11 and so on Here lapse means, premiums not paid for 1st Policy Year only
Club Membership Eligibility Criteria

Sl Club C.M. 50 Z.M. 40 D.M. 30 B.M. 20
1 Min Net Lives 2 Net Lives Or Lives In Force

3 Renewal
130 100 80 50 600 400 250 150 200000 140000 90000 50000 200000 140000 60000 35000
4 First Year & First Year Renewal
Definition
No. of years for which Criteria will have to be fulfilled: Qualifying Year and in any two out of three financial Years preceding the Qualifying year for both Entry and Continuation Minimum Net Number of Lives: An agent for entry or continue membership of any club has to bring in compulsorily Minimum Net number of Lives in for entry/continuation of club membership even in the non-fulfillment of all conditions in a particular year
Net Number of Lives/ Number of Lives in force: An agent can either bring in the Net number of lives or should have number of lives in force in the years. Relaxation Clause: A shortfall in 1st Yr Commission may be condoned maximum up to 50%, provided it is compensated with the same or higher percentage increase on the basic condition prescribed for Renewal Commission paid Or A shortfall in Renewal Commission, it may be condoned up to a maximum of 100% provided it is compensated with the same or higher % increase on the basic condition of 1st Yr Commission paid
Definition
Definition
Escalation Clause: 5% increase in each year on the previous years Entry criteria in respect of First Year Commission paid & Renewal Commission paid applicable for entry from the Membership Year 2014-15 (Qualifying Financial Year 2013-14). However, for continuation, 5% increase clause applicable from Membership year 2015-16
Definition
Relaxation in fulfillment of qualifying criteria: An agent who has completed the age of 60 years as on the date of commencement of club membership year and n a continuous member of the same club for not less than 15 membership years can continue the membership of the same club by fulfilling at least 75% of the criteria applicable for that club.
Definition
Credit for revived policies: Allowed credit of lives revived in arriving at Net Number of lives. Training: A member of any club and/or one whose membership is continued in the said Membership Year will be required to undergo training at ZTC/STC etc once in 4 years.
Definition
Agency with any other Insurer: The agent working with LIC shall not be eligible for grant / continuation of Membership of any Club if any of his family member having agency with any other life insurer.
Fringe Benefits
Basic Office Allowance 50% of actual expenses OR 7.5% of FYC + RC (Total Commission)
OR
C.M. Rs.35,000 Z.M. Rs.20,000 D.M. Rs.12,000 B.M. Nil
Lowest of the above two will be paid
Low Lapse Additional Office Allowance

Less or equal to 10%
Less or equal to 9%
Addition 5%
Addition 8%
Less or equal to 5%
Less or equal to 4%
Addition 18%
Addition 20%
Less or equal to 8%
Less or equal to 7%
Addition 10%
Addition 12%
Less or equal to 3%
Less or equal to 2%
Addition 22%
Addition 25%
Less or equal to 6%
Addition 15%
Less or equal to 1%
Addition 28%
0% Lapse Will Get 30% Addition

Definition
For existing Club Member Agents: An agent will not be eligible for any benefit if the Lapsation of policies secured by such an agent is more than 15% in the financial year immediately preceding the Qualifying year even if the agent fulfills the other eligibility conditions prescribed. If the Lapsation of policies by an agent is more than 15% for two consecutive financial years then he/she will cease to be club member.
Office Allowance for potential CMs Club
Agents who would satisfy the CMs club conditions in 1st Year will get Rs.12,000 and qualified in 2nd Year also will get Rs.20,000

Club Membership

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Club Membership

Uploaded by

Copyright:

Available Formats

Club Crowns An Agent

Club Crowns An Agent

Club Crowns An Agent

Rtn. P.S. Ravindiran, S.B.A., Chennai ; 9444407791 ; nalurpsr@nalurpsr.com ; Web: nalurravindran.com

Club Membership Eligibility Criteria

1 Min Net Lives 2 Net Lives Or Lives In Force

4 First Year & First Year Renewal

Rtn. P.S. Ravindiran, S.B.A., Chennai ; 9444407791 ; nalurpsr@nalurpsr.com ; Web: nalurravindran.com

Rtn. P.S. Ravindiran, S.B.A., Chennai ; 9444407791 ; nalurpsr@nalurpsr.com ; Web: nalurravindran.com

Rtn. P.S. Ravindiran, S.B.A., Chennai ; 9444407791 ; nalurpsr@nalurpsr.com ; Web: nalurravindran.com

Rtn. P.S. Ravindiran, S.B.A., Chennai ; 9444407791 ; nalurpsr@nalurpsr.com ; Web: nalurravindran.com

Lowest of the above two will be paid

Rtn. P.S. Ravindiran, S.B.A., Chennai ; 9444407791 ; nalurpsr@nalurpsr.com ; Web: nalurravindran.com

Low Lapse Additional Office Allowance

0% Lapse Will Get 30% Addition

Office Allowance for potential CMs Club

You might also like