Scribd Logo
Upload

Welcome to Scribd!

  • Agents Regulations Page 6

    Uploaded by

    Nikita Gadge
    5 views4 pages
    cvhbjnknkjjnnn

    Original Title

    Agents Regulations Page 6[1]

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    cvhbjnknkjjnnn

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    5 views4 pages

    Agents Regulations Page 6

    Uploaded by

    Nikita Gadge
    cvhbjnknkjjnnn

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 4
    1” SCHEDULE Vv ‘Bonus commission payable to ageats (See reyulation 10 3)) cae html “eile it Year comunission” means the fat year omimission earned {Bam sft in any agzaey year esclaing the commision eames gi Single Premium policies fan Petened Annuity polices and Pure Endownent polis scel meee foo 2. AB agent shall be entitled to bonus commission at the rate oF 407 of eligible rst year Sour eibar, iE 89 ABE falling under an eney in eoluna bora gee below has ©. propels ruling in a completed bisinss whichis on not las than enehal? of the rani gets Smid in be campendng eaty la calaen oy cr 2 ver Feat ncome of aleast coe and & ball ines the sount en the corres: Ponding entry in column (3) there of Tame ‘Clasication Numbecof Fist year lives premium income © ® o a i E Rs () M tbe aéeat is working in @ City, Uda ‘aawlomeration or Town with an ascertained Population of five lakhs or above SCHEDULE VI Gratuity and Term Insurance (See regulation Hand Clause $ of Schedules IIT and V) 1, In this Schedule unless the context otherwise raquites, @ gible rate means (ia the case of an agent who bas worked on the meevant date for fifteen aene) 3eansor more san agent, 180th partof the ageregate of the qualifying yearly rencws ‘commission earned by him in the qualilying years out of the Giteen agency year / Immediately preceding the relevant date; and ( GW) in the case of an. agent who has worked on the relevant date for less than fitest \ agency years as an agent, one-welfth of the amount arrived at by dividing aggregate of the qualifying yearly renewal commission earned by him ia the qual ‘9ing Years by the total number of agency years he bad worked as an agent on th relevant date 5 Explanation : For the purposes of this Schedule, agency year in the case of an_ absorb ‘gent includes every peri of twelve months prior tothe fest ageney gear, but in the case © cnlyazent doesnot include an agency year during wach the agent his worked for less tht twelve complete months. ) “qualifying yea” means : the agency year in which an apcot, acting on behalf of the Corporation betwee the 1st September, 1956, and the published day, had completed & business of ne less than the previous guaranie, of © the agency year in which an agent, funetioning or continuing to function afer Published day, bad completed the business required of him undet regulation 9, & fn respect of an absorbed agent tbe frst agency year shall not be a qualifying ye ‘unless be had completed © business of notes than the modiied previous guarants (© “qualifying yearly renewal commission” fpeans $ (© in respectof agency yeas ending on or after the 1st April, 1968, the renewal con rission earned by an agent in a qualifying year cluded in suck agency sears a2 (in respect of agency years ending on or before the 31 st March, 1968 one third the aparegte of the renewal commision carpe in the three agsney yes immed fely preceding the 1st Apel, 1971 (@ “‘elevant date” means the date on which the eligibility for payment of gratuity is dete mined under clause 2 2. (1) Am spent shall be eligible for gratuity + © ithe bas worked continually and for fifteen ot more qualifying years and (0) be is not below sixty years of age; of (©) bis agency ceases or stands terminated under any of the provisions of the regulations for any reason other than an excepted reson | {Mit be has been confirmed ia bis appointment, and : (6) he aes while his agency i subsisting, (© tis appointment" agent is terminated undct case (0) of sub regulation (0) of relation 16. ‘Nate «tn tis sub-hause, “excep raion” means any of the resons mentions in: (0) dlase 6) oF cass () of regulation 15, (1) awe or clause or aus (2) of subrogation (1) of relation 16, of (use @ of sub-segultion (1) of rexulition 16, i itis exaiod tht he ae tad aced witha view to deraing the Corporation. 9 (2) An Agent may, bsfore he has attainod the age of $9 years, by nosis in writing to the Divisional Manager, request that his elyibiity for gratuity tay be determed oy cone pletion of 65 years of age ; and in that case sublause (1) () shall have cfc! Fie Htem (@) thereof, for the word “Sixty” the word “Sixty-five” kad bsen substituted, and the relevant date shall be computed accordingly. (3) Gratuity admissible to an agent shall be at the eligible rate for each ‘qualifying. year for the fist fteen qualifying years and at half the eligble rate foc the subsequent ten quale Wing ear, provided te maximum amount of gratuity payable shall ner chose Rs. 30,00. @ Subject fo any len the Corporation may. bave on the amount of gratuity admissible to z an agent, it shall pay the agent or his nomiace or nominees or, if no nombuation ie mate ‘oF is subsisting, is heirs, the amount of gratuity admissible under this cess (©) Notwithstanding anything contained in ‘the foregoing sub-lauses, no gratuity shall be ‘Admissible to an agent who is also anvemployse of the Corporation for the’ period. he 4 remalos such employee and his agency work in such petiod shall not count for ar ‘purpose under ths clase even after the cestation of his service as an emplenne, (6 Where an agent has received any gratuity under this clause, no farther gratuity shall be ‘admissible €© Bim for any period during which he works thereafter as an apery 3G) In theevent of the death of an agent while his agency subsists, the Corporation shall ‘make payment of an amount in accordance with the provisions hereinafter contained ‘if the following conditions are satisied in respect of such agent = (@) be ‘ad not completed 50 years of age on the date of his. appointment 88 an agent | Exploration: For detemmining the date of apfoiatntnt of an absorbed agent, the actual {ate of his appointment before tHE published day as an insurance agent ball be taken into account. (©) ‘his death takes place before he has completed 6D yeare of age ; (© be had an insurance policy (other than a temporary insurance policy) on his vm life asuring a sum of not less than Rs. 5000 which was Io fore on hee time of his death the case of an absorbed agent, this condition shall be deemed to have been ‘ailsfed if be has beld a policy which matured for payment at any time afer hhe has completed $5 years of age; and (@) ‘he, not being an absorbed agent, has been confirmed as an agent and has 10 bis credit thre or more qualifying years at the date of his death; or he being an absorbed agent, bas to his credit three qualifying Years and has ether (completed five agency years at the date of bis death } oF (undergone such training and passed such tests, a may be specified for the purpose of regulation 6, @) The amount payable under sub-clause (1) (hercinafter refered to as the amount of term insurance) shall be tased on the average annual rencwal, conuission famed by the agent in the thes agency years immediately preceding is deuth “Average Commission Amount of term insurance (@ It the average commission Rs. 3,000 was les than RS. 1,001 (@) If the average commission was Rss 1,001 Rs. 3,000 plus one half of the or more, but less than RS. 15,000 eK00ss of average commission ‘over RS, 1,000, (If the average commission Rs, 10,000 ‘Was Rs. 15,000 or more (G) Subject fo any lien the Comporstion may have on admissible in the case of an agent, it sball pay his ‘nomination is made or is subsistfg, is heirs the sible under this clause he amount of term insurane nominee or nominees, or ifn amount of term insurance, admis (® Notwithstanding anything contained in the foregoing sub

    You might also like