Professional Documents
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Chairman Club Member Zonal Manager Club Member Divisional Manager Club Member Branch Manager Club Member Distinguished Club Member
Corporate Club
A premium Agents Club called the CORPORATE CLUB has been formed w.e.f. M.Y. 2004-05 to motivate and recognize high performers. Eligibility Condition FY Commission Rs. 18,00,000 Lapsation: Less than 10%
International Recognition
MDRT
(100 policies of daily saving Rs.100 = MDRT ...... Daily Rs. 100 X 30 = 3000 Monthly X 12 = 36000 Yearly X 100 Policies = 3600000 First Premium X 25% FP Commission)
50
40
30
20
130 100 80 50 600 400 250 150 200000 140000 90000 50000 200000 140000 60000 35000
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
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
Less or equal to 6%
Addition 15%
Less or equal to 1%
Addition 28%
1750 Lives
2000 Lives
70,000
85,000
11,000
12,000
8,750
10,000
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.
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