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C.M. Club 50% of Actual Expenses or 7.5% of R.C +FYRC
If the percentage of lapsed policies is 10% or less the CM/ZM/DM Club members will get additional office allowance. Minimum 5% additional (10%) Maximum 30% additional (0%)
(each of 3 F.Y. preceding Q.Y)
CLUB MEMBER BENEFITS:
OFFICE ALLOWANCE: 50% of actual expenses claimed or 7.5% of the commission paid which ever is less. Subject to maximum :• Corporate Club : Rs 45,000/• Chairman‟s Club: Rs 35,000/• Zonal Manager‟s Club: Rs 20,000/• Divisional Manager‟s Club: Rs 12,000/• Branch Manager‟s Club: Rs 1,000/• Distinguished Club : Rs 500/(BM and Dist. Clubs are paid stationery expenses)
1 May 2012 5
85 @7.M: 3.M: 2.00 lakhs D.65 @5% + 4.00 @5% + 4.50 @7.90 @5% + 3. C.35 @7.5% = 8 .5 lakhs Z.M: 4.5% = 8.75 lakhs FOR OTHER CLUBS NO HOUSING LOAN 9 .5% = 6 .
See details in the next slide 10 .
Club CM ZM 1.60 BM 0.4 Sum Assured Mediclaim 1. 2.40 0.60 0.0 ** Figures in Lakhs 0.2 DM 0.25 Premium is shared by corporation and the club member agents ( 50:50 ) 13 .30 Max.
class boggy not available then A. ) 16 .T.C 2 tier.E. FOR ATTENDING CLUB CONVENTION : Corporate Club : Airfare Chairman‟s Club : Airfare Zonal manager‟s Club : AC 2tier Divisional Manager‟s Club: 1st class Branch manager‟s Club : 1st. Class ( Where 1st.
CM's/ZM's/DM's Club Members Rs.000/17 .11. BM's Club Members Rs.500/2.1. 10.
HOW MANY CLUBS? Distinguished Club Membership Branch Manager Club Membership Divisional Manager Club Membership Zonal Manager Club Membership Chairman Club Membership Corporate Club Membership .
KEY DEFINITIONS • Financial Year – April to March every year. . • Club Year – 1st September to 31st August [ Except for Distinguished ] • Qualifying year – The financial Year just preceding the eligibility year. • Agency year – One year from the month of agency appointment.
• Net Number of Lives & SA – No. 1st full year premium not received.of Lives on record for an agent from the inception. • Lives in force – No.KEY DEFINITIONS • Lapse – Pucca lapse [6 months from FUP] • First year Lapse – Policies Where . .of Lives minus Lapse minus Duplicate lives.
of lives are distinct lives insured (not no. .NET LIVES • NET LIVES – NET no. of lives who had been insured in the financial year preceding the qualifying financial year whose policies are lapsed as on 31st March of the said qualifying financial year. of policies) during the qualifying financial year reduced by the no.
) PUCCA LAPSED POLICIES PERTAINING TO LAST FINANCIAL YEAR AS AT 31ST MARCH OF QUALIFYING FINANCIAL YEAR .NET LIVES TOTAL NUMBER OF LIVES DURING THE CURRENT FINANCIAL YEAR ( .
of lives in force ( Cumulative ) • No. . of lives in force are no.No. of lives in force at the end of the each relevant year out of the total business completed by the agent from the inception of the agency to the end of each such financial year.
. CONDITION CONDITION B Total No of lives FC+FYC+BC RC Mini.of Lives A Total No of lives or Net No Of Lives Total Commission paid During the FY.KEY CONDITIONS • There are two Conditions for deciding Club Member ships.No.
2. The condition applies to both Entry as well as Continuation. 3.CONDITION A The eligibility to be fulfilled in 1. Qualifying Year + 2 out of 3 preceding financial years. For Distinguished Club One agency years is minimum requirement and Qualifying year NB is criteria. .
Requirement For Club Member Condition “A” Fulfill in the Qualifying year and 2 out of 3 Fin. Z.M. C. Years preceding the qualifying yr Club Policies Commission B. 80 100 130 60000FYC 90000 RC 140000 FYC 140000 RC 200000FYC 200000 RC 26 . 50 35000 FYC 50000 RC D.M.M.M.
.• Under condition ‘A’ only. No Relaxation On No Lives. Relaxation is available of 50% on FYC and 100 % in RC.
Net Business during years of failure Chairman‟s Club ZM‟s Club DM‟s Club BM‟s Club 40 Lives 30 Lives 20 Lives 15 Lives THIS RULE IS APPLICABLE FOR BOTH ENTRY & CONTINUATION .Fulfillment of Min.
e. Minimum lives Condition must be fulfilled in all the 2 or 3 relevant years. including the year of failure. 2. The condition for Continuation is 2out of 3 preceding financial years. .CONDITION B The eligibility to be fulfilled in 1. Qualifying year + 2 Preceding Financial years for entry only. i.
M ( NET ) 40 130 600 2. of lives inforce R.Condition C.of Lives Lives No.00.000 Z.000 60. Net No.000 35.M ( NET ) 20 80 250 90.000 D.000 1.C.40.M ( NET ) 15 50 150 50.M ( NET ) 30 100 400 1.000 2.000 B.40.000 (A) Mini.00. FYC .
LAPSATION: Agents aspiring to become club member : (for entry) • If lapsation is more than 15 % for any financial year then that year will not be considered for reckoning the eligibility even if he/she meets all other conditions. then the Agent has to start afresh. • The Agent has to qualify for one more year. No credit will be given for the years during which he/she would have earlier qualified. 1 May 2012 31 . • If lapsation of such Agents will be more than 15 % for TWO consecutive Financial years.
2. 1st. 3. 4. will be kept under watch and no disincentive for agent. Year. 4th Year.: No invitation to attend club convention. 1 May 2012 32 . Year. Year : club membership to continue. No housing loan and no advance for fast conveyance. 3rd. For existing club members : 1.: No convention and no office allowance.Lapsation: contd….: Club membership will cease. 2nd.
Life Membership : • Life membership will be granted to only CM‟s & ZM „s club member agents on fulfillment of following conditions. OR • A continuous membership for same club for 25 years. • Minimum age of 60 completed years AND a continuous membership of the same club for not less than 15 years. • Suspended membership year will not be counted 1 May 2012 33 .
Club Member in 3 Years 40 .M.Target :-C.
AGENT HAS TO FULFILL THE NET BUSINESS OF THE FINANCIAL YEARS. 2. AGENT HAS TO COMPLETE ONE AGENCY YEARS AS ON 1ST APRIL OF THE FINANCIAL YEAR. NET LIVES : 40 COMMISSION : 50000 FYC CONTINUATION: AGENT HAS TO FULFILL THE NET BUSINESS AS SHOWN BELOW: NET LIVES : 40 COMMISSION : 50000 FYC .ELIGIBILITY : 1.
1. LETTER HEADS / ENVELOPS : 200 (NO) 2. 500/- 4. VISITING CARDS 3. STATIONARY ALLOWANCE : 100 (NO) : RS.M’S CLUB MEMBERS . ANNUAL CONVENTION : CAN ATTEND CONVENTION OF B.
This is the Highest Club Membership Of LIC .The Agent has to fulfill TWICE the norms of MDRT CORPORATE CLUB In one Financial year.
F. The revised rules would be as under: Commission Requirements: (for Entry / Continuation) • First Year Commission paid only on LIC business (excluding Bonus Commission. 20102011.o circular Ref: Mktg. .Y.17 lacs in the Qualifying Financial Year i.16 lacs in the Financial Year preceding the Qualifying Year i. Commission on P&GS business/ Commission on Mutual Fund Business) at least Rs.2009 . • There is no change in the other conditions/benefit structure as applicable to the Corporate Club Members for the M. 2008-2009.04.CORPORATE CLUB • As per c.e.e. 2009-2010 and at least Rs. It has been decided to revise the qualifying conditions for entry and continuation for Membership of Corporate Club for the M./ZD/5/2009 dtd 01. 20092010.Y.Y.
17 LACS DURING THE QYALIFYING AND RS. QYALIFYING YEAR 01. P&GS BUSINESS AND MUTUAL FUND BUSINESS). AGENCY & FIRST YEAR LAPSATION NOT TO EXCEED 10%. > 5 YRS.2010 FYC PAID RS. . >FYC SHOULD CONSIST OF ONLY LIC BUSINESS ( EXCLUDING BONUS COMMISSION.04.16 LACS IN THE YEAR PRECEDING THE QYALIFYING YEAR.03.MEMBERSHIP YEAR 1ST SEPTEMBER 2010 TO 31ST AUGUST 2011.2009 TO 31.
• First year lapsation to not to exceed 10% .CORPORATE CLUB • No of Corporate club members for the years 2007-2008. • The Qualifying Criteria are liable to be revised every alternate year.61 • Agent has to complete 5 years as at 1st September of Qualifying year.
10.45.to attend Seminar in India /Abroad No linkage with other club fringe benefits. • Rs.as addl O.000/.for those who attend MDRT/LIC seminar and Rs.15.30.000/.000/. . A for less than 5% lapsation. Rs. office allowance and Rs.CORPORATE CLUB • Exact cost or 10 lakhs max or max last 2 years RC for purchasing luxury car.or 50 % of exact expenditure.000/.
000/.or Rs 1500/-memento for above 65 years.10. Group med claim Rs.000/.00.with entire premium by LIC .all inclusive • Interest Free Computer Advance Rs.CORPORATE CLUB • Reimbursement of Telephone charges upto Rs.1.40.000/.4.100000/• Group Insurance cover Rs.
CORPORATE CLUB • For Computer Training Rs.000/.5.at a reputed training Insitute • Letter Heads and envelopes 1000 each and Visiting cards 500 • Functional Privileges on par with CM Club Member and MHR up to 1 crore limit • Introduction for FMR or Special reports up to 1 crore • Annual convention attending eligibility. .
which is inclusive of material and stitching charge will be given. .At present to all hence forth to new entrants only.CORPORATE CLUB • As per CO cir dtd 28-06-07 a Corporate Blue Blazer to all the corporate agents @ Rs.5000/.
British Columbia. As clarified earlier. after the tickets are purchased and produced to the office.to Rs. the facility of reimbursement can also be given to them if they attend the „Top of the Table‟ Meet instead of the MDRT Annual Meet. 15. 200910 attending the above MDRT Meet . • Besides this Rs.Grant of Advance – For Corporate Club Member Agents attending MDRT Annual Meet at Vancouver.80000/. Alternatively. • However. • The advance/reimbursement will be given once only and not for both events. all Corporate Club Members who are eligible to attend the Annual MDRT Meet may be allowed to draw 90% of the estimated expenses towards airfare and the flat amount reimbursable to them as an advance.(including applicable taxes) or actuals whichever is lower to all Corporate Club Member Agents for the M. 2010.is reimbursable to them. 60000/. • The amount of reimbursement of air fare from Rs.Y.000/. 100% advance may be given. Canada 13th to 17th June. .
OVER 2 U for questions please! learning's !! .
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