Insurance Direct Associate (IDA)

Proposal
In order to compensate the slow rate of recruitment of new, we propose to recruit part time employees called
Insurance Direct Associate (IDA) who will be sourcing new policies directly. The model will be applicable only
during the lock down period.

Eligibility
 10th pass and above.
 Age band: 18 years to 65 years.
 Cannot be employed with any other life insurance company.
 Cannot be an agent in any other life insurance company.

Term of employment & career progression

 IDA will be a part time employee with us till such time he/she terminates his/her employment willingly or
the company terminates the employment due to non-fulfilment of MBG or non compliance of the code of
conduct.
 Minimum Business Guarantee (MBG) criteria:
o All IDA that are vintage greater than 6 months (DOJ is considered as month 1) will be liable to
complete the MBG criteria.
o Criteria – 1 NOP & min 20,000 MP in the last 6 months.
o This evaluation will be executed on a quarterly basis.
o IDA that fail to meet this criteria will be terminated without any notice.
 If IDA chooses to become an advisor, he/she will have to first terminate the employment as an IDA and
apply separately for advisor-ship by submitting fresh ARS and giving NSEIT exam.
 On termination of employment, all benefits & liabilities to IDA will cease.

Objective of employment and structure

 During his term, IDA will have the objective of sourcing and issuing new business.
 He/she will be reporting to an FLS.
 No IDA can be recruited by or report to APC in DSF.
 IDA cannot recruit any agents/employees under him/her. He/she will source solely under his/her own
capacity.
Quality measure for IDA sourced business

 Instaverification/PIVC is mandatory for IDA sourced business

Compensation & other benefits
 IDA will be eligible to receive a maximum compensation of 1 day’s minimum wage in a month, subject
to being business active.
 Salary will be disbursed only basis activisation (on intro) of IDA during salary cycle. Liability to pay
salary will lapse on termination of IDA code.
 He/she will be eligible to receive incentive equivalent to advisor commission (as per applicable new
advisor commission norms). – MRA commission guidelines to apply, similar to normal advisor.
 Monthly salary amount will be deducted from the total incentive amount (for the month) before the same
is disbursed to IDA.
 IDA will also be eligible for renewal benefits in the form of incentives as long as the IDA code is active.
 IDA will be eligible to participate in all advisor monthly contests and other RnR (including MRA).
 After termination of IDA code, all benefits (incentive as well as RnR) will cease.
 The incentive will be paid out with the monthly salary after the freelook period (30 days from issuance)
is over.

Benefits to FLS & above

 Same benefits as applicable on recruitment of normal advisor.
 Eligible to receive license active & RCM credit in goal sheet and incentive on recruited IDA.
 Not eligible for any license active & RCM credit after IDA becomes advisor.