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Reliance Life Insurance

Distribution Compensation

A Reliance Capital company

Training Material
Advisor Commission

A Reliance Capital company

Chapter 1 :Basic points


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Commission is processed by Life asia System in Reliance Life Insurance. Commissions are processed twice a month .i.e 15th and 30th/31st of every month. It normally takes 7-8 working days from the date of running the commission cycle to check the commissions and make them ready for disptach. Commissions are either directly paid in Bank account of the advisors or distributed through cheques. If any Licensed advisor has an account with ICICI,HDFC and SBI then the commissions cans be directly transferred to his bank account. Life asia processes commissions for only licensed agents whose details are entered by the agency support team from chennai. Commission details on contract level are circulated to each advisor through a statement which is sent to all branches at the end of each cycle as mentioned in point 1 above. The details of commission on contract level is also available on the PTS (Policy tracking system) . The same can be easily downloaded by any agent. Commission processing is centralised at Mumbai HO. All the cheques of commission of licensed advisors are directly sent to branch. Commission related queries can be logged on to RCRM.
A Reliance Capital company

Chapter 2 : Advisor commissions- When due and payable


Policy has crossed 20 days from date of issue. i.e due to Freelook period

AND

17%

The Cheque / Demand draft is cleared by the bank and the funds are credited to the Companys bank account. If it is credit card payment then funds should be credited by Credit card company to our bank account

Both the above conditions should be satisfied.


A Reliance Capital company

Chapter 3: When advisor commission will not get processed


1. 2. 3. If the policy has not crossed 20 days from the date of issue. If the cheques / draft is pending realization from the bank and the money is not credited to Company Bank account. If there is a data entry error done by the branch while entering the application and receipt details in the Web receipting system and in life asia system i.e wrong cheque number,wrong amount of cash/ cheque entered. Wrong branch code entered in system. e.g if an advisor has submitted the application at Mumbai branch but by mistake the branch entered the same in Delhi branch code. If there are any earlier commissions recoverable from the advisor due to cheque bounces. If the total value of the commission in a cycle payable is less than Rs 500. If there are any reconciliation mismatch between the bank statement of the Insurance company and with the data entered by branch in the Web receipting system. If the day end reconciliation of cash and cheque is not done by branch by generating the pay in slip.(PIS) duly signed by Branch Manager and Customer executive. If the advisor is terminated in Life asia system and not reinstated.

4. 5. 6. 7. 8. 9.

10. If renewal from a licensed advisor is logged under referral code in Web receipting system. 11. If there are multiple application forms with the same application number. This is due to the printer error.

A Reliance Capital company

Chapter 4 :What you should do get your commission faster


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Submit your bank account details to Mumbai head office by filling a form and attaching a cancelled cheque. Make sure that you got the correct receipt with correct amount from the cashier at the branch. If any mistakes are there , please get the same immediately rectified. Write correct cheque and demand draft numbers on the application form of the client. Write the same amount of premium on application form which matches the amount of cheque / Demand draft / Cash collected from the advisor. Collect local cheques / cash / Demand draft only from the client and not the outstation cheques. Close the CFRs immediately to get the policy issued. Read your statements of commission carefully to avoid any confusions. Regularly check your bank account to ensure that commissions have been credited. Get you correct Mobile number, email id and address details updated in our systems so that we can reach you faster for any details. Before raising any queries, ensure the steps 1 to 6 listed in Chapter 3.

A Reliance Capital company

Chapter 5 :Certain uncontrollable factors responsible for commission delays


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Banks wrongly bounces the Premium cheques and subsequently gives credit of the funds. Delays in clearing of the cheques by the RBI. No RBI cheque clearing center available in a particular Branch location. Hence the local cheques will also be treated as outstation cheques. No guarantee of time in clearance of outstation cheques by RBI or banks. Bank holidays.

A Reliance Capital company

Thank you

A Reliance Capital company