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Agency Section, Marketing Department, 3rd floor, Central Office, Yogakshema, Jeevan Bima Marg, MUMBAI 400 021 Ph: - (022) 22027527, Fax: - 22824386, e-mail: -co_agency@licindia.com Ref: Mktg/ZD/16/2009 24.07.2009 Re: Amendment to Agents Rules, 1972 Administrative Instructions Pursuant to the Gazette notification in the Gazette of India ref: Extraordinary/Part ii-Section3Sub-section (i) no. 396 dated 09.07.2009, the following instructions are issued: 1. Amendment in Minimum Amount of Business to be secured by the agents (Rule 9 of Agents Rules, 1972) W.e.f. 09.07.2009, the following amendments come into effect: a. An agent shall bring in the following business in each of his First, Second and Third agency yearProposals resulting in policies on at least Twelve different lives for not less than First Year Premium Income (FYPI) of Rs. One Lac; Provided that a shortfall in fulfillment on one count namely lives or First Year Premium Income shall be condoned up to a maximum of 50% at the end of 3rd Agency year: Provided further that it is compensated with same or higher percentage increase on the other count and further subject to the condition that the agent brings in not less than six proposals resulting in policies on at least six different lives and at least Rupees Fifty Thousand First Year Premium Income in each of the First, Second and Third years of his agency.In Fourth Agency Year and in subsequent agency years, at least Twelve

proposals resulting in policies on at least twelve different lives with First Year Premium Income of at least Rs.1 Lac. Please note that the condonation shall not be applicable from fourth agency year onwards. Please note that the agents appointed on or after 09.07.2009, the above mentioned minimum business guarantee shall be applicable with immediate effect. For the agents who were appointed before 09.07.2009, the minimum business guarantee shall be applicable from the agency year falling after the date of notification.

Example 1: Date of appointment of agent 09.07.2009 and onwards: The amended Minimum Business guarantee shall be applicable to him from his First agency year i.e with immediate effect. Kindly refer Annexure 1 to calculate the minimum business required to be brought in by the agent as at the end of third agency year.

Example 2: For agents who have been appointed before 09.07.2009 but have not completed one agency year prior to date of notification i.e agents appointed between 02.07.2008 and 08.07.2009 : The amended Minimum Business guarantee shall be applicable to him from his second agency year. For example an agent having Date of appointment as 15.06.2009. The first agency year of this agent will end on 30.06.2010 as shown below: Agency Year Duration Minimum Business to be secured by the agent First 15.06.2009 to 30.06.2010 An agent, other than an absorbed agent, shall bring in the following business in his first agency year: (a) if he is working in a City, Urban agglomeration or Town with an ascertained population of 5 lakhs or aboveproposals resulting in policies for not less than Rs. 75,000 sum assured on at least twelve different lives; or (b) if he is working in a City, Urban agglomeration or town with an ascertained population of one lakh or above, but less than 5 lakhs- proposals resulting in policies for not less than Rs. 60,000 sum assured on at least twelve different lives ; or (c) if he is working in any other place with an ascertained population of less than one lakh- proposals resulting in policies for not less than Rs. 40,000 sum assured on at least twelve different lives. ( old rules would be applicable) Second 01.07.2010 to 30.06.201112 lives and First Year Premium Income of Rs. One Lac. However, if an agent brings in at least 6 Lives and Rs. Fifty thousand First Year Premium Income, then he shall not be terminated. The shortfall in fulfillment shall be made good by him in the third agency year.

Third 01.07.2011 to 30.06.2012At least 6 Lives and Rs. fifty thousand First Year Premium Income and provided that at the end of the third agency year he should have brought in at least 24 lives with First Year Premium Income of Rs. 2 Lacs in his second and third agency years taken together. A shortfall in fulfillment on one count namely lives or First Year Premium Income shall be condoned up to a maximum of 50% at the end of his 3rd Agency year provided that it is compensated with same or higher percentage increase on the other count. For example an agent brings in 36 lives in his second and third agency years taken together, then a shortfall in First Year premium Income can be condoned upto Rs. One Lac provided he brings in at least 6 lives with First Year Premium Income of at least Rs. Fifty Thousand in each of his second and

third agency year Kindly refer Annexure 2 in such cases to calculate the minimum business required to be brought in by the agent as at the end of third agency year. Example 3: For agents who have completed one agency year prior to date of notification i.e. agents appointed between 02.07.2007 and 01.07.2008 Date of appointment of agent: 15.06.2008. His first agency year will end on 30.06.2009. Agency Year Duration Minimum Business to be secured by the agent First 09 An agent, other than an absorbed agent, shall bring in the following business in his first agency year: (a) if he is working in a

Amendment to Agy Rules

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