Letter No.1
LIAFI-SG/CO-067/13 11 July 2013
Sri. R. Sudarsan,
Executive Director (IT & SD)
Central Office, 6th Floor, West Wing
Life Insurance Corporation of India,
“Yogakshema” Jeevan Beema Marg
MUMBAI-400 021
Dear Sir,
Sub: Preparation of Roasters-Reg
We came to meet you on 5th July 2013. Since you were away at Santacruz Office we could not meet you. The flaws in preparation of roasters were discussed several times and assurances were given for rectifications. This matter is dormant even today. Since the department is neglecting this important issue and making club member Agents to go to pillar to post, we have advised all our units to seek justice in court of law.
The Agents are suffering for no fault of them. The flaws were discussed with you department on 06-03-2012 at Santacruz Office. Again we discussed with you in the meeting held on 29-10-2012. Many letters were also addressed. Like adding fuel to fire a new problem has cropped-up. We once again narrate the following problems:
1. The Single premium Policies and Limited Payment Policies are not counted for arriving at Total Number of Live in force. These policies should have been shown in force till the Policy Term. These Policies are shown as fully paid-up after payment term is over. We were told that this matter would be examined and the Status will be changed to “21”
2. The policies which are transferred to another Branch Office in the same DO, and transferred to another DO are shown as lapsed. These policies should be shown as in force.
3. The SSS/GSD policies which are transferred to their servicing Branches from the originating Branch are also shown as lapsed which is incorrect and should be rectified.
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4. If a Prospect takes 10 policies in a financial year it is counted as single life for calculation of total number of Lives in force. When these policies are lapsed or surrendered or death claim is settled 10 lives are deducted from total number of lives instead of one.
5. If a policy is taken on one person in different financial years it is counted as multiple numbers of lives. But this financial year it is counted as only one policy. If this is not rectified there will not be any club members after a few years.
6. The policies booked under ECS scheme are also not counted for arriving at total number of lives.
We feel that we are crying in wilderness. We request you to rectify the errors on war footing basis and let us not knock the doors of the court of law.
Thanking you,
Sincerely yours,
For Life Insurance Agents’ Federation of India
Secretary General
LETTER NO.2
LIAFI-SG/CO-066/12 10 July 2013
Shri. S.K. Roy,
Chairman, L.I.C. of India, Central Office,
“Yogakshema”, Jeevan Bima Marg,
P.B. NO-19953,
MUMBAI-400 021
Dear Sir,
We thank you for giving us an opportunity to meet you and greet you on 04-07-2013. We are pleased to know your concern about bonus to policyholders. You said that your main concern would be to give more returns to the policyholders. We too are of the same opinion. We are discussing this subject time and again in all our meetings held with Marketing Dept. We request you to give more emphasis on increasing the bonus rate.
You are aware of the IRDA Notification F. No: IRDA/Reg./1371/2013 published in the Gazette of India extraordinary on 18-02-2013.This notification classified the payment of commission for short term policies and provides facility to get full commission from 12 years term onwards. A copy of this relevant page is enclosed herewith for your ready reference. We request you to get this implemented with retrospective effect. Agents are eagerly waiting for implementation of this notification.
We assure our cooperation at all levels in furthering the interest of the Management. We expect the same from Management in finding solutions to Agent related issues.
Thanking you,
Sincerely yours,
For Life Insurance Agents Federation of India
Secretary General
LETTER NO.3
LIAFI-SG/CO-067/13 ` 10 July 2013
Shri. R.R. Dash, E.D. (Mktg)
Agency Section, III RD Floor
Central Office, “Yogakshema”
Life Insurance Corporation of India,
Jeevan Beema Marg,
MUMBAI-400 021
Dear Sir,
Sub: Recapitulation of Issues related to Amendment to Club Rules.
We thank you for hearing patiently our issues in the ICC Meeting held on 04-07-13. On 5th we discussed all issues again with Shri. H.S.B. Sinha, Chief and other officers of Marketing. We would like to recapitulate the discussion held.
v We stressed the necessity of removing Escalation clause. The clause is hanging like a sword on the club members head.
v We requested you to remove the condition of Minimum Net number of Lives. We also requested you to either remove minimum net number of lives or remove total net number of lives in force for continuation of club membership.
v Our request for avoiding club members of host zone to participate in club convention in their zone but attend the convention in the other cluster is well received by you. We are happy that that you instructed the department to put up a note immediately.
v We are happy that it was agreed to enhance the Out of Pocket Expenditure from Rs. 3000/- to Rs. 5000/-.
v It was clearly stated that club membership will not be awarded without interviews.
v Due to overlook we missed to bring to your notice about increasing additional Office Allowance (Computer Allowance). This item was not touched in the recent amendments which we brought to your predecessor’s notice.
Kindly implement all that were assured and examine and sanction the other issues favourably.
Thanking you,
Sincerely yours,
For Life insurance Agents’ Federation of India
Secretary General
LETTER NO.4
LETTER NO.4
LIAFI-SG/CO-067/13 ` 11 July 2013
Shri. R.R. Dash, E.D. (Mktg)
Agency Section, III RD Floor
Central Office, “Yogakshema”
Life Insurance Corporation of India,
Jeevan Beema Marg,
MUMBAI-400 021
Dear Sir,
Sub: Recapitulation of Agent related Issues.
We thank you for hearing patiently our issues in the ICC Meeting held on 04-07-13. On 5th we discussed all issues again with Shri. H.S.B. Sinha, Chief and other officers of Marketing. We would like to recapitulate the discussion held.
Q Since the recommended gratuity of Rs. 3 lakhs is not gazetted we requested you to recommend higher gratuity to at least Rs. 5 lakhs. Assurance was given to place it before the Board.
Q Our suggestion to grant second Housing Loan, to introduce take over facility and to disburse eligible difference on enhanced and pre-enhanced loan is well taken by you and we hope a positive result.
Q We requested to enhance Group Insurance coverage age for both club members and general categories. We were given to understand that club member group insurance coverage age is enhanced to 70 years and will be effective from 1st September 2013. Kindly consider the general Group Insurance also in the same lines
Q We submitted written suggestions for strengthening Career Agents and Direct Agents.
Kindly implement all that were assured and examine and sanction the other issues favourably.
Thanking you,
Sincerely yours,
For Life insurance Agents’ Federation of India
Secretary General
LETTER NO.5
LETTER NO.5
LIAFI-SG/CO-083/13 25 July 2013
Shri. R.R. Dash, E.D. (Mktg)
Agency Section, III RD Floor
Central Office, “Yogakshema”
Life Insurance Corporation of India,
Jeevan Beema Marg,
MUMBAI-400 021
Dear Sir,
Sub: Reimbursement of Office Allowance
As per the Club Rules where both wife and husband are Club Member Agents only one Office Allowance is paid. We feel that this is unfair and discourages development of family agency concept. We would like to impress upon you that wherever wife and husband are working both of them are paid house rent allowance (HRA). Though wife and husband live in a single house they are not deprived of HRA. The same analogy can also be applied for Club Members.
Many of our agents are maintaining separate offices in different areas, and they are also deprived of this facility since they are wife and husband.
Kindly rectify this anomaly and extend benefit to both husband and wife from this membership year i.e., 1st September 2012 to 31st August 2013.
Thanking you,
Sincerely yours,
For Life insurance Agents’ Federation of India
Secretary General.
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