LIAFI-SG/CO-065/14 ` 5 August 2014
Shri. S. N. Bhattacharya, E.D. (Mktg)
Agency Section, III RD Floor
Central Office, “Yogakshema”,
L.I. C. of India, Jeevan Beema Marg,
Sub: ICC Meet with Agent Representatives on 25-07-214- Recap.
We recall our meeting with you on 25-07-2014. The following are the points we discussed with you and you informed us:
- That 4-5 Plans would be available within 2-3 months. These include Children Plan, Plan to suit Rural India and Higher Age at Entry Plans.
- That restoration of term of revival of policies to five years is pending with IRDA and it will be pursued.
- That NB Rules would be applicable for revival of policies up to Rs. 10 lakhs.
- That a decision would be taken for removal of Escalation Clause
- That reduction in minimum net number of lives for continuation of Club Membership is under active consideration.
- That, specific cases of anomalies in roaster preparation may be brought to your notice.
- That payment of office allowance for husband & wife club members will be examined by case to case.
- That computer allowance for ZM and DM Club Members will be considered.
- That ID card will be provided for CM and ZM Club Members.
- That printing of commission bills may be extended but will be removed.
- That annual status report of Samvardhan Pension Scheme and Group insurance will be given for Income Tax purpose.
- That collection of advance premium as per IRDA Circular will be implemented.
- That inclusion of Service Tax in renewal notices and SSS policies will be taken care of immediately.
- That enhancement of gratuity to Rs. 3 lakhs is pending with GOI.
- That the Second Housing Loan will be given and the procedure will be initiated shortly.
- That extension of age for General Group Insurance coverage will be examined.
- That increase of Rs. 10 lakh Group Insurance coverage for Club Member Agent with 10 year Service will be examined.
- That amendment to Agents’ Regulation-1972 is sent to GOI.
- That the points pertaining to CLIAs will be strongly recommended to ED (CLIA).
- That the necessity of empowering of Empowered Agents is well takenWe hope that the assurances given will be fulfilled earliest.Thanking you,Sincerely yours,
For Life insurance Agents’ Federation of India