Tuesday, 5 August 2014

ICC Meet with Agent Representatives(LIAFI) on 25-07-2014

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,

MUMBAI-400 021


Dear Sir,

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:    


  1. 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.   
  2. That restoration of term of revival of policies to five years is pending with IRDA and it will be pursued.
  3. That NB Rules would be applicable for revival of policies up to Rs. 10 lakhs.
  4. That  a decision would be taken for removal of Escalation Clause
  5. That reduction in minimum net number of lives for continuation of Club Membership is under active consideration.
  6. That, specific cases of anomalies in roaster preparation may be brought to your notice.
  7. That payment of office allowance for husband & wife club members will be examined by case to case.
  8. That computer allowance for ZM and DM Club Members will be considered.
  9. That ID card will be provided for CM and ZM Club Members.
  10. That printing of commission bills may be extended but will be removed.
  11. That annual status report of Samvardhan Pension Scheme and Group insurance will be given for Income Tax purpose.
  12. That collection of advance premium as per IRDA Circular will be implemented.
  13. That inclusion of Service Tax in renewal notices and SSS policies will be taken care of immediately.
  14. That enhancement of gratuity to Rs. 3 lakhs is pending with GOI.
  15. That the Second Housing Loan will be given and the procedure will be initiated shortly.
  16. That extension of   age for General Group Insurance coverage will be examined.
  17. That increase of Rs. 10 lakh Group Insurance coverage for Club Member Agent with 10 year Service will be examined.
  18. That amendment to Agents’ Regulation-1972 is sent to GOI.     
  19. That the points pertaining to CLIAs will be strongly recommended to ED (CLIA).
  20.    That the necessity of empowering of Empowered Agents is well taken  
    We hope that the assurances given will be fulfilled earliest.  
    Thanking you,
    Sincerely yours,

For Life insurance Agents’ Federation of India


Secretary General

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