LIAFI-SG/CO-067/14 18 August 2014
Shri. S.K. Roy,
Chairman, L.I.C. of India, Central Office,
“Yogakshema”, Jeevan Bima Marg,
P.B. NO-19953,MUMBAI-400 021
Sub: Jeevan Rakshak (Plan No. 827)
After 6 & 1/2 months gap LIC could release the cited Plan. Though this plan caters to the needs of low-income group people, the returns are not assured. This plan is eligible for only Loyalty Addition that too after completion of fifth policy year. It is unfortunate that bonus is not announced.
We feel that the management is reducing commission to Agent slowly and gradually. The Agents’ commission is reduced in half of the policies introduced from 1 January 2014. Austerity measures effected in case of Agents only by making them scapegoats. Though IRDA was kind to declare good commission rates for Agents, instead of implementing them the Management is curtailing commission rates.
Our Agents are not at all happy at the meager or nil returns to policyholders and less commission to Agents. We request you not to bulldoze Plans without good returns to policyholders and good commission rates to Agents. Though LIC failed to bring in no of Plans by 1 January 2014, we are trying our best to keep the LIC Flag high. Unless the policyholder and the Agent are satisfied, any plan cannot be successful.
For Life Insurance Agents Federation of India