IRDA IC-33 Sample Paper-1
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Life insurance agency is an unique career. It is monetarily rewarding and soul satisfying too. The commodity that a life insurance agent sells is unique – you sell and service financial security and hence the pattern of remuneration for the same is also unique. Life insurance profession is the “best paid hard work”. The harder you work the more commission you get. Moreover the sale of life insurance gives repeated commission payments for one sale and what is more, they continue even after the agent resigns or dies – provided he has the required business in force as per rules.
1. First Commission on sales : Under standard tables and terms you are paid 1st year’s commission of 25% of the first year’s premium paid by the policy holders.
2. Bonus Commission : You are entitled to bonus commission at the rate of 40% of the eligible first year commission provided you fulfil certain requirements as to total first year’s premium secured and number of lives you have insured in your agency-year.
3. Renewal Commission : The agent is paid 7.5 per cent of the amount paid by the policy holders (under standard tables and terms) as the second as well as the third year’s premiums and continues to be paid renewal commission of 5% on every year’s premium paid from the fourth year onwards. Renewal commission is payable on renewal premium. Hence, you should ensure that your client keeps the policy in force. If you remind him to pay premiums, you will be rendering a good service to him.
4. Increasing Income : With the above recurring income-feature of the insurance compensation your income goes on steadily increasing every year. Each succeeding year’s new sales add to the renewal commission on the previous year’s business. Your renewal commission will grow faster every year, if with increasing expertise, you do more and more business as years roll by.
5. Guaranteed Income : In the event of termination of agency because of non-performance, any time after five agency years but before completion of 10 agency years, the renewal commission continues to be payable provided you had nominal business of at least Rs. 2 lakhs in force one year before cessation of agency. This condition is waived in the event of cessation after the agent has worked for ten years or more.
6. Hereditary Commission : In case of agent’s death while his agency subsists, after agency was in force for two years or over, renewal commission will continue to be payable to his heirs or nominee provided there was a business of not less than Rs. 1 lakh in force at the time of death.
7.Retirement Benefit : Gratuity upto a maximum of Rs. 2,00,000/- is payable under Schedule VI of the (Agents) Rules, 1972 provided the agent has completed the business guarantee for at least 15 years called as “qualifying years”.
8. Term Insurance - free family protection : Free term insurance is payable under Schedule VI of the (Agents) Rules, 1972 in the event of death of a confirmed agent before age 60 provided among other conditions : (a) he was appointed before age 50 (b) he has completed at least 3 “qualifying years” (c) his agency was in force on the date of death, and (a) he holds an insurance policy (other than a temporary insurance policy) for at least Rs. 5,000/- at the time of death.
Being a member of the club carries a good deal of prestige as it provides concrete evidence in the eyes of the insuring public that you are working with a spirit of devotion, dedication and professionalism in serving the insuring public. It also entitles you to various fringe benefits according to the membership of different clubs, as following –
1. Well designed letter heads, envelopes and visiting cards.
2. Beautiful badges at the time of their entry and prestigious certificates
3. Attendance at club conventions.
4. Sales promotional gift items.
5. Telephone expenses – Rental and/or call charges for mobile / land line phones
C.M.’s Club :- Rs. 6000 per year
Z.M.’s Club :- Rs. 4000 per year
D.M.’s Club :- Rs. 2400 per year
B.M.’s Club :- Rs. 1800 per year
6. Office allowances - 50% of actual expenses or 7.5% of total commission (F.Y.C. + R.C.) earned by the agent in the preceding financial year Or Rs. 35,000/- whichever is less.
7. C.M.’s Club members are entitled for advance for laptop/ personal computer – full purchase price or Rs. 1 lakh or previous years renewal commission whichever is the least, repayable in 60 monthly instalments. The advance is interest-bearing.
8. Loan at concessional rate of interest for purchase of house, flat, building or premises for agent’s office or repairs thereof.
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