Club Galaxy for Agents. I. Membership -

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IILIC ~

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lifE

INSURANCE

CORPORATION

All Zonal Managers,

Of INDIA

Officer In-Charge

of Divi ions,

MDC, ZTCs, STCs and Audit Centres. Re: Club Galaxy for Agents. It has been decided motivate

to inb-oduce

the agents

a club called

of the Corporation.

the 'Club

Details

Galaxy

of conditions

for Agents'

and benefits

to recognize

are enumerated

and herein

below:

I.

Membership

year:

The year in which an agent becomes Year.

It will run from

immediately

2.

preceding

member

151 September

of a club will be known

the Membership

Year

year will be from

1st April 2014 to 31s1 March

from I" September

2015 to 3]

SI

31 sl August.

to the following

August

is the Qualifying

as the Membership The

Year.

Financial

year

First qualifying

2015 and First membership

year will be

2016.

Eligibility Criteria: Eligibility the Central

criteria

I.

in the club shall be fixed evelY year by

Office.

Eligibility criteria (a)

for the Entty and Continuation

for Membership

The qualifying Agents

should

qualifying

condition

year 2015-16

for entry to the Club would be as under:

have brought

following

year i.e. during the financial

business

in the financial

year preceding

the

year 2013-14:

First Year Commission

8 lakh

(Without

First year Premium

33 lakh (1n case of Single premium

OR

Bonus Commission)

6% credit will

be given for First year premium)

2.

Requirement

in qualifying

year (2014-15):

First Year Commission

10 lakh (without

First year Premium

40 lakh (In case of Single premium

OR

Bonus commission)

6% credit will

be given for First year premium)

3.

First Year Lapsation

at the end of qualifying

year:

Marketing Dept. - Central Office, 'Yogakshema', Jeevan Bima Marg, P B. No. 19953, Mumbai· TeL. 022-66598334 , email:[email protected]

<10%

400021

I.

10 lakh (without Bonus commission)

First Year Commission OR

40lakh

First year Premium

(In case of Single premium 6% credit will be given for First year premium)

2.

<10%

First Year Lapsation

(c)

Registration

with MDRT,

USA is pre-requisite

for membership

of the Club

Galaxy for agents. The registration should be valid at the time of admission to the club and continuation in the club. 3.

Interview: Mere fulfillment of criteria for entry to the club does not confer upon an agent the club membership unless he has been interviewed and found suitable for admission to the club by the Competent Authority. A three member committee at Zonal Office, headed by the officer not below the cadre of Zonal Manager will recommend the eligible agents for the membership

of this club. Zonal Manager (VC) is the competent authority to award the

membership. Agents who have been relegated

to a lower club due to non fulfillment

of business

conditions shall not be called for the interview. The interviews should be completed

in such a way that the results are declared by 31 sl

July every year. 4.

Relaxation

clause for continuation

in the club:

In case any member agent could not meet the requirements

for continuation

in the club

due to shortfall in the First Year commission or First Year Premium, he may be granted the membership of the club by the Sr./Divisional Manager (lIe) if: (i)

He has fulfilled 80% of the stipulated performance criteria for continuation

in the

current qualifying year. (ii)

Sr. Divisional performance

Manager

parameters

IS

satisfied

that reasons

for the shOJifall in the

are due to the factors which were extraordinary

and

beyond his control. Provided, the agent had been the member of the club without availing this relaxation clause during two consecutive qualifying years preceding the year in which he desires the relaxation. 5.

Transfer

of business credit for continuation

in the club:

In case of shortfall in business and commission earning during the qualifying year, credit for

the business

immediately

and commission

preceding

in excess of the eligibility

the current qualifying

criteria ·for the year

year, may be transferred

to the cUlTent

qualifying year. However, maximum credit by way of such transfer should not be more

than 20% of current qualifying year's eligibility criteria. Such Agents would be eligible for all the benefits stipulated for this club. 6.

Agency with other insurer: If any member/s

of the family of an agent of the Corporation

corporate agency or is a Specified Person! Financial Execuitve

has taken up agency/

Services Executive/

with any other Life Insurer or is a Life Insurance

Dircct Sales

Broker, then the agent

working with LIC of India shall not be eligible for granU continuation of membership of the club. The definition of members of family of an agent shall include: (i)

Spouse;

(ii)

Children or step-children staying with the existing agent;

(iii)

Any other person related whether by blood or marriage staying with thc existing agent Or as amended by LIC ofIndia from time to time.

7. I.

BENEFITS: Fringe Benefits: No linkage of fringe benefits with any of the other clubs ( CM's/ ZM'sIDM's/

8M's).

The following fringe benefits will be given to the member of the club: (a) Office Allowance:

50% of the actual expenses as determined below or Rs. 100,000/-

whichever is lower would be reimbursed to the agents once in a year at the end of membership

year. Allowance may be paid only to the agents maintaining

for the purpose of LIC business. For computing

an office

total expenses on maintaining

the

office, following would be considered: (i)

Rent paid (Actual)

(ii)

Salaries paid to the staff (Actual)

(iii)

Postage expenses incurred (Actual)

(iv)

Amount spent on stationary -Maximum ofRs. 3000/-

(v)

General maintenance

and Electricity charges up to maximum Rs. 5000/-

(25% of the actual Electricity

bill, provided

the office is not at the

residence of the Club agent) (vi)

Expenses on entertainment-

(vii)

Expenses on maintaining personal computer - Maximum of Rs. 10,000/-

Claiming

Maximum ofRs. 5000/-

the office allowance:

Minimum infrastructure for the 'Office' and process to claim the reimbursement

of office

allowance will be the same as it is for the Chairman Club agents. Note: Where both the agent and his/ her spouse are members of Club Galaxy, then in such a case office allowance will be paid only to one member agent. If spouse of the

Galaxy club agent is a member of either higher or lower club then the member agent who is in higher club may claim the office allowance applicable for his/her club. (b) Telephone

facility: Maximum reimbursement

of Rs. 12000/- per annum would be

admissible towards rental and call charges of Land line/ Mobile phone. (c) Supply of Letter heads, envelopes and Visiting CardsLetter head and envelope - 500 Nos each per annum Visiting card (d) Club convention:

- 500 nos. per annum Member agents may be allowed to attend club convention

at a

place decided by the Competent Authority or will be reimbursed the Actual airfare or Rs. 60,000/- whichever is lower for attending the MDRT Meet! MDRT Experience meet. They would also be eligible for out of pocket expenses of Rs. 10,000/- for attending the MDRT meet. All the member agents will be eligible for claiming the reimbursement

ofMDRT

Registration fee as per prevailing conditions.

(e) Club Blazer: Rs. 5000/- for a Blazer as per the colour and pattern specified by the Corporation, will be reimbursed once in every three years. (f) Other

benefits

Complimentary

like

Daily

allowance,

Group

Insurance,

Mediclaim

and

diaries will be same as it is for the Chairman Club member agents.

Benefits to the member agents under relaxation clause: Agents who have been allowed

continuation

of membership

of this club under the

relaxation clause (point no. 4) will be treated at par with other member agents except: (i) Eligibility for attending the club convention or reimbursement

of airfare expenses

for attending MDRT meet for the membership year under relaxation clause. (ii) Eligibility

for full office allowance

and telephone

reimbursement.

However,

agents may be paid 50% of the maximum eligible office allowance and telephone reimbursement

IT.

for the membership year under relaxation clause.

Advances: Agents qualifying and continuing for this club are eligible for various advances against renewal commission

as per the 'Scheme of Advance for Agents'. Conditions,

quantum

and process for advance is same as it is for the Chairman Club agents except for' Four wheeler advance'

which would be as under for the first and subsequent

member agents of this club: Actual price of the Car OR Last two Years' Renewal Commission OR Rs. 10 lakh, Whichever is less.

advance for

Note: A one-time relaxation for the purchase of superior model for those qualifiers who have earlier availed of car advance under Scheme of Advances to Agents will be considered subject to the repayment of the outstanding advance of the existing car in one lump sum.

8. General: (a) Only a 'Qualified Agent' i.e. an agent who has completed the minimum business quota as per the LIC ofIndia (Agents) Rules, 1972 and as amended from time to time is eligible to enter or continue as a member of the club. However, this will not be applicable to an agent who has been exempted from the same under the Agents Rules, 1972. (b) The agent! member of the club will be required to submit the claim of membership/ continuation on the format prescribed as per Annexure I, within 30 days of new business closing. (c) The business done by an agent in any part of India will be considered for reckoning the eligibility for qualifying for membership of the club. (d) If the agency is terminated for any reason whatsoever, the club membership will automatically cease. On reinstatement of agency, the club membership may be revived depending on merits of the case. If as a result of any disciplinary action against the agent, the agency is terminated and subsequently it is reinstated by the higher authority then club membership may be restored unless otherwise decided. (e) Nothing contained in these rules shall affect the right of the Managing Director to deny Club membership to an agent without assigning any reason even if he/she has become eligible to join the scheme or terminate the membership of an agent from the club. (f) The Managing Director reserves the right to amend, alter, relax, modify or delete any or all the rules governing the grant or continuation of the membership of the club including the benefits thereof.

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Application for the membership of Club Galaxy for Agents I request

you to admit! continue

Year.

me in the club Galaxy

for agents

.

I.

Name

2.

Gender:

3.

Residential address

Agency code

.

Male/ Female . ............

4.

for the Membership

Tel no. (Res.)

.

Whether maintaining office: Yes/ No If Yes, Office Address

. .........................................

Mobile no

Tel no. (Office)

.

E-mail ID:

.

5.

Date of Birth:

.

6.

Academic qualification:

.

7.

Professional qualifications

.

8.

Date of appointment as an agent:

9.

Whether Direct or attached to a Development Officer:

. .

If attached, Name and Code of DO:

.

10. Full time/ Part Time 1 I. Nature of conveyance:

date of supply:

.

12. Is PC/ Laptop available in your office: 13. Training particulars:

Financial year

First year commiSSion paid (Without Bonus comm.)

First year premium Non single

Single Prem

2013-14 2014-15 15. First year Lapsation as at 3151 March 2015: 16. Registration with MDRT valid upto:

.

17. Whether your spouse a life insurance agent: Yes/ No If Yes then name of the insurer.

Club membership (if any)

.

18. Whether any other family member is life insurance agent: Yes/ No If yes then name of the insurer.

Club membership (ifany)

.

1 hereby declare that above details are true to the best of my knowledge. J undertake to abide by the rules of the club.