Special One day seminar reg. Underwriting Rules -
on 13.02.2010 - Saturday at The Ball Room, Hotel The Residency
Question 1
Sri.Nagamani - Development Officer - Ooty:
It appears LIC have introduced a new scheme by name “Aspiring Senior Business Associates”. We appeal to our Chief (Development) to give a detailed account of the proposed scheme and also the benefits the Development Officers will derive out of opting for the same.
Answer
Scheme for Aspiring SBAs:
Considering the acceptance and popularity of the Sr. Business Associate Scheme, it has been decided to create a Scheme for the Development Officers working on Cost ratio higher than 3%.
The Aspiring Senior Business Associates Scheme is designed to provide help, support and guidance to such Development Officers.
The Scheme is effective from 01.02.2010 and all willing and eligible Development Officers should submit applications latest by 28.02.2009. For Eligibility criteria, Selection process, details of the Support to be provided to Aspiring SBAs and Benefits, please refer the CO Marketing dept. Circular Ref.: Mktg./ZD/04/2010 dated 30.01.2010. |
Question 2
Sri. R.Srinivasan - Agent - Tatabad branch – Coimbatore
The Club Membership rules are changed recently. Some of the changes appears to be very harsh, specially the one relating to complete removal of all benefits if a Club member exceeds particular percentage of lapsation level.
Previously it was not so harsh.
We would like to have the observation s of the Chief (Development).
Answer
It was last reviewed in 2001. With passage of time and change in market scenario change was called for. Some aspects like merging of conditions, graded office allowance, minimum business condition is kept aligning with change in scenario to ensure professional standard. However lapsation aspect is being looked into.
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Question 3
Sri. K.Jayachandran - Corporate Club Member – Chennai
Recently the reimbursement and other benefits available for Chairman’s Club members have been increased. We admire and appreciate the initiative taken by LIC. Correspondingly the increase have not been announced for Corporate club members.
We would like to know where the matter stands.
Answer
We are looking in to this matter and may revise it. |
Question 4
Sri. K.Jayachandran - Corporate Club Member – Chennai
(4) We appreciate the introduction of Corporate Club membership system. The LIC also organizes overseas tour. Some of the people who are senior citizens find it difficult to travel overseas specially alone. For such senior citizens, we are of humble opinion that alternative cash benefits or gifts can be given, corresponding to the expenses incurred for those corporate club agents who travel outside India.
We would like to have the observation of Chief Development in these aspect.
Answer
The objectives of meeting is not a benefit but use it as a forum to share professional experience and provide opportunity to member to learn from each other. |
Question 5
Sri. K.Jayachandran - Corporate Club Member – Chennai
(5) In all the annual meetings, the Corporate Club members are assured that the circulars will be sent to them by E-mail. The assurance is being followed for one or two months and later on it stops. However we are able to get the circulars through so many other sources. Why not the LIC develop a system to forward all the circulars which affects marketing people to the Corporate club to start with and thereafter to Chairman’s Club members.etc.
Answer
We will examine this suggestion and will work on it. |
Question 6
Sri. M.Karunanidhi - Agent - Tatabad Branch, Coimbatore
(6) We are very happy to note that LIC has now decided to reimburse Million Dollar Round Table fee to all those who satisfy the conditions of MDRT and qualify for the same. Life Underwriters Guild of India has announced a system of rewarding the achievers among the LIC agents and advisors with effect from 2009. This is called LEAP AWARDS. The eligibility conditions were as follows for the year 2008-09:
| S.No |
Name of the Club |
Achievement amount
(First year commission including bonus commission earned during 2008-09) |
| 1. |
The President’s Club |
Rs.14,00,000/- or more |
| 2. |
The CEO’s Club |
Rs. 9,00,000/- or more |
| 3. |
The Member’s Club |
Rs. 5,00,000/- or more |
For the year 2009-2010 the qualifying conditions have been increased as follows:
| S.No |
Name of the Club |
Achievement amount
(First year commission including bonus commission earned during 2009-2010- financial year 01.04.2009 to 31.03.2010) |
| 1. |
The President’s Club |
Rs.14,50,000/- or more |
| 2. |
The CEO’s Club |
Rs. 9,5 0,000/- or more |
| 3. |
The Member’s Club |
Rs. 5,25,000/- or more |
We request the Chief - Marketing to consider the question of reimbursing the annual fee payable to LUGI to those qualifiers who are members of President’s and CEO’s clubs as in the case of MDRT.
The President’s club has been designed to see that those who have crossed M D R T position and they are aspiring for Corporate Club member, this will be a stepping stone.
CEO’s club has been designed in such a manner that who have reached M D R T will get a pat on the back by membership in CEO’s club.
We would like to have the observation of Chief (Marketing).
Question 6
Sri. P.K.Venkattachalam - Agent – Vellakovil
(7) We are grateful to the Life Insurance Corporation of India for granting recognition to Life Underwriters Guild of India. LIC is authorising Chairman’s club members to attend the Life Underwriters Guild of India convention in lieu of Chairman’s club convention.
I would like to make two requests:
(i) We are getting approval every year and it takes long time to get it We are not in a position to publish about the accreditation unless and until we receive the communication. We request the Chief - Marketing to consider the possibility of issuing accreditation for 3 years instead of 1 year.
(ii) The message regarding the reimbursement for attending LUGI convention may be spread among all Divisions by issuing circulars directly to all the Sr. Divisional Managers.
Answer
Such approval is dependant on content and quality of programme hence needs periodic review. |
Question 7
Sri.S.Karthikeyan - Agent - Tirupur branch
All communications relating to Chief Life Insurance advisors inclusive of underwriting rules must be made available through Merchant portal.
Answer
Please send this suggestion Executive Director(CLIA). |
Question 8
Sri. J.Kuppuraj – Salem
The visiting business given by CLIA’s supervisory agents - Do CLIA’s get credit?
Question 9
Can the CLIA appoint an ex-agent terminated and who was worked under a Development officer could be reappointed by CLIA?
Answer
This should be referred to CO CLIA dept.
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Question 10
Such of those agents who have entered into agents club already, will they be eligibly considered on the previous terms and conditions.
Answer
They have been provided Transitional Arrangements. |
Question 11
Sri.B.Gurumoorthy – Kumbakonam
The premium point given to the agent is a gift. Thanks. However, there are lot of difficulties due to technical reasons. There is no prior intimation to empower agents from Corporate office regarding repairing works. The repairing works cannot be carried out during the working hours because of frequent maintenance agents are disappointed.
Question 12
There is no proper training facility to empower agents about the premium point, premium collections and other relevant follow up.
Answer
Please refer this matter to the Executive Director(CLIA). |
Question 13
Sri.T.Swaminathan – Kumbakonam
The CLIA must be provided into a room for discussions with their agents.
Question 14
Why not the CLIA be given permission for remitting the premium collection amount in net banking or D.D. for security reasons.
Question 15
When will the corporation indent using the services of Premium points for Loan and Revival?
Answer
Please refer this matter to the Executive Director(CLIA). |
Question 16
Sri.V.K.Ramesh Babu – Kumbakonam
The empowered agents spend substantial amount for maintaining premium points. The expenses are huge compared to the amount paid by LIC. Why not LIC advertise list of premium points in a particular branch?
Answer
Please refer this matter to the Executive Director(CLIA). |
Question 17
Sri.R.Ravichandran - Unit I - Kumbakonam.
Tamil Nadu Government is celebrating the grand Tamil conference in the month of June in Coimbatore. Is LIC propose to translate the plans, rules and regulations and other marketing tools in Tamil and circulate among the marketing people and public?
Answer
We will examine this issue. |
Question 18
The revival campaign is not intimated in advance to agents. The agents face lot of problems from the policy holders. Agents come to know about the revival campaign only through newspapers. Why not information given well in advance to agents?
Answer
The information is send to Branch. However we will forward the suggestion to CRM Department. |
Question 19
Sri.M.Karunanidhi - Agent - Tatabad - Coimbatore:
LIC agents at all levels persuade the people to go for insurance policy to protect their beloved family. But there is no system in LIC to motivate the agents specially those who are not club members to go in for a reasonable amount of insurance on their life for the benefit of their family.
It is the human instinct to accept when there is a motivation by outside force. Consequently huge number of agents are not insured or under insured.
LIC Management motivate the agents to do more business, but not motivating them to take insurance.
I am of opinion that LIC can offer a group term cover to LIC agents based on their club membership.
Rs.25 lakhs - Corporate Club
Rs.20 lakhs - Chairman’s Club
Rs.15 lakhs - Zonal Manager’s Club
Rs.10 lakhs - Divisional Manager’s Club
Rs. 5 lakhs - Branch manager’s Club
Rs. 3 lakhs - Other agents
Premium for group insurance could be deduced in full from the commission payable to the agents.
Answer
Any such scheme will have to be approved by CO P&GS dept. However, it may not be feasible due to divergent views among the agents on the issue of cumpulsory inclusion and the premium outgo. |
Question 20
Sri.G.Krishnamoorthy - Tatabad branch
Club members agents are given advance for purchase of Four wheeler. Rs.4 lakhs is given as loan for new vehicle or Rs.3.5 lakhs. Now the mid size motor-car costs to Rs.5,00,000/- and above. It is suggested that LIC can increase the loan sanction to agents.
Answer
This may be revised in near future. |
Sri. R.Padmanabhan - Kottayam I
Question 21: In case of Empowered agent, late fee cann’t be waived after a holiday if the days of grace ends on that day.
Question 22:Outstation cheques are not allowed why?
Question 23:Premium paid certificates are issued only for one policy at a time. If a client has got 12 policies, then 12 certificates are to be prepared and issued. It causes lot of inconvenience. This system has to undergo a change.
Question 24:Provision for finding Surrender Value is not seen in the Merchant site. Why?
Answer
Please refer these questions to the Executive Director(CLIA). |
Question 25: “Insurance is the subject matter of solicitation” . I feel something is wrong with the structure of this sentence. Would you please clarify?
Answer
This is a line necessisated by IRDA. |
Sri.V.Rajendran – Kumbakonam
Question 26: In a high competitive field, the work load of CLIA is very heavy. But the compensation is very low. Is there any solution for this?
Answer
Please refer this question to the Executive Director(CLIA). |
Question 27:
Sri.D.Sachithanantham - Kumbakonam I
Is there any easy route to appoint new supervised agents?
Question 28:
Is there any easy way to pass the exams
Answer
Generally, worthwhile things donot get done easily. The feasible approach is to try from different population segments. Preparing well for PRT is easy way to pass the test. |
Question 29:
What are the extra training or extra coaching provided?
Answer
This may be obtained from ABM(S) / Sr./BM I/c. |
Question 30:
I am in the insurance field for more than 25 years. I would like to have the updates in a easy format. Is it possible to get it?
Answer
You may read UTKARSH, the monthly bulletin of CO Marketing dept. It is also available at Agents Portal.
Sri. M.Thirunavukkarasu - Karur Unit I |
Question 31:
Whenever we attend a meeting and when we receive the motivation lecture, we become excited. However after a short period of time the excitement level goes down and we go back to normal level. How to avoid it?
Answer
The key is to internalize the Motivation and refer to such useful books (viz.- YOU CAN WIN) frequently.. |
Question 32:
I am anxious to maintain the Time Management. But I find it difficult. What is the easy way?
Answer
The easy way is to distribute your tasks in following four categories:
Priority 1. Important and Urgent - Do it immediately.
Priority 2. Important and Non-urgent - Fix a time slot for it and adhere to the same.
Priority 3. Non-important and Urgent - If possible, delegate it.
Priority 4. Non-important and Non-urgent - If possible, do not do it.
Further, Time Management is about Task / Event Management. |
Question 33:
I would like to be as positive as possible. When I face the defeat then my positive attitude are eliminated. How to sort it out?
Answer
Focus on your previous successes and the struggle put in for the same. Take some rest / break if necessary. Analyse if your strategy requires some improvement and then act again with confidence. Further, keep in mind that Ups and Downs are part of enery one's life.
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Sri. K.S.Venkatachalam - Avanashi:
Question 34: Empowered Agents are to be provided through E-mail with all latest information regarding New Business and other changes which affects the agents. Is it possible?
Question 35: Empowered agents should be given the facility to effect the change of address. Whether it should be done?
Answer
Please refer these questions to the Executive Director(CLIA). |
Question 36:
Sri.G.Krishnamoorthy - Tatabad branch
I have qualified for Chairman’s Club member. If I attend the Chairman’s Club convention, I am given advance for attending the Convention. If I decide to attend the LUGI convention in lieu of Chairman’s Club convention, I am not given any advance and I am asked to submit only T A bill after attending the LUGI Convention. We appeal to our Chief (Marketing) to rectify the anomaly.
Answer
We may examine this in future. |
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