2

3

4

C.M. Club 50% of Actual Expenses

or7.5% of R.C +FYRC

If the percentage of lapsed policies is 10% or lessthe CM/ZM/DM Club members

will get additional office allowance.

Minimum 5% additional (10%)Maximum 30% additional (0%)

(each of 3 F.Y. preceding Q.Y)

April 11, 2023 5

CLUB MEMBER BENEFITS:OFFICE ALLOWANCE:

50% of actual expenses claimed or 7.5% of the commission paid which ever is less. Subject to maximum :-

• Corporate Club : Rs 45,000/- • Chairman’s Club: Rs 35,000/-• Zonal Manager’s Club: Rs 20,000/-• Divisional Manager’s Club:Rs 12,000/-• Branch Manager’s Club: Rs 1,000/-• Distinguished Club : Rs 500/- (BM and Dist. Clubs are paid stationery

expenses)

6

77

8

99

C.M: 4.00 @5% + 4.50 @7.5% = 8.5 lakhs Z.M: 3.65 @5% + 4.35 @7.5% = 8 .00 lakhs

D.M: 2.90 @5% + 3.85 @7.5% = 6 .75 lakhs

FOR OTHER CLUBS NO HOUSING LOAN

10

See details in the next slide

1111

1212

1313

Club CM ZM DM BMMax. 2.4 1.2 0.60 0.30Sum Assured

Mediclaim 1.0 0.60 0.40 0.25

** Figures in Lakhs

Premium is shared by corporation and the club member agents ( 50:50 )

14

15

16

T.E. FOR ATTENDING CLUB CONVENTION :

Corporate Club : Airfare

Chairman’s Club : Airfare

Zonal manager’s Club : AC 2tier

Divisional Manager’s Club: 1st class

Branch manager’s Club : 1st. Class

( Where 1st.class boggy not available then A.C 2 tier. )

17

1. CM's/ZM's/DM's Club Members Rs.11,500/-2. BM's Club Members Rs. 10,000/-

HOW MANY CLUBS?

Distinguished Club Membership

Branch Manager Club Membership

Divisional Manager Club Membership

Zonal Manager Club Membership

Chairman Club Membership

Corporate Club Membership

KEY DEFINITIONS

• Financial Year – April to March every year. • Agency year – One year from the month of

agency appointment.• Club Year – 1st September to 31st August

[ Except for Distinguished ]• Qualifying year – The financial Year just

preceding the eligibility year.

KEY DEFINITIONS

• Lapse – Pucca lapse [6 months from FUP]

• First year Lapse – Policies Where , 1st full year premium not received.

• Net Number of Lives & SA – No.of Lives minus Lapse minus Duplicate lives.

• Lives in force – No.of Lives on record for an agent from the inception.

NET LIVES

• NET LIVES – NET no. of lives are distinct lives insured (not no. of policies) during the qualifying financial year reduced by the no. of lives who had been insured in the financial year preceding the qualifying financial year whose policies are lapsed as on 31st March of the said qualifying financial year.

NET LIVES

TOTAL NUMBER OF LIVES DURING THE TOTAL NUMBER OF LIVES DURING THE CURRENT FINANCIAL YEARCURRENT FINANCIAL YEAR

( - )( - )

PUCCA LAPSED POLICIES PERTAINING TO PUCCA LAPSED POLICIES PERTAINING TO LAST FINANCIAL YEAR AS AT 31LAST FINANCIAL YEAR AS AT 31STST MARCH MARCH

OF QUALIFYING FINANCIAL YEAROF QUALIFYING FINANCIAL YEAR

No. of lives in force( Cumulative )

• No. of lives in force are no. of lives in force at the end of the each relevant year out of the total business completed by the agent from the inception of the agency to the end of each such financial year.

KEY CONDITIONS

• There are two Conditions for deciding Club Member ships.

CONDITION A

Total No of lives or Net No Of Lives

Total Commission paid During the FY.

CONDITION B

Total No of livesFC+FYC+BC

RCMini.No.of Lives

CONDITION AThe eligibility to be fulfilled in

1. Qualifying Year + 2 out of 3 preceding financial years.

2. The condition applies to both Entry as well as Continuation.

3. For Distinguished Club One agency years is minimum requirement and Qualifying year NB is criteria.

Requirement For Club Member

Club Policies CommissionB.M. 50 35000 FYC 50000 RC

D.M. 80 60000FYC 90000 RC

Z.M. 100 140000 FYC 140000 RC

C.M. 130 200000FYC 200000 RC

26

Condition “A”Fulfill in the Qualifying year and 2 out of 3 Fin.

Years preceding the qualifying yr

• UUnder condition ‘A’ onlynder condition ‘A’ only. .

No Relaxation On No Lives. Relaxation is No Relaxation On No Lives. Relaxation is available of 50% on FYC and 100 % in RC.available of 50% on FYC and 100 % in RC.

Fulfillment of Min. Net Business during years of failure

Chairman’s Chairman’s ClubClub

ZM’s ZM’s ClubClub

DM’s ClubDM’s Club BM’s ClubBM’s Club

40 Lives40 Lives 30 Lives30 Lives 20 Lives20 Lives 15 Lives15 Lives

THIS RULE IS APPLICABLE FOR BOTH ENTRY & CONTINUATION

CONDITION B

The eligibility to be fulfilled in1. Qualifying year + 2 Preceding

Financial years for entry only. 2. The condition for Continuation is

2out of 3 preceding financial years. Minimum lives Condition must be fulfilled in

all the 2 or 3 relevant years, i.e. including the year of failure.

Condition C.M

( NET )

Z.M

( NET )

D.M

( NET )

B.M

( NET )

(A) Mini. Net No.of Lives

Lives

40

130

30

100

20

80

15

50

No. of lives in-force

R.C.

FYC

600

2,00,000

2,00,000

400

1,40,000

1,40,000

250

90,000

60,000

150

50,000

35,000

April 11, 2023 31

LAPSATION:Agents aspiring to become club member :

(for entry)• If lapsation is more than 15 % for any

financial year then that year will not be considered for reckoning the eligibility even if he/she meets all other conditions.

• The Agent has to qualify for one more year.• If lapsation of such Agents will be more than

15 % for TWO consecutive Financial years, then the Agent has to start afresh. No credit will be given for the years during which he/she would have earlier qualified.

April 11, 2023 32

Lapsation: contd….For existing club members :1. 1st. Year : club membership to

continue, will be kept under watch and no disincentive for agent.

2. 2nd. Year.: No invitation to attend club convention. No housing loan and no advance for fast conveyance.

3. 3rd. Year.: No convention and no office allowance.

4. 4th Year.: Club membership will cease.

April 11, 2023 33

Life Membership :• Life membership will be granted to only

CM’s & ZM ‘s club member agents on fulfillment of following conditions.

• Minimum age of 60 completed years AND a continuous membership of the same club for not less than 15 years. OR

• A continuous membership for same club for 25 years.

• Suspended membership year will not be counted

35

36

37

38

39

Target :-C.M. Club Member in 3 Years

40

ELIGIBILITY :

1. AGENT HAS TO COMPLETE ONE AGENCY YEARS AS ON 1ST APRIL OF THE FINANCIAL YEAR.

2. AGENT HAS TO FULFILL THE NET BUSINESS OF THE FINANCIAL YEARS.

NET LIVES : 40

COMMISSION : 50000 FYC

CONTINUATION: AGENT HAS TO FULFILL THE NET BUSINESS AS SHOWN BELOW:

NET LIVES : 40 COMMISSION : 50000 FYC

1. LETTER HEADS / ENVELOPS : 200 (NO)

2. VISITING CARDS : 100 (NO)

3. STATIONARY ALLOWANCE : RS. 500/-

4. ANNUAL CONVENTION : CAN ATTEND CONVENTION

OF B.M’S CLUB MEMBERS

CORPORATE CLUBThe Agent has to fulfill

TWICE the norms of MDRT

In one Financial year.

This is the Highest Club Membership

Of LIC

CORPORATE CLUB

• As per c.o circular Ref: Mktg./ZD/5/2009 dtd 01.04.2009 , It has been decided to revise the qualifying conditions for entry and continuation for Membership of Corporate Club for the M.Y. 2010-2011. The revised rules would be as under:

•Commission Requirements: (for Entry / Continuation)• First Year Commission paid only on LIC business (excluding

Bonus Commission, Commission on P&GS business/ Commission on Mutual Fund Business) at least Rs.17 lacs in the Qualifying Financial Year i.e. 2009-2010 and at least Rs.16 lacs in the Financial Year preceding the Qualifying Year i.e. F.Y. 2008-2009.

• There is no change in the other conditions/benefit structure as applicable to the Corporate Club Members for the M.Y. 2009-2010.

MEMBERSHIP YEAR 1ST SEPTEMBER 2010 TO 31ST AUGUST 2011.

QYALIFYING YEAR 01.04.2009 TO 31.03.2010

FYC PAID RS.17 LACS DURING THE QYALIFYING AND RS.16 LACS IN THE YEAR PRECEDING THE QYALIFYING YEAR.

>FYC SHOULD CONSIST OF ONLY LIC BUSINESS ( EXCLUDING BONUS

COMMISSION, P&GS BUSINESS AND MUTUAL FUND BUSINESS).

> 5 YRS. AGENCY & FIRST YEAR LAPSATION NOT TO EXCEED 10%.

CORPORATE CLUB

• No of Corporate club members for the years 2007-2008- 61

• Agent has to complete 5 years as at 1st September of Qualifying year.

• The Qualifying Criteria are liable to be revised every alternate year.

• First year lapsation to not to exceed 10%

CORPORATE CLUB

• Exact cost or 10 lakhs max or max last 2 years RC for purchasing luxury car.

• Rs.45,000/- or 50 % of exact expenditure. office allowance and Rs.10,000/- as addl O. A for

less than 5% lapsation. Rs.15,000/- for those who attend MDRT/LIC

seminar and Rs.30,000/- to attend Seminar in India /Abroad

No linkage with other club fringe benefits.

CORPORATE CLUB

• Reimbursement of Telephone charges upto Rs.10,000/- all inclusive

• Interest Free Computer Advance Rs.100000/-• Group Insurance cover Rs.4,40,000/- or

Rs 1500/-memento for above 65 years.

Group med claim Rs.1,00,000/- with entire premium by LIC

CORPORATE CLUB

• For Computer Training Rs.5,000/- at a reputed training Insitute

• Letter Heads and envelopes 1000 each and Visiting cards 500

• Functional Privileges on par with CM Club Member and MHR up to 1 crore limit

• Introduction for FMR or Special reports up to 1 crore

• Annual convention attending eligibility.

• As per CO cir dtd 28-06-07 a Corporate Blue Blazer to all the corporate agents @ Rs.5000/- which is inclusive of material and stitching charge will be given.At present to all hence forth to new entrants only.

CORPORATE CLUB

• The amount of reimbursement of air fare from Rs. 60000/- to Rs.80000/- (including applicable taxes) or

actuals whichever is lower to all Corporate Club Member Agents for the M.Y. 2009-10 attending the above MDRT Meet .

• Besides this Rs. 15,000/- is reimbursable to them. As clarified earlier, all Corporate Club Members who are eligible to attend the Annual MDRT Meet may be allowed to draw 90% of the estimated expenses towards airfare and the flat amount reimbursable to them as an advance.

• However, after the tickets are purchased and produced to the office, 100% advance may be given. Alternatively, the facility of reimbursement can also be given to them if they attend the ‘Top of the Table’ Meet instead of the MDRT Annual Meet.

• The advance/reimbursement will be given once only and not for both events.

Grant of Advance – For Corporate Club Member

Agents attending MDRT Annual Meet at

Vancouver, British Columbia, Canada 13th to 17th June, 2010.

learning's !!learning's !!

OVER 2 UOVER 2 Ufor questions for questions please!please!