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REVISED CLUB MEMBERSHIP RULES - BENEFITS & ADVANCES TO AGENTS

Detailed guidelines and benefits for club membership structure, objectives, nomenclature, and conditions for agents. Includes benefits, privileges, and criteria for various types of advances. Focus on professionalism, recognition, and fostering dedication.

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REVISED CLUB MEMBERSHIP RULES - BENEFITS & ADVANCES TO AGENTS

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  1. REVISED CLUB MEMBERSHIP RULES - BENEFITS & ADVANCES TO AGENTS

  2. STRUCTURE • OBJECTIVES • NOMENCLATURE • GENERAL CONDITIONS • ENTRY - CONTINUATION-2 TYPES • BENEFITS • FUNCTIONAL PRIVILEGES • SUMMING UP OF REVISED RULES • GENERAL CONDITIONS FOR ADV • VARIOUS TYPES OF ADVANCES

  3. OBJECTIVES - 1972 • STABLE AGENCY FORCE • ENHANCING THE STATUS OF AGENTS • RECOGNITION & HONOURING THE DEDICATED SERVICE • FOSTER PROFESSIONALISM

  4. NOMENCLATURE • MEMBERSHIP YEAR (1 sep - 31 aug) • QUALIFYING YEAR (preceding FY) • FINANCIAL YEAR • NET NO OF LIVES • NET SUM ASSURED • NET NO OF LIVES IN FORCE • LIFE MEMBERSHIP

  5. GENERAL CONDITIONS • COMPETENT AUTHORITY • RIGHT TO AMEND, ALTER, RELAX, MODIFY DELETE RULES • RIGHT TO DENY/ TERMINATE MEMBERSHIP W/O ASSIGNING ANY REASON • ONLY INFORCE AGENTS CAN BE A MEMBER • ENTRY / CONTINUATION SUB TO PERFORMANCE & SUITABILITY • FUNDAMENTALS OF LIFE INS, PLANS OF LIC,OTHER SAVINGS PRODUCTS, MARKET, WKG IN THE FIELD, SELLING POLICIES & SERVICING PHs, CONDUCT & BEHAVIOUR

  6. GENERAL CONDITIONS - contd • DIVL MGR & ABOVE CLUBS - INTERVIEW BY COMMITTEE • APPLICATION WITHIN 30 DAYS - 7 DAYS FOR SCRUTINY - INTERVIEW BY 31 JULY • TRAINING AT RECGD. INSTT - ONCE IN 4 YEARS - RELAXATION FOR 1 YEAR - OFFICE ALLOWANCE & INT FREE ADVANCES - LIFE & AGED MEMBERS EXEMPTED • LAPSATION > 15% - 1 YR-NO DISINCENTIVE, 2 CONSECUTIVE YRS-INELIGIBLE TO ATTEND CLUB CONVENTION, 3 CONS YRS-NO OFFICE ALLOWANCE ALSO, 4 CONS YRS-LOSS OF MEMBERSHIP,IF > 15% FOR 1 YR,AGENT KEPT UNDER OBSN-NO HSG / VEHICLE ADV TILL RATIO REMAINS >15%

  7. GENERAL CONDITIONS - contd • IF CLOSE RELATIVES ARE AGENTS OF OTHER INSURERS - NO MEMBERSHIP • LIFE MEMBERSHIP - ONLY FOR CHAIRMAN OR ZM CLUB - COMPLETED AGE 60 & 15 YEARS CONTINUED MEMBERSHIP, OR 25 YEARS CONTINUED MEMBERSHIP OF SAME OR HIGHER CLUB • ADDL OFFICE ALLOWANCE- 5-30% FOR LAPSATION FROM 10-0% IN THE PRECEDING 3 YRS-FOR CM / ZM / DM CLUB • FOR BM CLUB-ADDL OFFICE STATIONERY.

  8. CONDITION ‘A’ RULES

  9. CONDITION ‘B’ RULES

  10. BENEFITS • BENEFIT CM ZM DM B.M D.A Office all 30000 17000 8500 1000 - Comp Maint 6000 - - - - Addl Off All. 9000 5100 2550 300 - S.P Gifts 1400 840 500 180 150 Badge Red Blue Green Orng Yellow Gr Ins or 1.25L 0.75L 0.375L 0.1875L Memento 750 375 200 100 Letter heads 1000 750 500 300 200 visiting cards 250 200 150 100 100

  11. BENEFITS • BENEFIT CM ZM DM B.M D.A Calendars, td,pd,pc,ic td,pc,ic pd,pc,ic pc,ic - Telephone Installment & Rent -- max.call charges 3600 3600 - - - convention First Class Fare for all pocket exp 1800(2500) 1100 400 200 Fest adv 7000 7000 7000 6000 Hsg Loan 3.75L 3.40L 2.65L - Veh adv 4 L 3.5 L full 2 wheeler price

  12. FUNCTIONAL PRIVILEGES • PRIVILEGE CM ZM DM B.M D.A M H R 50 L 30 L 20 L 10 L 10 L Attestation certificates & PH sign/ Nil Nil signature / th imp th imp Collect Cheq under authorisation Nil Nil

  13. SUMMING UP • HIGHER LEVEL OF PERFORMANCE • RELAXATION FOR AGED AGENTS (75%) • TRANSITION CONCESSIONS • CREDIT FOR REVIVAL OF POLICIES • CONTINUANCE OF CLUB MEMBERSHIP - FAILURE TO minimum sum assured • INTERVIEW BY COMMITTEE • RANDOM INTERVIEWS BY ZM / RM(M)/SDM • TRAINING - OFFICE ALLOW & INT FREE ADV - DISCRETION FOR 1 YEAR

  14. SUMMING UP LINKAGE TO LAPSATION LIFE MEMBERSHIP - 25 YEARS RESTRICTIVE CONDITIONS - other insurers

  15. ADVANCES TO AGENTS 2001 GENERAL CONDITIONS • EFFECTIVE FROM JUNE2001 • UNDERTAKING CUM CHARGE ON COMMN • NOT MORE THAN 2 ADV IN A YEAR XCEPT Vehicle / PC / Trg / Flood_Drought etc adv - xception for Medical by SDM • Xcept Medical / Marriage / Festival adv - no other adv to be granted again within 3 years • Monthly advances under all advs together not to exceed 60% of the last year avg RC paid (70% for 2001 - 02) • Computer advance limit of 1 year RC (xclusive of other advances)

  16. ADVANCES TO AGENTS 2001 GENERAL CONDITIONS -- contd. • Club Membership Cessation - interest to be charged - vice versa • If advance sought is more than eligibility, difference to be remitted to BO • Proof of utilisation of the advance within 2 months - otherwise recovery of entire o/s adv @ 18% pa hly in 12 months • No advance for Dairies / Calendars/bicycles/type writers/telephone. • Competent authority S/BM xcept for 4 wheelers/ Office Equipment/Computer/Training

  17. ADVANCES TO AGENTS 2001 GENERAL CONDITIONS -- contd. • In case of second car advance within 8 years (unserviceable) - 3 lakhs or 75% of 2 years RC for CM club and 2.75 l or 60% of 2 yerars RC for ZM • Minimum advance is 7500 Except for Festival/ cyclone & training advances • First lien and charge on commissions - any shortfall in any month to be made good by the agent, on demand • An agent availing Vehicle advance - can avail other advances upto a maximum of last years RC

  18. ADVANCES TO AGENTS 2001 • I. FAST CONVEYANCE Four Wheeler - CM (4L) ZM (3.5L) - int free - limited to 2 yrs RC - 75% in case of ZM & other agents - ERC - 75000 RC & 60000 FC, 4 advances in the life time - 4th adv int bearing even for CM/ZM cl members -9% interest - 96 mths II hand car - 2/3 of Purchase Price or 1 year RC or 1 lac whichever is less. Repayable in 60 mths (<6yr) Driving License is a must. Qly usage certificate - all insurance & taxes to be borne by the agent. 2 Wheeler - all club members - no max limit, limited to last two years RC (75% in case of BM / others)

  19. ADVANCES TO AGENTS 2001 • Other agents only if the RC > 40000 - 60 mths II hand 2 wheeler - 2/3 of the PP / 60% of last year’s RC / 20000 whichever is less - 36 mths (< 3years) CM/ZM club members not eligible for II hand 2 wheelers ROAD TAX CAN BE PART OF ADV II. OFFICE EQUIPMENT Tables/chairs/racks/storewels/weighing M/c/wall clock/AC/Desert Coolers/Mini Gen/PC/fax/laptop/ sofa for clients - not bed/computer table 36 months - Club Members interest free -9% pa - limited to 1 year RC / Market price - max 5 times - min adv 7500 - same items after 5 years - proof within 3 mths - or 9% penal interest

  20. ADVANCES TO AGENTS 2001 • III OTHER ADVANCES Medical Treatment - self, family - 36 mths - 9% hly limited to last year’s RC - in case of Domicilary treatment limited to 10000 - 36 months Thread Ceremony - Max of Rs 10000only 9% for 2 occasions - III time 12% - 36 months Marriage - self, children/sisters - limited to last year RC - 9% for 2 times - III time 12% - 36 months Housing Loan - purchase of plot/house/flat - repairs to house -9% hly - last years RC - sale deed within 6 mths - proof of repairs within 3 mths - or 3% penal interest & recovery of entire o/s adv - 60mths

  21. ADVANCES TO AGENTS 2001 • III OTHER ADVANCES - contd Repairs to M/Car - Tyres/Battery - 20,000 last year RC - 36 mths - 9% hly Repairs to 2 Wh/tyres/battery - 10000 or last year RC - 36 mths -9% hly (no fresh vehicle adv during the recovery of veh adv/ repair adv) • IV FLOOD/DROUGHT/CYCLONE ADVANCE Only those eligible for ERC - terms similar to permanent employees -limited to max allowed for employees / actual amount of loss / last years RC

  22. ADVANCES TO AGENTS 2001 • V. FESTIVAL ADVANCE 2 full agency years - 10 months - int free , DM club & above 7000, Bmclub 6000, other agents > 5 yrs 4000 and 3000 for others - min 6 lacs under 12 lives - XMBG - 2 lacs - surety for non ERC • VI. ADVANCE FOR COMPUTER Only for CM club - 9% - 60 months - one lac / last years RC - replacement of computer only after 3 years sub to approval by ZM - unserviceable. • VII. ADVANCE FOR TRAINING Only those who are not sponsored in the last 2 years. ERC - Int free - repayable in 12 months - Rs 2500 limited to RC -

  23. THANK YOU

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