Ccovid-19 Lockdown:
LIC of
India to pay Rs.50,000 Advance Commission
to 6.5 lakh Insurance Agents
In a bid to ease the ardships faced
by life insurance agents during covid-19 lockdown, the country’s largest life
insurance company, LIC of India has decided to disburse advance commission of
up to Rs.50,000 to its individual agency force, said a note sent to
distributors by the company.
Advance commission
The life insurer LIC will pay
advance commission in two installments i.e. on 2020 April 30 and 2020 May 15.
The company will adjust this advance commission from the subsequent brokerage
spread across two years.
The deduction will start from
October 2020. No interest will be charged on this amount. The maximum
advance will be Rs.50,000 or an amount equal to the last year’s renewal
commission whichever is less.
Agents can avail this benefit by
contacting your development officer through WhatsApp, SMS, call or email.
The
development officer will be responsible for the collect and submission of agents
request to the company. Remember that you submit your consent by April 27, 2020
to avail this benefit.
About 6.50 lakh agents benefit
Now, about 12 lakh individual
insurance agents work with LIC of India. However, the life insurer will pay
advance commission to agents who have completed at least 5 years of service as
on April 1, 2020. A rough estimate shows that nearly 6.50 lakh agents can avail
this benefit.
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