Membership to MDRT is based on agent productivity and includes criteria to meet certain level of premium, commissions or income during the year. For Court of Table (COT) and Top of Table (TOT), the criteria are even tougher with significantly higher commissions and premiums being … [Read more...] about How to Qualify (Commission, Premium & Income Requirements) for MDRT Membership – 2017?
First check, whether you meet Commission, Premium & Income Requirements for MDRT Membership. Things you need: 1. Requirements: Premium, commission or income during the previous calendar year 2. MDRT ID number 3. Certifying letters: Upload from Certifying letters … [Read more...] about How to Register for MDRT Membership?
MDRT is short form of Million Dollar Round Table and founded in 1927. MDRT is an international, independent association of finance professionals that has representation from more than 450 companies. Today, MDRT is a thriving association of over 40,000 members representing 76 … [Read more...] about What is MDRT (Million Dollar Round Table)?
Policy holders must nominate a nominee/beneficiary (as stipulated under Section 39 in The Insurance Act, 1938) at the time of the insurance proposal. One can have single, multiple or successive nomination. Documents you Need: 1. Filled LIC - Change of Nomination Form or … [Read more...] about How to Change LIC Policy Nomination?
Sometime the policyholder finds the policy terms not suitable (eg. High Premium Amount, Change in Mode of Premium) to him and desires to change them. LIC India allows certain types of alterations during the lifetime of the policy. What all alterations are allowed to your LIC … [Read more...] about How to Alter LIC Policy?
Insurance company shall deduct Tax at Source (TDS) at the rate of 20% in excess of Rs 20,000/- paid during the financial year. Now as per Budget 2015-16, the threshold for TDS on insurance commission has been reduced from Rs.20,000 to Rs.15,000 and TDS on the same has been … [Read more...] about Threshold for TDS on Insurance Commission Now reduced from Rs.20,000 to Rs.15,000
LIC India provide you 30 days (30 days if mode of payment is Yearly/Half-yearly/Quarterly and 15 days if the mode is monthly) grace period to make policy premium payment without paying any additional charges. But if you have crossed 30 days you need to pay policy revival late … [Read more...] about How to Calculate Late Payment Fee for delayed LIC Premium?
The life insurance policy purchased in India will cover death that occurs anywhere in the world. The life insurance policies taken as a resident in India can continue even after moving abroad and becoming an NRI. It is not necessary to submit below documents but helpful in case … [Read more...] about Going Abroad Permanently : (NRIs) How to update Your LIC Policy Record?
You can change the LIC Branch of your LIC Policy by three methods: 1. By Visiting Current Branch: You can go directly go to the nearest LIC branch with the application and photocopy of the LIC policy. This is a new facility by LIC India. 2. By Email: You can also send a mail … [Read more...] about How to Change LIC Branch for your LIC policies?
In case the life insurance policies assigned in favour of financial institution, the claim would be paid after 3 months of commencement, the claim would be admissible to the extent of the amount of the loan or actual sum assured, which ever is less, provided such notice of … [Read more...] about How Claim Paid in Assigned Life Insurance Policies?