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Thread: Termination even after 12 policies and 1 Lac + premium (Visitor agent)

  1. #1
    Join Date
    Mar 2014

    Question Termination even after 12 policies and 1 Lac + premium (Visitor agent)

    I am LIC agent since last 10 years from Mumbai - Mulund branch. From last 4 years I am doing business in Mumbai and in Pune (as visitor agent).
    In last year (2013) I had done the business more than 1 lac (first premium) with 14 new proposal. Out of which 5 in Mumbai and 9 in Pune. Today (25 March 2014) I got to know from my DO that my agency is terminated as I have not done enough business in Mumbai.

    I have fulfilled the basic criteria of one Lac first premium and 12 new policy per year. Is there special rules for visitor agents even the organization is same? Can anybody please let me know the rules/criteria for agency termination in such case.

    Also if this is not correct then please let me know to whom should I contact (DO/Branch Manager/Division office).

  2. #2
    PW Stalwart Manish_Kumar's Avatar
    Join Date
    Apr 2009


    1- Why not ask the DO for full explaination (in written)?
    2- Check under what terms and conditions they have cancelled your agency. Then only I can comment.
    3- What do you mean by Visitor Agent?

    Minimum Amount of Business to be secured by the LIC agents
    An agent shall bring in the following business in each of his First, Second and Third agency year-
    “Proposals resulting in policies on at least Twelve different lives for not less than First Year Premium Income (FYPI) of Rs. One Lac;
    Provided that a shortfall in fulfillment on one count namely lives or First Year Premium Income shall be condoned up to a maximum of 50% at the end of 3rd Agency year:

    Provided further that it is compensated with same or higher percentage increase on the other count and further subject to the condition that the agent brings in not less than six proposals resulting in policies on at least six different lives and at least Rupees Fifty Thousand First Year Premium Income in each of the First, Second and Third years of his agency.

    In Fourth Agency Year and in subsequent agency years, at least Twelve proposals resulting in policies on at least twelve different lives with First Year Premium Income of at least Rs.1 Lac. Please note that the condonation shall not be applicable from fourth agency year onwards.
    Everyone has a scheme of getting rich.. Which never works.

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