10 good reasons to jeevan bharati

India has more working women
than any other country in the world.
A study shows that India has more women doctors, surgeons, scientists and professors than the United States.

In many organizations,
there are significant number
of women employees,
even at the apex end of the hierarchy.

Women outnumber men
in the New World industries
like call centers, BPOs etc.

Today’s woman excels at home and at work
Her income is no longer secondary
She too needs financial security
and also can provide
financial security for her family.

Very few life insurance products
exist in India today
which are specially designed
to cater to needs of women.
LIC is the pioneer in
introducing a plan for women.

The critical illnesses covered
under Jeevan Bharati
are those which occur
more commonly.

Special needs of Indian Women
are taken care, in the form of
extended life cover,
enhanced Survival Benefit if availed later,
advance premium payment.

In the event of financial difficulty, ‘premium holiday’* is available with option to revive policy at later date*

Regular cash flow
in the form of survival benefits
every 5 years and
non-reducing risk cover despite payouts.

Else the wife’s life insurance agent

will be different

from the husband’s.

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10 Good reasons for Jeevan Anurag

10 Good resion for Jeevan Anurag
As per the Census 2001,
children in the age group 0-14 years
constitute 35-40% of India’s population.
They are the future of the country
Children need
proper education from
reputed educational institutions to open the door of opportunities
in a highly competitive environment.

Not only are finances required
for university & professional education
but also for preparatory coaching

Helping fulfill financial needs
right from childhood days
will help build up a
long time trust and relationship.

The child grows with LIC.

Cost of higher education
has increased considerably over the years.
It will rise further in the years to come.

No parent shall want to compromise
their child’s education for lack of finances

Prudent parents will plan well in advance
to finance their children’s higher education.

Cost of living is ever increasing
These rising costs will put demands on
income of people.
Setting aside a lump sum
for future education
is difficult in today’s scenario.
Best alternative is to set aside
smaller amounts regularly

Apart from higher education
children may require financial support
for start-in-life or marriage.

Life is uncertain
Parents would like to ensure
good education and a bright career
for their children
despite life’s uncertainties.

Parents would desire to have
flexibility in their financial planning.

They would want to decide
the timing of the receipts
from their insurance plan
as per the requirements
of their child’s education.

When the parents’ dream
for their child is fulfilled
the agent will have great satisfaction
of having done a fine job as a
‘complete insurance advisor’

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Blma Bachat ( Plan 175 )

Introduction Df LlC's Blma Bachat ( Plan 175 )

It has been decided to introduce LIC's Bima Bachat (plan no.175) with effect from 14th November, 2005.

1. INTRODUCTlON:
This is a single premium money back type plan where Single Premium paid under the policy shall be paid back to the policyholder along with Loyalty Additions, if any, on maturity. In addition, the survival benefit installments are payable on survival of the policyholder till the specified durations. The plan also provides for the payment of Sum Assured in case of death during the term of the policy irrespective of whether or not any survival benefits have been paid earlier. No rider benefits shall be available.

2. BENEFITS:

Death Benefit: On death of the Life Assured during the term of the policy, an amount equal to the Sum Assured ¬shall be payable.

Survival Benefit: In case the life Assured is surviving to the end of the specified durations the following benefit shall be payable:
Policy term 9 years: 15% of the Sum Assured at the end of 3rd & 6th policy year
Policy term 12 years: 15% of the Sum Assured at the end of 3rd, 6th & 9th policy year.
Policy term 15 years: 15% of the Sum Assured at the end of 3rd, 6th, 9th & 12th policy
year

Maturity Benefit: Single Premium paid excluding extra premium along with Loyalty Additions, If any, shall be payable in case of Life Assured surviving to the end of the term.

3. LOYALTY ADDITIONS:

This is a participating plan and the policy shall participate In the proms of the Corporation’s with-profits assurance business. The policy shall, however not be eligible for reversionary bonuses and shall participate to a share of profits in the form of Loyally Addition (one time) only payable on maturity. On the Life Assured surviving, the stipulated date of maturity, the policy may be eligible for payment of Loyalty Addition, if any, depending upon the experience of the Corporation at such rate and on such terms as may be declared by the Corporation.


4. LOAN:

Loan facility is available under this plan. The rate of Interest to be charged for loan amount would be determined from time to time by the Corporation. Presently the rate of interest is 9% p.a. payable half-yearly.

5. REBATES / INCENTIVE FOR HIGH SUM ASSURED:

High Sum Assured Rebates (As Percentage of Basic Tabular Premium):
Less than Rs.50,000 : NIL
Rs.50,000 to less than Rs.1,00,000 : 5%
Rs.1,00,000 to less than Rs.2,00,000 : 7%
Rs.2,00,000 and above : 8%

6. CEIS REBATE:
The rebate for eligible employees of the Corporation shall be @ 2% of the Tabular Premium for the basic plan.

7. MODES OF PREMIUM PAYMENTS:
Premium is payable once at the beginning of policy term.

8. ELIGIBILITY CONDITIONS AND RESTRICTIONS:

Minimum age at entry: 15 years (completed)
Maximum age at entry : 66 years nearer birthday
Maximum age at maturity: 75 years nearer birthday
Terms : 9, 12 or 15 years.
Minimum Sum Assured: Rs.20.000/-
Maximum Sum assured: No limit
Sum Assured will be in multiples of Rs.5,000I- only.

9. PREMIUM RATES:
As enclosed In Annexure 1.

10. EXTRA PREMIUM RATES:
As enclosed In Annexure 2.

11. CREDIT:
Commission to Agents, Corporate Agents and Brokers Is payable 0 2% of the Single Premium received. No Bonus Commission will be payable.'

Development Office’s Credit for Incentive: 5% of Single premium

12. UNDERWRITING, AGE PROOF AND MEDICAL REQUlREMENTS:
Same as Blma Nlvesh Plan.

13. SURRENDER VALUES (G8V,SSV):
The policy can be surrendered for cash after completion of at least one policy year. The Guaranteed Surrender Value is equal to 90 per cent of the Single Premium paid excluding extra premium paid and the survival benefits paid earlier.

For calculation of Special Surrender Value, the amount of Single Premium paid excluding any extra/optional premium shall be taken as paid-up value and Surrender Value Factors for quarterly elapsed durations are given In Annexure 3.

14. NORMAL REQUIREMENTS FOR CLAIM:

The normal documents which the claimant shall submit while lodging the claim in case of death of the policyholder shall be the claim forms, as prescribed by the Corporation, accompanied with the original policy document, proof of title, proof of death, proof of accident/disability, medical treatment prior to death, employer's certificate, whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted.
Where the policy results into a maturity claim or in case of surrender of the policy, the Life Assured shall submit the discharge form along with the original policy document besides proof of age, If the age Is not admitted earlier.

15. COOLING-OFF PERIOD:

If a policy holder is not satisfied with the "Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy.

16. BACK DATING INTEREST:

The policies can be dated back within the financial year, as usual. Back- dating interest will be charged al the rate of 9% p.a. for dating back in excess of one month. This rate is subject to revision. The Interest shall be charged even where the policy is beck dated to a lean month. .

17. POLICY STAMPING:

Policy stamping charges will be 20 paise per thousand Sum Assured.

18. REINSURANCE:

There will be no reinsurance under this plan.

19. ASSIGNMENT / NOMINATIONS:

Notice of assignment or change of nomination should be submitted for registration to the office of the Corporation, where this policy is serviced. In registering an assignment or nomination the Corporation does not accept any responsibility or express any opinion as to its validity or legal effect.



20. PROPOSAL FORM: Proposal Form No. 300 or 340 will be used for the plan.

21. POLICY DOCUMENT: A specimen copy of the Policy Document is enclosed as
Annexure 4.

Chief (Actuarial)

ANNEXURE - 1 ANNEXURE - 3
Single Premium for 1000 SA S.S.V. Factors
Age / Term 9 12 15 Completed Duration in Years S.S.V. Factor As % of Paid-up Value
14 718.20 771.20 803.80 1.00 90.25
15 716.40 771.35 804.00 1.25 91.50
16 716.80 771. 50 804.10 1.50 92.75
17 718.80 771.60 804.20 1.75 94.00
11 716.95 771.70 804.25 2.00 95.25
19 717.05 771.80 804.35 2.25 95.50
20 717.20 771.85 804.40 2.50 97.75
21 717.30 771.95 804.50 2.75 99.00
22 717.35 772.00 804.50 3.00 84.00
23 717.40 772.05 804.65 3.25 85.25
U 717.50 772.15 804.80 3.50 86.50
25 717.55 772.25 804.95 3.75 87.75
26 717.65 772.40 805.10 4.00 89.00
27 717.75 772.55 805.30 4.25 90.25
28 717.95 772.75 805.55 4.50 91.50
29 718.15 773.00 805.80 4.75 92.75
30 718.45 773.35 806.10 5.00 94.00
31 718.80 730.70 806.45 5.25 95.25
32 719.25 774.10 808.90 5.50 96.50
33 719.75 774.60 807.40 5.75 97.75
34 720.40 775.156 807.95 6.00 83.00
35 721.05 775.75 808.55 6.25 84.25
36 721.80 776.45 809.25 6.50 85.50
37 722.85 777.25 810.05 6.75 86.75
38 723.60 778.15 810.95 7.00 88.00
39 724.85 779.15 811.90 7.25 89.25
40 725.80 780.25 812.95 7.50 90.50
41 727.15 781.50 814.10 7.75 91.75
42 728.80 782.80 815.35 8.00 93.00
43 730.25 784.25 816.65 8.25 94.25
44 732.10 785.90 818.10 8.50 95.50
45 734.10 787.60 819.60 8.75 95.75
46 736.30 788.45 821.20 9.00 82.00
47 738.85 791.40 822.95 9.25 83.00
ANNEXURE - 1 ANNEXURE - 3
Single Premium for 1000 SA S.S.V. Factors
Age / Term 9 12 15 Completed Duration in Years S.S.V. Factor As % of Paid-up Value
48 741.20 793.45 824.80 9.50 84.00
49 743.85 795.80 828.80 9.75 85.00
50 746.60 787.90 828.95 10.00 88.00
51 748.45 800.40 831.25 10.25 87.00
52 762.40 803.00 833.8O 10.50 88.00
53 755.60 805.85 836.10 10.75 89.00
54 758.00 808.90 838.80 11.00 90.25
55 762.65 811.95 841.75 11.25 91.50
56 768.85 816.20 844.90 11.50 92.75
57 770.85 818.75 848.20 11.75 94.00
58 775.10 822.65 851.75 12.00 81.00
59 779.75 828.85 855.50 12.25 82.50
60 784.80 831.30 859.35 12.58 84.00
61 790.50 838.15 - 12.75 85.50
62 798.45 841.10 - 13.00 87.00
63 802.70 - . 13.25 88.50
64 809.40 . . 13.50 90.00
65 816.25 . . 13.75 91.50
66 823.15 - . 14.00 93.00
14.25 94.50
14.50 96.00
14.75 97.50

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NEW BUSINESS DURING THE YEAR 1/4/2006 TO 31/3/2007

Profile – 2006-2007

The Life Insurance Corporation of India has been a nation-builder since its formation in 1956. The performance of LIC has been exemplary and has been growing from strength to strength be it customer base, agency network, branch office network, new business premium and the like and has significant role in spreading life insurance widely across the country. True to the objectives of nationalisation, the LIC has mobilised the funds invested by the people for life insurance for the benefit of the community at large. Today in the current scenario, our vision is to emerge as a world class customer centric organisation.
Some highlights of our performance are as follows:

NEW BUSINESS DURING THE YEAR 1/4/2006 TO 31/3/2007
( Individual Assurances )

Policies
(in lakh) Sum Assured (in crore) First Premium Income(in crore)
COMPOSITE 382.09 3,03,115.54 39,541.58
Growth Rate
21.02 %
5.42 %
118.64 %

PENSION & GROUP BUSINESS & SOCIAL SECURITY SCHEMES

ACHIEVEMENT FROM 1.4.2006 TO 31.03.2007

Pension & Group Schemes Growth Rate Social Security Schemes Growth Rate
No. of New lives 84.02 lac 64 % 57.48 lac -9 %
Premium Income (Rs. In crore) 11282.58 188 % 94.34 61%


BUSINESS IN FORCE AS ON 31.3.2007

Policies (in crore) Sum Assured
(Rs. in crore)
Individual Assurances 21.26 15,90,877

Group Insurance(lives) 4.19 3,24,716

Other Parameters 1/4/06 TO 31/03/07

(Rs. In Crores)
1. Total Income: Rs.1,74,424.76
2. Total Premium Income: Rs.1,27,782.26
3. Amount of claims paid: Rs. 36,537.22
4. Total Life Fund: Rs.5,60,806 (As on 31.3.07)
5. Total Assets: Rs.6,51,883 (As on 31.3.07)


PEOPLE'S MONEY FOR PEOPLE'S WELFARE

The Life Insurance Corporation of India has been a nation- builder since its formation in 1956. True to the objectives of nationalization, the LIC has mobilised the funds invested by the people in life insurance for the benefit of the community at large.
The Corporation has deployed the funds to the best advantage of the policyholders as well as the community as a whole, true to the spirit of nationalisation. National priorities and obligation of reasonable returns to the policy holders are the main criteria of our investments.
The total funds, so invested for the benefit of the community at large accumulated to Rs. 6,13,266.58 crore as on 31st March, 2007. The investment of the Corporation's funds is governed by Section 27A of the Insurance Act, 1938, subsequent guidelines / instructions issued thereunder by the Government of India from time to time, and the IRDA by way of regulations. As per the prescribed investment pattern approved by
IRDA, the controlled funds are invested as follows:-
Not less than 50% is invested in Govt. Securities or other approved Investments.
Not less than 15% is invested in infrastructural and social sector Investments.
Not exceeding 35% in others to be governed by exposure prudential norms.



Awards Won

We enlist some of the recent awards received by LIC:
1. Outlook Money NDTV Profit –“ Best Life Insurer Award “ was conferred upon LIC
2. LIC has also won the “Golden Peacock Award” for Excellence in Corporate Governance
3. “Web 18-Genius of the Web Award” was also conferred on us for the best website in Insurance Category.
4. Adjudged “Number One Service Brand” in India by Economic Times and AC Neilsen ORG Marg for the year 2007 for the fourth consecutive year.
5. Award for “Customer and Brand Loyalty” in the Insurance Sector
6. LIC adjudged as “ Best Life Insurance Company of the Year “-at the Second NDTV Profit Business Leadership Awards-2007
7. LIC adjudged the “ Most Preferred Life Insurance Company of the Year” at the CNBC Awaaz Consumer Awards 2007 third time in succession.
8. Awarded Reader Digest’s “Trusted Brand” 2006 (voted by consumers) as well as 2007
9. Largest Financial Institutional Investor – both in equity market and term loans.
10. LIC - An Institution Builder promoting many financial and insurance institutes like NSE, NCDEX, LIC Mutual Fund, Stock Holding Corporation of India, National Insurance Academy, Insurance Institute of India etc.
11. LIC is the second largest PC user in the country.

OUR PRODUCTS
1. We have in our basket of schemes more than 40 different plans catering to the changing needs of different segments of the society – basic insurance plans ( whole life, endowment and money back), Term Assurance Plans, Pension Plans, Capital market linked Plans etc.

2. Our New product launches
1. New Bima Gold
2. Gratuity Plus
3. Jeevan Madhur (Micro Insurance)
4. Market Plus
5. Child Career Plan & Child Future Plan.
6. Jeevan Amrit
7. Fortune Plus
8. Profit Plus


CLAIM SETTLEMENT PERFORMANCE (2006-2007)
1. Total Claims Settled – Over 132 lakh claims.
2. LIC settles over 45600 claims every working day i.e.2.21 claims per second.
3. 96.99% of Maturity Claims are settled on or before the date of maturity.
4. 92.06% of Non-early Death Claims are settled within 20 days of intimation.
5. O/s Claims Ratio – (Maturity + SB) is 0.07 %, Death Claims is 2.03 %

Customer Centric Initiatives

Claims Review Committee :
The Corporation settles a large number of death claims every year. Only in case of fraudulent suppression of material information will the liability be repudiated. The number of death claims repudiated is, however, very small. Even in these cases, an opportunity is given to the claimant to make a representation for consideration by the Review Committees at the Zonal Office and the Central Office. As a result of such review, depending on the merits of each case, appropriate decisions are taken. The Claims Review Committees at the Central and Zonal Offices have among other members a retired High Court / District Court Judge.

Grievance Redressal Machinery :
Policyholders' Grievance Redressal Cells exist in all the Offices of the Corporation, headed by Senior Officers who can be approached by policyholders for redressal of their grievances, on any day but particularly on every Monday between 2.30 p.m. and 4.30 p.m.without prior appointment.

All Branch Offices -Chief Manager / Sr./ Branch Manager
All Divisional Offices -Marketing Manager
All Zonal Offices -Regional Manager (CRM)
Central Office -Executive Director / Chief / Secretary (CRM)

The policyholder can avail of himself / herself the facility of toll-free telephone systems in Delhi and Mumbai or contact us through the LIC website www.licindia.in. LIC's website is rich in information on products / services.

Scheme of Ombudsman :
The Grievance machinery has been further expanded with the appointment of the Insurance Ombudsman by the Government of India at different Centres. Complaints of the following types come within the purview of thje Ombudsman's consideration.
* Repudiation of liability under claims.
* Delay in settlement of claims.
* Any dispute regarding premiums paid or payable in respect of the policy.
* Any dispute regarding the legal construction of the policies in relation to a claim; and
* Non-issue of insurance document to customer after receipt of premium.


ALTERNATIVE PREMIUM PAYMENT CHANNELS


1) Internet Payment :
As many as seven Banks - HDFC, ICICI, Centurian Bank of Punjab, AXIS Bank, Corporation Bank, Federal Bank and Citibank and Bill Collection Service Providers - Billjunction.com, and Billdesk.com are our Service Providers. Any policyholder who has a bank account in India can use this facility.

2)Electronic Clearing Service (ECS) :
This service is currently available in selected cities. It will be extended to other Centres where the RBI has extended their ECS facility. A policyholder having an account in any Bank which is a member of the local Clearing House can opt for ECS debit to pay premiums. The advantage in this system is that once the option is exercised, the policyholder need not visit a Branch for payingthe premium or collecting the receipts. On the day indicated by the policyholder, the premium amount will be directly debited to the Bank Account of the policyholder and the receipt will be issued by the designated Branch Office.
ECS Monthly Mode : ECS channel of premium payment for Monthly mode policies introduced from proposal stage for all plans without the 5% extra charge. The Mandate Form, duly certified by the Banker has to be submitted along with the Proposal Form for new policy. You can download the mandate form from our website www.licindia.in

3) ATMs of Corporation Bank and AXIS Bank :
Premium can be paid through the ATMs of Corporation Bank and AXIS Bank. This service is available for Corporation Bank and AXIS Bank Account Holders who are also our policyholders. Policy information will be available at the ATM during the days of grace for premium payment. On payment of premium, the policyholder will get an acknowledgement reciept from the ATM and later on, a designated Branch will send the actual receipt to the policyholder.
Online collection of premium through AXIS Bank : Renewal Premium can be paid at all AXIS Bank Branches either by using AXIS Bank cheques and/or by cash. A receipt is generated by the Bank and signed on behalf of LIC by the AXIS Bank Official and handed over to the customer.


Portal : The policyholder has to enroll his/her policies at our corporate web site: www.licindia.in and can pay premium by clicking on the Online Premium Payment tab. This facility is available only for customers having access to net banking facility of the following select banks - Bank of India, Union Bank of India, Punjab National Bank, State Bank of India, State Bank of Indore, HDFC, ICICI Bank, AXIS Bank, Citi Bank, IDBI Bank, Centurion Bank of Punjab, IndusInd Bank, ABN AMRO Bank, Kotak Bank, Bank of Baroda and two service providers billjunction.com, billdesk.com .

The premium receipt can be printed online and will also be e-mailed to the policyholder at the same time.





INFORMATION TECHNOLOGY IN LIC

Having been one of the very first and largest users of I.T. In terms of hardware and in-house developed software, LIC of India has adapted its existing technologies and new emerging technologies to meet the changing needs.
1) All the job processes of Branch Offices have been Computerised.
2) All 2048 Branch Offices are now connected through the Wide Area Network.
3) Customer-centric initiatives:
* Portal for our customers has been set up. This portal will be a single outlet for an array services. These services include policy status, bonus calculation, loan quotation, list of lapsed policies along with revival quotation, premium calendar, change of address, doctor locator, agent locator, premium payment gateway.
* A similar portal is available also for agents.
* Enterprise Document Management System to mack LIC a paperless office is to tack off shortly
INFO CENTERS
With a view to help customers interact easily from place of theirconvenience, LIC has set up INFO CENTERS in the following 8 places Delhi, Kolkata, Mumbai, Ahmedabad, Pune, Hyderabad, Bangalore and Chennai. The INFO CENTERS and IVRS have been integrated and can be accessed through a universal Access Number: 1251. The INFO CENTERS work from 8 AM to 8 PM from Monday to Friday and from 10 AM to 6 PM on Saturdays. INFO CENTERS provide information on products, policy status, policy servicing, Telephone Nos. and addresses of our Offices and any other information the customer would want.
SATELLITE OFFICES
With a vision of providing easy access to its policyholders, LIC has launched 159 SATELLITE OFFICES offices. These satellite offices, which are attached to the respective parent branches, are basically an extension of the large parent branches for services to policy holders. Processing of new proposals and collection of renewal premium are main functions of these offices.
NEW OFFICES
A new East-Central Zonal Office has been opened at Patna, catering to the needs of the states of Bihar, Jharkhand and Orissa. Five New Divisions have been formed namely – Faizabad, Shimoga, Pune II Rohtak, Kharagpur.

OUR SOCIAL RESPONSIBILITY

LIC offers life insurance protection under group policies to various groups such as employer-empoyee, co-operatives, weaker sections of society etc. and insurance coverage to people at subsidized rates under social security group schems like Janashree Bima Yojana. Aam Admi Bima Yojana - It is a Scheme for Rural Landless Households. The scheme is of the Central and State / Union Territory Governments and administered by LIC.
Jeevan Madhur - LIC has launched a micro-insurance cum savings plan with profits wherein premiums can be paid in weekly, fortnightly, monthly, quarterly, half-yearly or yearly intervals was introduced last year. The sum assured varies from Rs 5000/- to Rs 30,000/-.
Golden Jubilee Foundation was formed with a view to channelise our social responsibilities and to give a formal shape to the same a public trust named Golden Jubilee Foundation was formed with a purpose of undertaking charitable activities namely, relief of poverty or distress, education, medical relief and advancement of any other object of general public utility.

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GROUP INSURANCE SCHEME FOR CONFIRMED TIED AGENTS

GROUP INSURANCE SCHEME FOR CONFIRMED TIED AGENTS OF THE CORPORATION

It has been decided to introduce a Group Insurance Scheme for Confirmed Tied Agents of the Corporation w.e.f. 1st September, 2007. The details of the same are as under.

A. GENERAL

1. Date of Commencement: The Date of Commencement of the Scheme is 01.09.2007.
2. Purpose of the Scheme: The purpose of the scheme is to offer insurance to all the confirmed tied agents of the Corporation, who have completed one year from the date of appointment.
3. Confirmed Agents: Agents confirmed and completed one year from the date of his appointment.
4. Eligibility: All the Confirmed tied Agents who have completed one year from the date of appointment and who are aged less than 65 years. For details refer scheme rules
5. Coverage and Premium: The insurance cover is as under:

Category Agency Standing at Credit
As at 31.08.2007. Cover Premium Rs. p.a.
I 1 to 3 Years 50,000 120/-
II >3 to 5 Years 1,00,000 240/-
III >5 to 10 Years 3,00,000 720/-
IV More than 10 Years 5,00,000 1,200/-


5. Servicing of the Scheme: The Scheme will be serviced by the P&GS Units who are at present servicing Group Schemes in their Divisional areas as per Annexure ‘A’.



B. FUNCTIONS OF BRANCH OFFICES ON LIFE SIDE (OTHER THAN P&GS UNITS)

1. The Marketing Dept., C.O., will be issuing a detailed circular about the procedural formalities. This will be the basis for administration aspects.
2.
a. The scheme is compulsory for all the confirmed agents and for those agents whose agency will be confirmed on or after the date of commencement of the scheme.
b. A Negative option is provided for all the existing eligible agents, who are confirmed on the date of commencement of the scheme. The eligible agent, who is not interested to join the scheme, has to submit his option to opt out of the scheme on or before 31.08.2007, to the Branch where his agency is attached. In case, no such communication is received by the Branch on or before 31.08.2007, it will be construed that the agent concerned has consented to join the scheme.

c. Such agents who prefer to opt out of the scheme will not be allowed to join the scheme later.


3. As the Scheme is of compulsory in nature for all the confirmed agents, the agent who completes one year from his date of appointment in the middle of the policy year, will be covered from the date of completion of one year, where the completion of one year is on the first working day of the month. In all other cases coverage will start from the first day of the following month. Premium at the rate of Rs.10/-p.m will be deducted from the commission for the remaining months till the next policy anniversary (1st September every year).
4. The Premiums deducted by the Branch Offices should be credited to A/C Code 111158.
5. The amount to the credit of A/C Code 111158) is to be transferred to A/C Code 112133 - P&GS Contra in Life Books on 31st March of every year.
6. For control and reconciliation purpose, a sub ledger giving details of the members of the group and recovery particulars is to be maintained by each Branch and sent to P & G S Unit on 31st of March every year.
7. On receipt of intimation of death of a member, the concerned Branch will forward the claimants statement cum discharge with certificate of last premium deducted and a copy of Death Certificate to the concerned P & G S Unit, for sanction of the claim.
8. Claim will be settled by the respective P & G S Unit in favour of the Nominee and sent to the Branch Manager of the concerned Office.
9. The claim amount will be paid by the Branch to the nominee under proper receipt.
10. In case there is any existing scheme of GI for Agents of a Branch, the same shall stand terminated from the next Annual Renewal Date.


C. FUNCTIONS OF P&GS UNITS

1. The Proposal form and Rules as per the Annexure “B” have been signed at the Central Office level. Master Policy will be issued by the Central Office. Units need not issue any Master Policy at their end.
2. The Master Policy number is 693223. Each Unit should create the policy master with the above number.
3. The rules of the scheme are enclosed. Please go through the same carefully.
4. The Branch Offices will be transferring their collections towards the premium to P&GS Units on 31st March of every year through P&GS Contra Accounts along with the details as referred in B(6) above. The same will be used for adjustment of premiums.
5. The amount to the credit of A/C Code 112133 is to be appropriated to A/C Codes 9771 (First Year Premium –GI for Agents). Payment of claim is by debiting A/C Code 9033 (Death Claims –GI for Agents).
6. No change in the rules and procedures of the scheme is to be done without prior approval of Central Office.
7. At the end of the policy year, total number of members covered and total number of death reported (irrespective of the settlement of claim) is to be reported to the controlling Zonal Office which in turn will consolidate and submit to Central Office.
8. Kindly note that Double Accident Benefit is not available under this scheme.
9. P&GS Units may take credit for NB lives & NB premium credit in the month of March 2008 when the premium received in respect of all offices is finally transferred to our P&GS Unit. No credit can be taken for number of schemes.

The P & G S Units and Branch Offices of LIC are requested to bring these instructions to the notice of all concerned.






EXECUTIVE DIRECTOR (P&GS)


Encl: Annexure A: List of Offices along with P & G S Units.
Annexure B: Scheme Rules.
Claimant Statement cum Discharge form.









Annexure ‘A’

LIST OF OFFICES ALONG WITH ATTACHED P&GS UNIT

NORTHERN ZONE
Branches under the DO SERVICING P&GS UNIT
1. Ajmer Ajmer
2. Amritsar Jalandhar
3. Bikaner Jaipur
4. Chandigarh Chandigarh
5. New Delhi I New Delhi DO I P&GS
6. New Delhi II New Delhi DO I P&GS
7. New Delhi III New Delhi DO I P&GS
8. Jaipur Jaipur
9. Jalandhar Jalandhar
10. Jodhpur Jodhpur
11. Karnal Karnal
12. Rohtak * Karnal
13. Ludhiana Ludhiana
14. Shimla Shimla
15. Srinagar Jammu
16. Udaipur Ajmer

EASTERN ZONE
Branches under the DO SERVICING P&GS UNIT
17. Asansol Asansol
18. Bongaigaon Guwahati
19. Kolkata Metro I KMDO I P&GS
20. Kolkata Metro II KMDO I P&GS
21. Kolkata Subarban KMDO I P&GS
22. Guwahati Guwahati
23. Howrah KMDO I P&GS
24. Kharagpur * KMDO I P&GS
25. Jalpaiguri Jalpaiguri
26. Jorhat Jorhat
27. Silchar Silchar

EAST CENTRAL ZONE
Branches under the DO SERVICING P&GS UNIT
28. Behrampur Bhubaneshwar
29. Bhagalpur Patna
30. Cuttack Bhubaneshwar
31. Hazaribaug Jamshedpur
32. Jamshedpur Jamshedpur
33. Muzaffarpur Patna
34. Patna Patna
35. Sambalpur Sambalpur

NORTH CENTRAL ZONE
Branches under the DO SERVICING P&GS UNIT
36. Agra Agra
37. Aligarh Agra
38. Allahabad Allahabad
39. Bareilly Bareilly
40. Dehradun Dehradun
41. Gorakhpur Gorakhpur
42. Haldwani Bareilly
43. Kanpur Kanpur
44. Lucknow Lucknow
45. Faizabad * Lucknow
46. Meerut Meerut
47. Varanasi Varanasi

CENTRAL ZONE
Branches under the DO SERVICING P&GS UNIT
48. Bhopal Bhopal
49. Gwalior Gwalior
50. Indore Indore
51. Jabalpur Jabalpur
52. Raipur Raipur
53. Satna Jabalpur
54. Shadol Jabalpur

SOUTHERN ZONE
Branches under the DO SERVICING P&GS UNIT
55. Chennai DO I Chennai DO I P&GS
56. Chennai DO II Chennai DO I P&GS
57. Coimbatore Coimbatore
58. Ernakulam Ernakulam
59. Kottayam Kottayam
60. Kozhikode Kozhikode
61. Madurai Madurai
62. Salem Salem
63. Thanjavur Thanjavur
64. Thiruvananthapuram Thiruvananthapuram
65. Tirunelveli Tirunelveli
66. Vellore Vellore










WESTERN ZONE
Branches under the DO SERVICING P&GS UNIT
67. Ahmedabad Ahmedabad
68. Amravati Amravati
69. Aurangabad Aurangabad
70. Bhavnagar Rajkot
71. Gandhinagar Gandhinagar
72. Goa Goa
73. Kolhapur Satara
74. Mumbai DO I MDO I P&GS Unit – Yogakshema
75. Mumbai DO II MDO I P&GS Unit – Sion
76. Mumbai DO III MDO I P&GS Unit – Ville Parle
77. Mumbai DO IV MDO I P&GS Unit – Yogakshema
78. Nadiad Vadodara
79. Nagpur Nagpur
80. Nanded Aurangabad
81. Nashik Nashik
82. Pune Pune
83. Solapur * Pune
84. Rajkot Rajkot
85. Satara Satara
86. Surat Surat
87. Thane Thane
88. Vadodara Vadodara


SOUTH CENTRAL ZONE
Branches under the DO SERVICING P&GS UNIT
89. Bangalore I Bangalore I P&GS
90. Bangalore II Bangalore I P&GS
91. Belgaum Dharwad
92. Cuddapah Cuddapah
93. Dharwad Dharwad
94. Hyderabad Hyderabad
95. Karimnagar Warangal
96. Machilipatnam Vijayawada
97. Mysore Mysore
98. Nellore Cuddapah
99. Raichur Raichur
100. Rajahmundry Vijayawada
101. Secunderabad Hyderabad
102. Udupi Mangalore
103. Shimoga * Mangalore
104. Vishakhapatnam Vishakhapatnam
105. Warangal Warangal

* On decentralization of accounting functions to new Divisions

ANNEXURE B

GROUP INSURANCE SCHEME FOR CONFIRMED TIED AGENTS OF
THE LIFE INSURANCE CORPORATION OF INDIA
RULES OF THE SCHEME

SECTION – I

1. DEFINITIONS :

In these Rules, where the context so admits, the masculine shall include the feminine and the following words and expressions shall unless repugnant to the context, have the following meanings:-

i) “COMPANY” shall mean LIFE INSURANCE CORPORATION OF INDIA established under Section 3 of the Life Insurance Corporation Act, 1956.



ii) Master Policyholder shall be Executive Director (Marketing), LIC of India, Central Office, Mumbai – 400021.

iii) “THE NODAL AGENCY” shall mean the Branch of the Corporation and any other company / firm or Corporation which may be in future be managed or controlled by or become associated with the Corporation and which may agree to become so, by these rules

iv) “THE CORPORATION” shall mean the Life Insurance Corporation of India established under Section 3 of the Life Insurance Corporation Act, 1956.

v) “THE SCHEME” shall mean Group Insurance Scheme for confirmed Tied Agents of the Corporation

vi) “CONFIRMED AGENT” shall mean the agent confirmed and completed one year from the date of his appointment.


vii) “THE RULES" shall mean the Rules of the Scheme as set out below and as amended from time to time.

viii) “THE MEMBER” shall mean the particular Agent who has been admitted to membership of the Scheme and on whose life an assurance has been or is to be effected in accordance with these Rules.

ix) “EFFECTIVE DATE” shall mean 1st September, 2007, the date from which the Scheme commences.

x) “ENTRY DATE” shall mean (a) in respect of members joining the scheme on the effective Date, Effective Date, and (b) in respect of member joining the scheme after the effective date; the 1st working day of the month, wherever the date of completion of one year from the date of appointment is on the first working day, in all other cases the same will be the 1st of the following month in which he becomes eligible.

xi) “ANNUAL RENEWAL DATE” shall mean, in relation to the Scheme 1st September, 2008 and 1st of September in each subsequent year.

xii) “TERMINAL DATE” shall mean in respect of each Member the Date on which the Member completes the age of 65 years or the date on which the agency terminates

xiii) “THE ASSURANCE” shall mean the particular Assurance or Assurances to be effected on the life of the Member.

xiv) “THE BENEFICIARY” shall mean the person or persons who has/have been appointed by the Agent as nominee under Agents Rules 1972 as per the nomination register maintained by the Branch, where the agency is attached.

2. Nodal Agency will act for and on behalf of the Members in all matters relating to the Scheme and every act done by agreement made with and notice given to the Corporation by the Nodal Agency shall be binding on the Members.

3. ELIGIBILITY:-

(a) Agents attached to the Corporation who satisfy the following conditions:
i. Age is between 18 and 65 years.
ii. Agent is confirmed
iii. Agent who is on roll as on the effective date
iv. Agent who is on roll as on the effective date and is otherwise eligible to join the scheme, provided he has not given an option not to join the scheme.

(b) No member shall withdraw from the Scheme while he is still an eligible member satisfying the conditions of Eligibility described above.
(c) Present Agents of the Corporation though eligible but have exercised the option not to join the scheme on the Effective Date shall not be allowed to join the scheme at any future Date.
(d) All the Agents appointed on or after the date of commencement of the scheme, who are otherwise eligible, shall compulsorily join the scheme on confirmation

4. EVIDENCE OF HEALTH:

Satisfactory evidence of health as required by the Corporation shall be furnished by every Eligible member, at the time of his entry into the Scheme and on each occasion when an increase in Assurance is granted. The terms of acceptance may be varied if in the opinion of the Corporation the evidence of health is not satisfactory or other special hazards exist. At present if the agent satisfies eligibility criterion, no evidence health is required.

SECTION – II

CONTRIBUTIONS, ASSURANCE & BENEFITS

5 CONTRIBUTIONS:

The Nodal Agency shall arrange to collect and remit to the P & G S Unit of the Corporation in respect of all eligible Members/ on the member becoming eligible, in respect of each member from the entry date such contributions, as are required to secure and continue the Assurance on his life as described under Rule 6 hereunder.

Premium payable will be as under:-

Category Agency Standing at Credit as at 31.08.2007. Premium Rs. p.a.
I 1 to 3 Years 120/-
II >3 to 5 Years 240/-
III >5 to 10 Years 720/-
IV More than 10 Years 1,200/-

In respect of member confirmed during the middle of the policy year Proportionate premium at the rate of Rs.10/-p.m will be deducted from commission for the remaining months, till the next policy anniversary.


6 ASSURANCE:

An Assurance shall be effected on the life of each member under One Year Renewable Term Insurance Plan for a sum assured as under:

Category Agency Standing at Credit as at 31.08.2007. Cover
I 1 to 3 Years 50,000
II >3 to 5 Years 1,00,000
III >5 to 10 Years 3,00,000
IV More than 10 Years 5,00,000


The Assurances shall be held by the Nodal Agency UPON TRUST for the benefit of the persons entitled to in accordance with these Rules. A member eligible to move from a lower category to a higher category shall be eligible for the increased cover from the 1st of September, following the date he has qualified for higher category cover.

An agent, whose agency is confirmed in the middle of the policy year, will be covered from the date of completion of one year from the date of his appointment, where the completion of one year is on the first working day of the month. In all other cases coverage will start from the first day of the following month.


7 BENEFITS ON DEATH PRIOR TO TERMINAL DATE

On the death of the Member, whilst he is insured, prior to Terminal Date, the sum assured under the Assurance then in force shall be payable to the Nodal Agency for the benefit of the Beneficiary.

8 TERMINATION OF ASSURANCE:

The Assurance on the life of a Member shall terminate upon the happening of any of the following events and no benefit will become payable there under:-

(a) Discontinuance of contributions relating to the Assurance for any reason whatsoever.
(b) The Member reaching the Terminal Date.
(c) The Member ceasing to be agent attached to the Corporation

9 RESTRAINT ON ANTICIPATION OR ENCUMBRANCE:

T he benefits assured under the Scheme are strictly personal and cannot be assigned, charged or alienated in any way.

10 DISCONTINUANCE OR AMENDMENT OF THE SCHEME:

The Nodal Agency reserves the right to discontinue the Scheme at any time or to amend the Rules thereof on any Annual Renewal Date subject to one month notice being given to the Members and the Corporation. The Corporation reserves a similar right to discontinue the scheme subject to one month notice given to the Nodal Agency.

11 JURISDICTION:
All Assurances issued under the Scheme shall be Indian Contracts. They will be subject to Indian Laws including the Indian Insurance Act, 1938 as amended, the Life Insurance Corporation Act, 1956, the Income Tax Act, 1961 and to any legislation subsequently introduced. All benefits under the Scheme arising out of death of any Member shall be payable in Indian Rupees.

12 MASTER POLICY:

The Corporation will issue a Single Master Policy incorporating all the Assurances effected under the scheme.


13 APPOINTMENT OF BENEFICIARY:

Every Member shall appoint one or more of his wife or child/children or dependants to be his nominee. In the event of death of the Member, the Benefits then in force under the Assurance on his life will be paid to the nominee appointed by the Member and maintained by the Nodal Agency in the Register of Members kept by them. If the member does not have a wife or child/children or dependents then he shall appoint his legal personal representative to be the nominee. For this purpose the nomination register maintained by the Branch, where the agency is attached, in respect of other dues payable by the Corporation will suffice. The same nominee as appointed by the agent under Agents Rule 1972 shall be valid for payment of GI claim as well.

14 RATES OF PREMIUM AND CONDITIONS OF ASSURANCE:

The rate of premium and conditions of Assurance under which the Corporation is prepared to arrange the Scheme shall be subject to change based on claim experience and the conditions of acceptance of risks and rates of premium may be amended by the Corporation from time to time on any Annual Renewal Date subject to one month notice being given to the Nodal Agency.

15 In the case of dispute in the interpretation of any of the provisions of the Rules, the same will be referred to the Chairman of the Life Insurance Corporation of India, whose decision thereon shall be final.


Place:
Date : (Signature of Executive Director(Mktg.)
LIC of India, Central Office)

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Claim Form for Agents

LIFE INSURANCE CORPORATION OF INDIA

CLAIMANTS STATEMENT CUM DISCHARGE FORM



Name of the Scheme Group Insurance Scheme for Confirmed Tied Agents
of the Corporation. 2007
Master Policy Number 693223.

Name of the Deceased Agent ____________________________
Agency code with Branch Name _______________________________

Applicable Insurance cover on the date of Death Rs________

Was his Agency in force Yes/No

Date of death (Attach Certificate) _______________ Year of Appointment __________

Name of Nominee _____________________________
Relationship of nominee and Age _____________________________

Bank A/c details of the Nominee ____________________________

Discharge: Received with thanks from Life Insurance Corporation of India a sum of Rs_____ being the death claim proceeds receivable on the life of late ________________ ex agent of LIC of India

Signature of Nominee and Date ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬______________________________


RECEIPT
STAMP



CERTIFICATE OF CHIEF/SR/BRANCH MANAGER

This is to certify that the claimant is the nominee as per the register of Nomination. We also certify that Sri/Smt________________ was a confirmed agent and his agency was in force. The premium of Rs ____was deducted from his commission on_____under the Group Insurance Scheme for Confirmed Tied Agents of the Corporation 2007
The premium for the period ___________ was deducted from the agency commission of the agent. His Death Certificate is enclosed.
Cheque for the claim amount may be ( ) Send directly to the nominee
( Tick appropriate box) ( ) Cheque issued in favour of Branch Manager
( ) Cheque in favour of nominee be sent to branch

Chief/SR/Branch Manager __________________
Branch ________________ Date ____________
Office seal

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