LIFE INSURANCE AGENT S FEDERATION OF INDIA,(LIAFI 1964 )

Transcription

1 LIFE INSURANCE AGENT S FEDERATION OF INDIA,(LIAFI 1964 ) MINUTES OF THE LIAFI REPREDENTATIVE MEETING WITH LIC MANAGEMENT The LIAFI Representatives Meeting with the Management of LIC held on 5 th July 2012 at Central office, MUMBAI. The following Officials from LIC of India and Representatives from Life Insurance Agent s Federation of India (LIAFI) participated in the said meeting. OFFICIALS FROM LIC OF INDIA: 1. Mr.D.K.MEHROTRA Chairman, LIC of India 2. Mr.H.L.BHARGAVA Executive Director, Marketing 3. Mr.H. S.B.SINHA Chief Marketing 4. MS. VIDHU VERMA Secretary 5. Mr.A.K.TRIVEDI Secretary 6. Mr.P.J.TIKOO Asst.Secretary 7. Mr.SANJAY SINGH Asst. Secretary 8. Ms.SWATHI Administrative Officer REPRESENTATIVES FROM LIAFI: 1. S.B.SREENIVASA CHARY President 2. SHYAMAL CHAKRABORTY Sec.General 3. N.C.CHANDHAK Chairman, Planning Committee 4. V.K.DUBEY Chief Editor, ILU Magazine 5. HARBAJAN SINGH National office Bearer The Meeting has commenced with the welcome address by Sri HEMANTH BHARGAVA, ED, Mktg and explained the business performance of LIC, Details of Club members, Highlights of agent s performances, agent s statistics, market trend and its share, concerns with falling the number of agents and commission statistics of agents through Power Point Presentation. He congratulated the Agents for the good performance recorded and for positive growth in gaining the Market Share during the financial year. The Management has expressed its concern on declining number of agents every year due to various reasons and recruitment of agents also not an encouraging move during the last financial year and disappointed. The Statistics which we have collected from the Central Office pertaining to the paid during the last five financial years, Additions and deletion of Agents and Cub Members entry and continuation with growth percentage are mentioned in the following tables for your kind information.

2 COMMISSION STATISTICS FINANCIAL YEAR First Premium Renewal Premium Single Premium Total AGENCY STATISTICS FINANCIAL YEAR No. at the Beginning Additions (Appointment + Reinstatements) Deletions (Termination + Death + Others) No. at the end of Financial Year ( ) ( ) ( ) ( ) ( ) MDRT Agents 1. MDRT Agents Growth %

3 AGENY STATISTICS 2. Agents earning more than Rs. 2 lacs a. After 5 years 7018 b. After 10 years Agents earning less than Rs. 50,000 After 10 years : 9,59,872 ZONE-WISE CORPORATE CLUB MEMBER AGENTS ZONE ADDITION NEW CONTD. TOTAL NEW CONTD. TOTAL NORTH NORTH CENTRAL CENTRAL EAST EAST CENTRAL SOUTH SOUTH CENTRAL WEST TOTAL

4 ZONE-WISE CM/ZM CLUB MEMBERS ZONE ZONAL MANGERS CLUB CHAIRMANS CLUB AGENTS %age % age NORTH NORTH CENTRAL CENTRAL EAST EAST CENTRAL SOUTH SOUTH CENTRAL WEST TOTAL BM/DM CLUB MEMBERSZONE-WISE ZONE BRANCH MANGER S CLUB DIVISIONAL CLUB AGENTS %age %age NORTH NORTH CENTRAL CENTRAL EAST EAST CENTRAL SOUTH SOUTH CENTRAL WEST TOTAL

5 The President of LIAFI Sri S.B.SREENIVASA CHARY introduced his team members to the management and all the members from LIAFI felicitated the Chairman on the occasion of his official confirmation of his position as Chairman, LIC of India. It is really a worthy meeting which has been attended by the chairman and positively responded on the issues. Further the President expressed his concern on the issues related to IRDA guidelines such as Closure of plans from 1 st October 2012 and refilling the same as per new guidelines of products, Orphan policies and Direct Tax Code. LIAFI representatives requested the management to take up the matter with Regulator and Govt of India for not to initiate such kind of regulations which would adversely impact on Insurance Industry. The Chairman informed the delegation that already represented the matter to the IRDA as well as to the Govt of India; that these kinds of guidelines would be affected on the new business of Insurance and industry also suffer a lot. GRATUITY: We are extremely happy to inform you that the management has agreed to enhance the quantum of amount of Gratuity from 2 lakhs to 3 lakh.the necessary proposals sent to the Govt of India for ratification and awaiting the approval from the Ministry of Finance. GROUP INSURANCE: The Executive Director (MKTG) agreed to send the proposals to the P&GS Dept for extending the group insurance to the maximum age of 70 years of agents. At present it is available for the agents who are aged less than 65 years. GROUP MEDICAL INSURANCE: This Mediclaim facility will be available for all Cub Member agents up to the age of 80 years. Currently there is a single TPA operating for all India from Mumbai, which is causing lot of inconvenience for processing and settlement of claims. Further, there is undue delay in processing and also excessive rejections for vague reasons. Mr Shyamal Chakrborty our Secretary General placed some specific cases before the management, which are pending since long time for claim settlement. The Executive Director (Mktg) has assured to take up this issue with the New India assurance Company Ltd at the time of Renewal of Policy i.e. in the month of September Management also realized and assured the delegation to propose for decentralization to speed up claim settlements at Zonal level. TERM INSURANCE: It has been agreed by the management to initiate the process for enhancement of term insurance for all agents which is required to be sent the necessary proposal to the Govt of India. REVISED CLUB RULES: Lengthy discussions held on this particular subject particularly on Number of lives, escalation clause and first year and renewal commission. The management has informed that there is a positive growth in commission earnings and growth of Club member s strength every year and if there is any adverse impact on the club members then it would be consider after reviewing the performance. The ED,Mktg has assured that Re instructions would be issued to all the concerned for club roaster preparation without any mistakes and all single premium policies, health and pension policies also going to be incorporated in Net Number of Lives in force. AGENT S HOUSING LOAN: When we have raised the issue for enhancement of Housing Loan, the Chairman also in our meeting and advised the Executive Director to take up the matter with LIC Housing Finance LTD and resolve the same at the earliest. Accordingly Sri HEMANTH BHARGAVA, ED, Mktg has informed the delegation that he has taken charge recently and assured to settle the same within two months.

6 OTHER LOANS: The proposal for increasing number of times in availing the Four Wheeler and Marriage Advance placed before the management in the said meeting and the Executive Director positively responded and assured to examine the possibilities. OTHER MATTERS: We have raised the point of including minor children in exercising the option to visit any place of their choice in India in lieu of attending the convention. We have explained the reasons for inclusion of minor children and management also convinced in this matter. The management has agreed to include "FAMILY" in place of Spouse and also agreed to include in the option to visit any place of their choice in India an OTHER THAN INDIA". We had a discussion with Mr. K.GANESH, Executive Director, CRM in relation to the Non availability of Policy Valets, Un Delivery of Policy Bonds in time, Enhancement of Transaction fee and transit insurance for empowered agents. In addition to this we have given the feedback with regards to the problems in ECS. We have specifically requested not to insist the Bank Manager attestation in the prescribed format to be submitted at the time of proposal wherever the Cancelled Chq and Passbook Copy are presented as Bank Account Proof. It is also assured by him to check the possibilities after going through the RBI guidelines. He has assured to solve these concerns at the earliest. Mr.Suri Seetaram, from Hyderabad also had given some valuable inputs regarding the Agent and Merchant Portals updation and Enabling the Loan Principle and Interest data at Premium Points and at other than Servicing Branches. The ED, CRM has informed the delegation that the process of EDMS completion is in the completion stage and several new developments would be introduced at the earliest and hopefully this may come with effect from October 2012 itself. We have also brought some of technical problems to the notice of Mr B.Venugopal, Executive Director, IT particularly the problems being faced by the agents and policyholders due to E-feap at the Branches. It has been told by him that tentative relaxations provided in implementation NEFT We have also got an opportunity to meet both the Managing Directors Mr. THOMOS MATHEW and SUSHOBHAN SARKAR and submitted the memorandum with regards to the concerns of Agents community. They have positively responded on certain issues and assure to safe guar the agents interest. The delegation of LIAFI has also met the Executive Director, CLIA Mr.NIRANJAN MISRA, Mr.T.C.SUSEEL KUMAR, ED, Bank assurance & Alternative Channels and Mr.M.R.KUMAR, ED, Personnel at Central Office, Mumbai and represented the matters related to the concerned departments. The Meeting concluded with the Vote of Thanks proposed by the Secretary General, LIAFI. S.B.SREENIVASA CHARY PRESIDENT SHYAMAL CHAKRBORTY SECRETARY GENERAL