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  • Insurance Agents to get more commission on motor insurance policies

    Agents to get more commission on motor insurance policies

    IRDAI has increased the commission structure on own damage motor insurance policies to 17.5% of the premium.
    Rosevina Gonsalves & Nishant Patnaik Oct 31, 2017

    Last month, IRDAI has allowed car dealers to distribute motor insurance policies by becoming motor insurance service providers (MISPs). The insurance regulator had allowed insurance companies to pay up to 22.5% of total premium as the commission in 2 wheelers and 19.5% of the total premium for other vehicles such as cars and SUVs to MISPs. This commission structure is applicable only on premium charged towards ‘own damage’.

    In order to bring in some parity between the commission structure of motor insurance service providers (MISPs) and other intermediaries like agents and brokers, the insurance regulator has hiked the commission structure of agents on two wheeler motor insurance policies to 17.5% of the premium.

    So far, general insurers were paying up to 15% as commission on such policies.

    However, commission payable to four wheelers like cars and SUVS remains unchanged at 15% on comprehensive motor insurance policies. In addition, IRDAI has allowed insurance companies to pay 2.5% of annual premium on the third party portion of comprehensive policies from fourth year onwards. That means, there will no commission on the first three years on third party portion of comprehensive policies. Premium of comprehensive motor insurance policies has two components – third party and own damage.

    On standalone third party policies, which are mandatory in India, the insurance regulator has kept commissions under such policies at 2.5% of annual premium.

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    25 Comments
    Keshav Achint · 6 years ago `
    General insurance ke agents ka commission structure od premium+tp premium ko add karke hona chahiye. Third party policies premium ke upper b fix commission honna chahiye.Mujhe samaj nahi aata ki company ke assistant ki salary b kamse kam 40000/ pm hai.unka kaam agents dwara laye Gaye cases ko feed karke policy banana hai.Har saal increments promotion medical reimbursement retirement benefits pension sab kuch or jo agents company ki backbone kehlaye jate hain unhe matr 15%-17.5%commission.Sab ki salary increase hoti hai magar hum agents ki decrease hoti hai. Kuch to socho hamare liye .Staff ko jo salary di jati hai wo agents ka hi Kiya hua bima hota hai.keshav Achint.0134@gmail.com 9855330134
    SAJAL GUPTA · 6 years ago
    Iss seculer ne sara business brbad kr dia ye mt bhoolo ki jo bhi compny ko benifit hote hai unme sab agents. Ka main role hai 17.50 me ku6 ni bach rha private comny ko kyu ghasseta ja rha hai iss seculer me
    Nitesh · 3 years ago
    IRDA TP portion pe sidha sidha commission pasand nahi karta taki agent ko policy continue karne ka motivation rahe aur agent koi fraud karne ki koshih na kare. Dekha jaye tho TP business kisi bhi company ke liye profitable nahi hai, wo sirf isiliye bech te hai kyuki IRDA ne compulsory kiya hai.
    harinder singh · 1 year ago
    100000 gadi insured hue to 100 gadi ka hi claim hota hai marketing ofr pilar hai agent jiske upar irda tika hai
    harinder singh · 1 year ago
    kanooni roop se agent ka sosand ho raha hai irda dwara
    Reply
    surya prasad · 6 years ago `
    National ins ka 1st nov2017 se badha hua Jo commission milna tha Jo abhi tak old rate se hi comm mil raha hai aisa kyun.
    Manish A.Hurgat · 6 years ago `
    There is no staff for underwriting at ,Jalna NIC .Any time two person are there ,one Br.manager & claim officer ,no is looking to Jalna branch.Commission is not paid till15th of next month.In the office they r doing business in their relatives code.why this should be happen,if myself our some agent talk customer they direct call him and say ,sit show me what u have to do?
    b h bhandary · 5 years ago
    if public sector general insurance co staff doing business in their relative name or dummy code pls intimate the subjet to vigilance commission of that insurance co. if they not respond intimate to c b i .
    Reply
    Manish A. Hurgat · 6 years ago `
    Till now they had not paid difference Commission from 1st Nov
    SANKAR SAMADDAR · 5 years ago `
    WANT TO BE DISTRIBUTOR
    rahul · 5 years ago `
    bekar hai yeh sab bhai
    Vivek Ram · 5 years ago `
    Please provide General insurance agent commission details with Example
    Beeram singh rawat · 5 years ago `
    kya company franchise office Deti Hai ?
    Deepak · 4 years ago `
    M AGENCY LENA CHATA HU
    Neeraj Pal · 3 years ago
    want become plz contact on 9140033783
    Reply
    Sudhakar · 4 years ago `
    Please motar insurance company coumition please send me
    Prakash · 4 years ago `
    Agent code vehicle ke lea
    Santhosh · 4 years ago `
    I want to became a motor insurance agent
    Neeraj Pal · 3 years ago
    plz contact 9140033783
    Reply
    Santhosh · 4 years ago `
    Pls call 9900253380
    Balasubramanian · 4 years ago `
    How to become a agent
    Krishnapal · 3 years ago `
    Uiic irdai direct agent fix salary any insurence 20000rs per month 4 insurence
    sandesh pai · 3 years ago `
    how commission of motor insurance calculated give with example
    JAGDEESH PANDEY · 3 years ago `
    For Agency requirement of Moter Vehicle
    Md irfan · 2 years ago `
    Become agent
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