In a bid to ease the ardships faced by life insurance agents during covid-19 lockdown, the country’s largest life insurance company, LIC India has decided to disburse advance commission of up to Rs.50,000 to its individual agency force, said a note sent to distributors by the company.
The life insurer will pay advance commission in two installments i.e. on April 30 and May 15. The company will adjust this advance commission from the subsequent brokerage spread across two years. The deduction will start from October 2020. No interest will be charged on this amount. The maximum advance will be Rs.50,000 or an amount equal to the last year’s renewal commission whichever is less.
You can avail this benefit by contacting your development officer through WhatsApp, SMS, call or email. The development officer will be responsible for the collect and submission of your request to the company. Remember that you submit your consent by April 27, 2020 to avail this benefit.
Currently, over 12 lakh individual insurance agents work with LIC. However, the life insurer will pay advance commission to agents who have completed at least 5 years of service as on April 1, 2020. A rough estimate shows that nearly 6.50 lakh agents can avail this benefit.
The company has clarified that agents facing ongoing disciplinary action cannot avail this benefit.
