For ENTRY into and CONTINUATION in the CLUB same membership criteria will apply as following :-

Business Conditions for being LIC Club Member Agent[/caption]

The Criteria will have to be fulfilled in “Qualifying Year” and in any two out of three financial years preceding the “Qualifying Year” for both ENTRY and CONTINUATION.

Minimum Net Number of Lives :

Condition No.1

An agent aspiring to enter into or continue membership of any club will be required to bring in minimum net number of lives in “Qualifying Year” and in each of the years reckoned for his/her entry into / continuation of his/her club membership. This is a mandatory condition.

Condition No. 2:

An agent can either bring in the net number of lives or should have the requisite number of lives in force in the years reckoned for his entry into / continuation of his/her club membership i.e. he/she has to fulfill either condition 2(a) or 2(b).

Relaxation Clause:

An agent will have to fulfill condition with regard to Renewal Commission and First Year Renewal Commission as per Table 1 above. However, a shortfall in fulfillment of condition of First Year Commission (paid) may be condoned maximum up to 50%, in years to be reckoned for Club Membership, provided it is compensated with the same or higher percentage increase on the basic condition prescribed for Renewal Commission paid.

Or

A shortfall in fulfilment of Renewal Commission paid, the condition may be condoned up to a maximum of 100% in years to be reckoned for Club Membership provided it is compensated with the same or higher percentage increase on the basic condition prescribed for First Year Commission paid.

Definition of Net Number of Lives, Number of Lives in Force:

There is no change in the definition of net number of lives and number of lives in force. However, we are reproducing the same below:

1. “Net Number of Lives” are distinct lives insured ( not a number of policies) during the qualifying financial year reduced by the number of lives who had been insured in the financial year preceding the qualifying financial year whose policies are lapsed as on 31st March of the said qualifying financial year.

2. “Number of Lives in Force” are the number of lives in force at the end of each relevant year out of the total business completed by the agent from the inception of the agency to the end of each such financial year. If the same life takes more than one insurance in the same financial year, it will be counted as one life only.

3. “Pucca Lapsed Policies” -The policies under which overdue premium/s remain unpaid for more than six months from the date of the first unpaid premium are deemed to be pucca lapsed for the purpose of arriving at Net Number of Lives in determining agents eligibility for membership of any club. All policies issued in the previous financial year which stand pucca lapsed as on 31st March of the subsequent financial year are to be deducted from the policies issued in the subsequent year to arrive at the ‘Net’ figure for considering the agent’s eligibility for Club Membership irrespective of whether the first unpaid premium was due in the previous financial year or the subsequent financial year.

New rules for LIC Agent club Members 2019-20