Club Galaxy for MDRT Agents (M.Y 2017-18)
Membership Year: The year in which an agent becomes the member of the club will be known as Membership Year. It will starts from 1st September to the following 31st August.
Qualifying Year: The financial year immediately preceding the Membership Year is the Qualifying Year.
First Qualifying Year: 01-04-2016 to 31-03-2017
First Membership Year: 01-09-2017 to 31-08-2018
Eligibility Criteria for Membership Year 2017-18:
A) Qualifying Condition for Entry to the Club:
- Required Business during F.Y. 2015-16:
First Year Commission – 8 Lac (Without Bonus Comm.) or
First Year Premium – 33 Lac*
- Required Business during Q.Y. 2016-17:
First Year Commission – 10 Lac (Without Bonus Comm.) or
First Year Premium - 40 Lac*
- First Year Lapsation at the end of Q.Y. 2016-17 : <10%
B)Qualifying Condition for continuation in the Club(M.Y 2017-18):
1.First Year Commission: 10 Lac(Without Bonus Comm.) or
First Year Premium : 40 Lac*
- First Year Lapsation at the end of the Q.Y. : <10%
*(In case of Single Premium 6% credit for first year lapsation)
Mere fulfilment of criteria for entry to the club does not confer upon an agent the club membership unless he has been interviewed and found suitable for admission to the club by the competent authority. A three member committee at Z onal Office, headed by the officer not below the cadre of Zonal Manager will recommend the eligible agents for the membership of the club. Zonal Manager (I/C) is the competent authority to award the membership.
Agents who have been relegated to a lower club due to non fulfilment of business conditions shall not be called for the interview.
The interviews should be completed in such a way that the results are declared by 31st July every year.
Relaxation Clause for Continuation in the Club:
In case of any member agent could not meet the requirements for continuation in the club due to short fall in the First Year Commission or First Year Premium, he may be granted the membership of the club by the Sr. Divisional Manager(I/C) if:
- He has fulfilled 80% of the stipulated performance criteria for continuation in the current Qualifying Year.
- Divisional Manager is satisfied that reasons for the shortfall in the performance parameters are due to the factors which were extraordinary and beyond his control.
Provided, the agent has been the member of the club without availing this relaxation clause during two consecutive qualifying years preceding the year in which he desires the relaxation.
Transfer of Business Credit for Continuation in the Club:
In case of shortfall in business and commission earning during the qualifying year, credit for the business and commission in excess of the eligibility criteria for the year immediately preceding the current qualifying year, may be transferred to the current qualifying year. However, maximum credit by way of such transfer should not be more than 20% of current qualifying year’s eligibility criteria. Such agents would be eligible for all the benefits stipulated for this club.
Agency with other Insurer:
If any member/s of the family of an agent of the Corporation has taken up agency/corporate agency or is a Specified Person/Financial Service Executive/Direct Sales Executive with any other Life Insurer or is a Life Insurance Broker, then the agent working with LIC of India, shall not be eligible for grant / continuation of membership of the club. The definition of members of family of an agent includes:
- Children or Step-children staying with the existing agent,
- Any other person related whether by blood or marriage staying with the existing agent or as amended by LIC of India time to time.
Club GALAXY Benefits:
No linkage of fringe benefits with any of the other clubs (CM’s/ZM’s/DM’s/BM’s).The following fringe benefits will be given to the members of the club.
- Office Allowance:
50% of the actual expenses as determined below or Rs.1,00,000/- whichever is lower would be reimbursed to the agents once in a year at the end of the membership year. Allowance may be paid only to the agents maintaining an office for the purpose of LIC business. For computing all expenses on maintaining the office, following would be considered.
- Rent paid (Actual)
- Salaries paid to the staff (Actual)
- Postage expenses incurred (Actual)
- Amount spent on stationary – Max. of Rs. 3000/-
- General Maintenance and Electricity Charges up to max. Rs. 5000/-(25% of the actual electricity bill, provided the office is not at the residence of the Club Agent)
- Expenses on Entertainment – max. Rs.5000/-
- Expenses on maintaining personal computer – max. of Rs.10,000/-
Max. Reimbursement of Rs.12,000/- per annum would be admissible towards rental and call charges of landline/mobile phone.
3. Supply of Letter heads, Envelops and Visiting Cards:
Letter heads, Envelops and Visiting Cards – 500no.s each per annum
4. Club Convention:
Member agents may be allowed to attend club convention at a place decided by the competent authority or will be reimbursed the actual airfare or Rs.60,000/- whichever is lower for attending the MDRT meet. They would also be eligible for out of pocket expense of Rs.10,000/- for attending the MDRT meet. All the member agents will be eligible for claiming the reimbursement of MDRT registration fee as per prevailing conditions.
5. Club Blazer:
Rs. 5000/- for a Blazer as per the colour and pattern specified by the corporation, will be reimbursed once in every three years.
6. Other Benefits:
Daily allowance, Group Insurance, Mediclaim, and Complimentary Diaries.
Agents qualified and continuing for this club are eligible for varies advances against renewal commission as per the ‘Scheme of Advance for Agents’. Conditions, quantum and process for advance is same as it is for Chairman Club Agents except for ‘Four Wheeler Advance’ which would be as under for the first and subsequent advance for member agents of this club:
Actual Price of Car or last two year’s renewal commission or Rs.10Lac, whichever is less.