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GROUP INSURANCE SCHEME FOR CONFIRMED TIED AGENTS OF THE CORPORATION
It has been decided to introduce a Group Insurance Scheme for Confirmed Tied Agents of the Corporation w.e.f. 1st September, 2007. The details of the same are as under.
A. GENERAL
1. Date of Commencement: The Date of Commencement of the Scheme is 01.09.2007.
2. Purpose of the Scheme: The purpose of the scheme is to offer insurance to all the confirmed tied agents of the Corporation, who have completed one year from the date of appointment.
3. Confirmed Agents: Agents confirmed and completed one year from the date of his appointment.
4. Eligibility: All the Confirmed tied Agents who have completed one year from the date of appointment and who are aged less than 65 years. For details refer scheme rules
Group Insurance Scheme for Confirmed Tied Agents LIC
General Information:
Commencement Date: September 1, 2007.
Purpose: To provide insurance coverage to confirmed tied agents who have completed one year of service.
Eligibility: Confirmed agents who:
Have completed one year from the date of appointment.
Are below 65 years of age.
Coverage and Premium Details:
Category Agency Standing at Credit Coverage Premium per annum
1 to 3 Years ₹50,000 ₹120
3 to 5 Years ₹1,00,000 ₹240
5 to 10 Years ₹3,00,000 ₹720
IV More than 10 Years ₹5,00,000 ₹1,200
Premium Deduction: ₹10 per month from the commission for newly confirmed agents until the next policy anniversary September 1 every year.
Negative Option: Existing confirmed agents (as of the scheme's start date) may opt out before August 31, 2007. Once opted out, rejointing is not permitted.
Assurance Details:
Type: One-Year Renewable Term Insurance.
Benefits on Death: Sum assured is paid to the nominee.
No Double Accident Benefit: Not covered under this scheme.
Termination of Assurance: Occurs when:
Contributions are discontinued.
Agent reaches 65 years of age.
Agency is terminated.
Claim Settlement:
Upon death, the branch forwards the claimant’s statement and death certificate to the P&GS Unit.
The claim is settled by the respective P&GS Unit and paid to the nominee through the Branch Office.
Key Features:
Jurisdiction: Governed by Indian laws, including the LIC Act, 1956, and the Insurance Act, 1938.
Master Policy: Issued centrally with Master Policy Number 693223.
Premium Adjustment: Premiums are adjusted annually on September 1.
Amendments and Discontinuation: Can be made by the LIC or the Nodal Agency with a one-month notice.
वैष्णो माता देवी मंदिर: जम्मू-कटरा की पावन यात्रा और हिंदू आस्था का महान
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वैष्णो माता देवी मंदिर: जम्मू-कटरा की पावन यात्रा और हिंदू आस्था का महान
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