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General Insurance Commission Disclosure

In terms of the RBI circular bearing Ref. No. RBI/2009-10/225 dated November 16, 2009 following are the details of commission which AU Small Finance Bank Ltd. is eligible to earn from Cholamandalam MS General Insurance Company Limited / TATA AIG General Insurance Company Ltd on the sale of General Insurance Products in its capacity as corporate agent in line with IRDAI (Payment of Commission or Remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016 and applicable circulars:
 
Sr No
Class of Business
% of Premium payable as agency commission
(% of Final premium excluding GST and applicable CESS
Commission from General Insurance – Motor Insurance
1
OD premium on all vehicle categories
15%
2
TP premium on vehicles having age more than 3 Years
2.50%
Commission from General Insurance – Non-Motor Insurance
1
Fire_ Other than Residential property
16.50%
2
Fire_ Residential Property (Long Term Dwelling)
16.50%
 

Disclaimer

AU Small Finance Bank Ltd.has registered itself with Insurance Regulatory and Development Authority of India (“IRDAI”) in order to act as a corporate agent of Cholamandalam MS General Insurance Company Limited having its address at 2nd Floor, "Dare House", No.2, NSC Bose Road, Chennai - 600001, India and TATA AIG General Insurance Company Ltd, having its address  Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai. AU Small Finance Bank Ltd. has not entered into any such contract with the insured person. The insurance contract is made between Cholamandalam MS General Insurance Company Limited / TATA AIG General Insurance Company Ltd and the insured person only. AU Small Finance Bank Ltd. is merely a corporate agent of Cholamandalam MS General Insurance Company Limited and TATA AIG General Insurance Company Ltd. No direct/indirect association between the banking services offered by AU Small Finance Bank Ltd and usage of the product and/or in the scheme offered by Cholamandalam MS General Insurance Company Limited and TATA AIG General Insurance Company Ltd. Your participation in this product is at your own free will and purely on voluntary basis. AU Small Finance Bank Ltd is neither liable nor responsible for any claim, dispute, liability, loss, shortfall or the like resulting from the scheme. This policy is brought to you from Cholamandalam MS General Insurance Company Limited / TATA AIG General Insurance Company Ltd.
 
AU Small Finance Bank Ltd. (CIN: L36911RJ1996PLC011381) a scheduled bank under second schedule of Reserve Bank of India Act 1934, and a small finance bank under Section 22 of Banking Regulation Act 1949 and having its registered office at 19-A, Dhuleshwar Garden, Ajmer Road, Jaipur – 302001, Rajasthan is registered as a corporate agent (Composite, IRDAI Registration No. : CA0515 valid till 30/08/2020) of Cholamandalam MS General Insurance Company Limited and The New India Assurance Co. Ltd. The participation of the customers of AU Small Finance Bank Ltd in the policy is purely voluntary."