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Class of Business – Life Insurance
Sl. No | Category of Life Insurance Product or Policy | Maximum % of Premium payable as agency commission (excluding GST and applicable CESS) |
Single Premium | ||
A | All individual life products except pure risk products | 2% |
B | Individual Pure Risk products | 7.5% |
C | Individual Immediate/ Deferred Annuity | 2% |
D | One-year renewable group pure risk insurance | 5% of premium paid during the year or Rs 10 lakhs whichever is less |
E | Group Pure Risk (incl Group credit) | 5% |
F | Group Savings Variable Life Insurance | 2% |
G | Group Fund based | 0.5% of premium paid during the year or Rs10 lakhs whichever is less |
Sl No | Category of Life Insurance Product or Policy | Maximum % of Premium payable as agency commission (excluding GST and applicable CESS) | |
First year premium | Renewal Premiums | ||
Regular Premium | |||
A | Individual Pure Risk | 40% | 10% |
B | Individual Other than Pure Risk | ||
i) | In respect of policies with premium payment terms of | ||
5 years | 15% | 7.5% | |
6 years | 18% | 7.5% | |
7 years | 21% | 7.5% | |
8 years | 24% | 7.5% | |
9 years | 27% | 7.5% | |
10 years | 30% | 7.5% | |
11 years | 33% | 7.5% | |
12 years or more | 35% | 7.5% | |
12 years or more | 35% | 7.5% | |
12 years or more | 35% | 7.5% | |
C | Individual Deferred Annuity / Pension | 7.5% | 2% |
D | Group Pure Risk (including Group credit) and Group Savings Variable Life | 7.5% (only on pure risk premium | 7.5% |