Gateway to Digital Life. Download AU 0101.

Life 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 Future Generali India Life Insurance Company Limited/ ICICI Prudential Life Insurance Company Limited.on the sale of Life 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:
 

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%
 

Disclaimers

AU Small Finance Bank Limited. (CIN: L36911RJ1996PLC011381) is 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 with Corporate Agent (Composite, IRDAI Registration No. : CA0515 valid till 30/08/2023)
Read More
 

Blogs & Articles