Wednesday, 15 February 2012
Prize Scheme for Agents (excluding corporate agent) for selling Individual Health Policies
1. Period of the scheme : 1st January to 31st March 2012.
2. Eligibility :
i) The scheme is applicable for the following health policies only and age of the Policy holders or any of their family members (family package policy covering spouse & dependent children) should not be above 40 years for Group “A” and 25 years for Group “B”
a) Individual Mediclaim
b) Parivar Mediclaim
c) Vidyarthi Mediclaim
d) Overseas Mediclaim
ii) Minimum premium (Excluding Service Tax) in a single Policy for each category Shall be as under :
FOR GROUP “A”
a) Individual Mediclaim : `2,500/-
b) Parivar Mediclaim : `2,500/-
c) Vidyarthi Mediclaim : `1,000/-
d) Overseas Mediclaim : `2,000/-
FOR GROUP “B”
a) Individual Mediclaim : `2,000/
b) Parivar Mediclaim : `2,500/-
c) Vidyarthi Mediclaim : `1,000/-
d) Overseas Mediclaim : `1,500/-
iii) Minimum FIVE health policies from a total of above mentioned policies will have to be sold during the scheme period.
iv) Incentive will be calculated on the basis of points earned.
v) Gift vouchers will be distributed by respective Regional Offices according to points earned by the agents.
vi) Reward points will be calculated separately for each group (i.e. Group “A” and Group ”B”).
Contd. Page 2
vii) This scheme will be applicable only for fresh proposal including policy under portability scheme.
viii) The scheme is not applicable for any Tailor made Mediclaim or Group Mediclaim Policy.
ix) Any agent can participate in single group or in both groups at a time.
3. Calculation of Reward points: The following reward points will be calculated on the basis of premium procurement and no. of policies sold. Total of points under both the categories will be added to arrive at the qualifying points for value of Gift Vouchers.
GROUP “A” : Policy issued to the policy holders up to the age of 40 years.
PREMIUM INCOME:
Premium Income | Individual Mediclaim | Parivar Mediclaim | Vidyarthi Mediclaim | Overseas Mediclaim |
`1,000/- to `2,000/- | Nil | Nil | 5 | Nil |
`2,001/- to `5,000/- | 2 | 2 | 10 | 3 |
`5,001/- to `10,000/- | 5 | 5 | N/A | 5 |
`10,001/- to `15,000/- | 8 | 10 | N/A | 10 |
Above `15,000/- | 10 | N/A | N/A | N/A |
SALE OF HEALTH POLICY :
a) Individual Medilaim : 2 points for each policy
b) Parivar Mediclaim : 4 points for each policy
c) Vidyarthi Mediclaim : 5 points for each Policy
d) Overseas Mediclaim : 5 points for each Policy
GROUP “B” : Age of the Policy holders or any of their family members (for family cover) should not be above 25 years.
PREMIUM INCOME :
Premium Income | Individual Mediclaim | Parivar Mediclaim | Vidyarthi Mediclaim | Overseas Mediclaim |
`1,000/- to `2,000/- | 2 | N/A | 5 | 2 |
`2,001/- to `4,000/- | 5 | 5 | 10 | 5 |
`4,001/- to `7,000/- | 8 | 8 | N/A | 8 |
Above `7,000/- | 10 | 10 | N/A | 10 |
SALE OF HEALTH POLICY :
a) Individual Mediclaim : 4 points for each policy
b) Parivar Mediclaim : 4 points for each policy
c) Vidyarthi Mediclaim : 5 points for each Policy
d) Overseas Mediclaim : 1 points for each Policy
Contd. Page 3
4. Felicitation Programme : Agents will be felicitated in the 1st week of every succeeding month at their respective operating office on the basis of their monthly performance. Gift vouchers will be given to agents depending upon the points earned. The name of eligible agents will be displayed at their operating office every month. 10 Bonus reward points will be given for qualifying in all three months (i.e. January, February and March). Value of gift voucher will be as under.
Category Qualifying Points Value of Gift Vouchers
Category I 20-40 Points `500/-
Category II 41 -60 Points `800/-
Category III 61-80 Points `1,500/-
Category IV Above 80 Points `4,000/-
NATIONAL INSURANCE COMPANY LTD HEAD OFFICE
Re. Delegation of Granting Nil Depreciation cover as an
add-on with Two wheelers and Private Car policy
Since Nil Depreciation add-on was approved from IRDA it was selectively granted for individual proposals from Head Office. In view of the rising number of proposals for the said add on cover and in consideration of the feedback on market demand received from various ROs The competent Authority at HO has decided to delegate the authority to RO-in-Charges with immediate effect to grant such cover who may in turn delegate the same to an officer not below the rank of Scale IV posted in RO. The ROs shall consider granting of the said cover in line with IRDA approval and individual proposals need not be referred to Head Office for approval anymore. This add-on may be utilized as a new marketing tool to widen our market share in these classes of vehicles. However proposals under tie up arrangements have to be referred to Head Office with recommendation of respective RO for approval.
We are giving below the salient features , rates , deductibles , underwriting guidelines , endorsement wordings for your use and grant the cover. We also enclose a copy of IRDA’s approval for the same.
Rating i.e , loading of premium to be applied on the Basic OD premium in respect of Private cars and Two wheelers :
Sr.No. | Age of the vehicle | Loading on basic Own damage rate |
1) | New vehicle | 10 to 15% |
2) | Less than two years | 20 to 25% |
3) | Between two and three years | 30 to 35% |
4) | Between three and five years | 35 to 40% |
…………….2
: : 2 : :
Deductibles :
a) Pvt.car : 5% of claim amount subject to a minimum of Rs.500 and maximum of Rs.
2,500.
b) Two wheelers: 5% of the claim amount subject to a minimum of Rs.250 and maximum
of Rs.1000.
Underwriting guidelines :
It is advisable to grant the cover to new vehicles at the time of Purchase only and continued during each renewal by charging the appropriate loading as per table above.
No mid term cover to be granted.
In case cover by an existing insured is sought it may be granted subject to inspection at the time of renewal and the insured being entitled to ‘No claim bonus’.
In respect of insurances under Tie up arrangements decision regarding granting of cover and other terms and procedures will be decided at Head office.
Endorsement wordings :
In consideration of payment of additional premium as indicated in the Schedule it is
hereby agreed and understood that indemnification in respect of Partial loss claims
shall be done without application of Depreciation as mentioned in Section 1. of the
policy .
However claims payable in accordance with this endorsement will be subject to a
Deductible of 5% of the claim amount subject to a minimum of Rs.*……………..and
Maximum of Rs.*………………….. in addition to the deductible stated in the
Schedule.(* insert appropriate amount depending upon the class of vehicle)
…………..3
: : 3 : :
Norm for Granting :
A . Individual Insured
(i) may be granted to all new cars/two wheelers for the 1st year policy and the same add on may be continued in the subsequent policy periods ,
(ii) may be considered for all existing policies on renewal if enjoying NCB but subject to inspection of the vehicle and the cover may be granted on subsequent renewals.
B. Fleets
The Nil Depreciation Add on may be granted to a fleet if the average ICR of the fleet for last 3 years is within 60%
C. Corporate with a fleet of cars/two wheelers
Same as ‘B’ above
D. Dealers
Same as ‘A’
E. Tie-Ups
All proposals under Tie Up arrangement to be referred to HO with recommendation of RO
( S M Chura )
Chief Manager
Encl : Copy of IRDA approval
Master Cir No. CMD-1112-034-MOT-003 Dt.31.01.2012
c.c. to: Deptts/Files:
IA & ID, Vigilance, NCIL, OL, Mktg.
CSD, MSD, MSD (IT), Tech/A/160/1(2)
Tech/A/160/1(5), Tech/A/160/1(23)
Tech/A/160/10(8)
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