कम्पनिया अपने Life Insurance एजेंटो को ही चूना लगाती है और कम Commission देती है
Mumbai:Life Insurance Companies are charging customers in each policies. As per IRDA norms maximum part of charges is to be paid to intermediaries ie agent (IRDAI Annual Report 2008-09) . But life insurance companies pay only 60% approx to agent of these charges. For example Life time super have 20% premium allocation charges with FMC and policy administration charges. So every charges head are defined. But in spite to pay 20% commission to agent, ICICI Prudential Life give 12% commission. Rest 8% is sucked by company without any bonafide head. Corrupt IRDAI officers do not take objection. Same criteria to cheat is followed by all companies. Even LIC of India is doing this since inception. These companies pay extra commission if agents achieve their target with gift. But agents don't know that still they have been paid less. Small agents who sell less policies have maximum loss. It happen in renewal commission also.
In traditional plan companies have no charges details so it is difficult to understand how much amount is sucked by companies. In traditional plan companies enjoy more and 1st year premium is sucked by companies with hidden charges and LIC agents get 35% maximum commission.
LIC associations know these facts but the members are getting the rest of commission by back door . Now a media reporter is filing PIL at Bombay High Court for the interest of agent. Due to this agents will get rest 40% commission with interest.