DUTIES AND OBLIGATIONS:

(A) Your duties as a Development Officer shall be i) To develop and increase the production of Life Insurance business in a planned way as far as may be practicable in the area that may be allotted to you or in which you are allowed to work from time to time through the agents placed under your supervision by the Corporation. ii) To guide, supervise and direct the activities of the Agents placed under your supervision by the Corporation. iii) To introduce suitable persons to the Corporation for Appointment as new Agents. iv) To act generally in such a way as to activise existing Agents and motivate new Agents, so as to develop a stable agency force. v) To render all such services to policyholders conducive to better policy servicing. vi) To carry out the investigation of claims, revival of lapsed policies and liaison work in connection with the Salary Savings Scheme business. vii) To perform such other duties as may be entrusted or assigned to you from time to time. (B) You shall ensure that the Agents in your organisation conduct their work and/or business strictly in accordance with the provisions India (Agents) Regulations, of 1972 read with the Insurance Act, Insurance Regulatory and 1938 Development Authority (Licensing and of Rules framed there under, and such other Rules and Regulations that the Corporation may issue from time to time and LIC of Insurance Agents) Regulations, 2000 as amended from time to time and in the best interest of the Corporation. (C) After an agent recruited at your instance, has continuously worked for the Corporation for a period of 5 years or more, and the Chief Manager/Sr./Branch

Manager is satisfied that the agent is no longer in need of the help and guidance of any Development Officer, such an agent may be treated as a Direct at the sole discretion of the Corporation. .

Types of Life Insurance in India

Life insurance products come in a variety of offerings catering to the investment needs and objectives of different kinds of investors. Following is the list of broad categories of life insurance products: Term Insurance Policies The basic premise of a term insurance policy is to secure the immediate needs of nominees or beneficiaries in the event of sudden or unfortunate demise of the policy holder. The policy holder does not get any monetary benefit at the end of the policy term except for the tax benefits he or she can choose to avail of throughout the tenure of the policy. In the event of death of the policy holder, the sum assured is paid to his or her beneficiaries. Term insurance policies are also relatively cheap to acquire compared to other insurance products. Endowment Policies This basically falls into the category of an insurance-cum-investment product. Unlike a regular term insurance policy, an endowment plan provides returns on investment at the end of the policy term. There are several varieties of endowment plans, and the rate of returns and the type of benefits can vary based on the kind of endowment plan an individual has opted for. With an endowment plan, a persona can opt for insurance products that provide both the benefit of insurance as well as investment. Money-back Policies Money back policies are basically an extension of endowment plans wherein the policy holder receives a fixed amount at specific

intervals throughout the duration of the policy. In the event of the unfortunate death of the policy holder, the full sum assured is paid to the beneficiaries. The terms again might slightly vary from one insurance company to another. Unit-linked Insurance Policies Unit-linked insurance plan Unit linked insurance policies again belong to the insurance-cum-investment category where one gets to enjoy the benefits of both insurance and investment. While a part of the monthly premium pay-out goes towards the insurance cover, the remaining money is invested in various types of funds that invest in debt and equity instruments. ULIP plans are more or less similar in comparisonto mutual funds except for the difference that ULIPs offer the additional benefit of insurance. Pension Policies Pension policies let individuals determine a fixed stream of income post retirement. This basically is a retirement planning investment scheme where the sum assured or the monthly pay-out after retirement entirely depends on the capital invested, the investment time frame, and the age at which one wishes to retire. There are again several types of pension plans that cater to different investment needs. Now it is recognized as insurance product and being regulated by IRDA. . (ULIP)

LATEST ISSUE IN INSURANCE SECTOR

Foreign Direct Investment (FDI) Policy in Insurance Sector As per the current (March 2006) FDI norms, foreign participation in an Indian insurance company is restricted to 26.0% of its equity / ordinary share capital. The Insurance Regulator has stipulated that foreign investment in Indian Insurance companies be limited to 26% of total equity issued (FDI limit) with the balance being funded by Indian promoter entities. The limit to foreign investment includes both direct and indirect investment and has been a cause of significant lobbying by foreign insurance companies for a change in regulations to increase the FDI limit to 49% of equity issued. The Indian government has supported an increase in the FDI limit, which requires a change in the Insurance Act. The Union Budget for fiscal 2005 had recommended that the ceiling on foreign holding be increased to 49.0%. A change in the Insurance Act requires a passage of the bill in both houses of Parliament. The Indian government has tabled the bill in the Upper House of Parliament in August 2010. .

Duties, powers and functions of irda

Section promote 14 and of IRDA ensure Act, 1999 lays growth down of the the duties, powers and functions re-insurance of IRDA.. business. Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, orderly insurance business and 1. Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include, o issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration; o protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim,surrender value of policy and other terms and conditions of contracts of insurance; o specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents o specifying the code of conduct for surveyors and loss assessors;

o promoting efficiency in the conduct ofinsurance business; o promoting and regulating professional organisations connected with the insuranceand re-insurance business; o levying fees and other charges for carrying out the purposes of this Act; o calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business; o control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938); o specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries; o regulating investment of funds by insurance companies; o regulating maintenance of margin of solvency; o adjudication of disputes between insurers and intermediaries or insurance intermediaries; o supervising the functioning of the Tariff Advisory Committee; o specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f); o specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector;

Ombudsman
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The Insurance Ombudsman scheme was created by Government of India for individual policyholders to have their complaints settled out of the courts system in a cost-effective, efficient and impartial way. There are 12 Insurance Ombudsman in different locations and you can approach the one having jurisdiction over the location of the insurance company office that you have a complaint against.

You can approach the Ombudsman with complaint if:

You have first approached your insurance company with the complaint and

They have not resolved it Not resolved it to your satisfaction or Not responded to it at all for 30 days

Your complaint pertains to any policy you have taken in your capacity as an individual and The value of the claim including expenses claimed is not above Rs 20 lakh

Your complaint to the Ombudsman can be about:

Any partial or total repudiation of claims by an insurer Any dispute about premium paid or payable in terms of the policy Any dispute on the legal construction of the policies as far as it relates to claims Delay in settlement of claims Non-issue of any insurance document to you after you pay your premium

The settlement process

Recommendation: The Ombudsman will act as counsellor and mediator and

Award:

Arrive at a fair recommendation based on the facts of the dispute If you accept this as a full and final settlement, the Ombudsman will Inform the company which should comply with the terms in 15 days

If a settlement by recommendation does not work, the Ombudsman will: Pass an award within 3 months of receiving the complaint and which will be

A speaking award with the detailed reasoning Binding on the insurance company but Not binding on the policyholder

The Ombudsman can also award an ex-gratia payment

Once the Award is passed

You have to accept the award in writing and the insurance company has to be informed of it within 30 days and The Insurance company has to comply with the award in 15 days after that