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Insurance - Commission Structure

Insurance - Commission Structure

Insurance - Commission Structure

Bank of India with its Insurance partner Star Union Dai-ichi provides diversified kinds of Insurance at specially reduced rates to its customers. Customers are requested to note that participation by them in insurance products is purely on a voluntary basis.

Commission for Insurance

As per RBI circular: RBI/2009-10/225 dated November 16, 2009, following are the details of the comparative commission earned by Bank from Insurance whose products are being distributed:

1. Commission in Life Insurance – 5 (b)

Table I – Single Premium

 
Sr No. Category of Life Insurance Product or Policy Maximum Commission/ Remuneration on Single Premium payable to insurance agent/ insurance intermediary

1

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

2. II – Regular Premium

Sr No. Category of Life Insurance Product or Policy Maximum Commission/ Remuneration on Regular Premium Products
First year premium RenewalPremiums

1

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%

C

Individual Deferred Annuity / Pension

7.5%

2%

D

Group Pure Risk (incl Group credit) and
Group Savings Variable Life

7.5% (only on pure risk  premium)

7.5%

E

Government Scheme-Life-Health

As per Government Notification

As per
Government Notification

3. Commission from Health Insurance (General & Stand-alone Health Insurers) – 5 (c)

Sr No. Line of business Commissions/Remuneration
1  Health-Individual*  15% 
2  Health-Group (Employer-Employee only) - Annual  7.5% 
3 Health-Group (Non Employer-Employee groups – not formed solely for availing insurance as defined in IRDA Group Guidelines of 14th July, 2005) – Annual 15%
4 Health – Group (credit linked upto 5 years) 15%
5 Health-Govt Scheme  As specified in the Government Scheme/ Notification else as per Health - Group (Employer-Employee only) -           Annual segment 

*- Individual includes annual premium, 3 years single premium, 3 years regular premium

4. General Insurance (other than motor) – 5 (d)

Sr No. Line of business (Other than Motor) Maximum Commission
1  Fire-Retail  16.5% 
2  Fire-Corporate (Risks with S.I. < Rs 2,500 crs)  11.5% 
3  Fire-Corporate (Risks with S.I. > Rs 2,500 crs)  6.25% 
4  Marine-Cargo  16.5% 
5  Marine-Hull  11.5% 
6  Miscellaneous – Retail  16.5% 
7  Miscellaneous – Corporate/ Group* 12.5% 
8 Miscellaneous – Corporate (Engineering Risks with S.I. > Rs 2,500 crs) 6.25% 

* - Commission/ remuneration shall be payable as per Government Notification.

Motor Insurance – 5 (e)

Sr No. Line of business Maximum Commission/ remuneration payable to insurance agents/ insurance intermediaries
1  Motor (Comprehensive)* 17.5% for 2 wheelers and 15% for Non 2 wheelers
2  Motor (Stand-alone TP) 2.5%

* - Commission/ remuneration shall be payable only to the OD portion of the Motor (Comprehensive) policy

RGI BOI Swasthya Bima

  • It is a customized family floater health Insurance product exclusively for Bank of India Customers launched w.e.f from 1st March 2019.
  • All BOI customers enrolled under "BOI National Swasthya Bima Policy" whose policies are expiring on or after 1st March, 2019 can renew their policies with continuity benefits Under RGI-BOI Swasthya Bima, maximum within the 7 Days (Grace period) from date of expiry of existing policy.

 

RGI BOI Swasthya Bima Proposal form

RGI BOI Swasthya Bima Prospectus

 

New India Assurance

New India Assurance: To Know more about the Product of New India assurance please visit: https://www.newindia.co.in

“Star Group Health Insurance Policy-Gold”
For existing BOI National Swasthya Bima Policy Holders

 

  • Eligible Age Group – Adult - 18 to 79 years; Child — 5 months to 30 years.
  • Sum Insured - Rs 2 Lakhs, Rs 3 Lakhs, Rs 4 Lakhs, Rs 5 Lakhs and Rs 10 Lakhs.
  • Pre-acceptance Medical Screening: No Pre-acceptance Medical Screening.
  • Coverage: Coverage for medical expenses against illness/injury that requires inpatient and Day Care Treatment subject to family sum insured. The policy is issued for period of One year
    • Room Rent: Room, boarding and nursing expenses up to 2% of the sum insured per day.
    • ICU Charges : Up to 4% of the sum insured per day
    • Pre hospitalization expenses up to 60 days prior to date of admission
    • Post hospitalization expenses up to 90 days after date of discharge
    • Cataract: Expenses incurred on treatment of Cataract is subject to the limit as per the following table

 

 Sum Insured Rs. Limit per eye Rs. Limit per policy period Rs.
2,00,000/- Up to 10,000/-per eye, per policy period
3,00,000/- Up to 20,000/- Up to 30,000/-
4,00,000/- Up to 25,000/- Up to 35,000/-
5,00,000/- Up to 35,000/- Up to 50,000/-
10,00,000/- Up to 40,000/- Up to 60,000
  • Day Care Procedures : All day care procedures covered
  • Organ Donor Expenses: In patient hospitalization expenses incurred for organ transplantation from the Donor to the recipient insured person are payable provided the claim for transplantation is payable. Donor screening expenses and post-donation complications of the donor are not payable.

 

  • Bonus: In respect of every claim free year of Insurance, the insured person would be entitled to benefit of bonus of 10% of the expiring Basic Sum Insured in the second year and additional 10% of the expiring Basic sum Insured for the subsequent years. The maximum allowable bonus shall not exceed 100%.
  • Premium Rates: Kindly refer to the table below
Star Group Health Insurance Policy - Gold
Premium Chart For Individual / Family size up to 2A + 2C
Annual Premium Excluding GST
Age Bands Sum Insured (In Rs.)
 ( Years) 200000 300000 400000 500000 1000000
18-35 5400 6455 7768 8957 11823
36-45 6122 7314 8800 10145 13368
46-50 8030 9689 11528 13282 17448
51-55 9906 11822 14210

 

 16364

 

 21454

 
56-60

 

 12523

 

 14934

 

 17943

 

 20656

 

 27035

 
61-65

 

 18472

 

 22021

 

 26445

 

 30438

 

 39750

 
66-70

 

 23896

 

 28479

 

 34196

 

 39349 52338
>70 27465 32728 39295 45214 58962
  • In case there is an enhancement of sum insured from the expiring BOI National Swasthya Bima policy, the Continuity Benefit will be restricted to the Sum Insured under the expiring policy and for over & above coverage term will be applicable as per clause 3 of term exclusion under product details of ‘Star Group Health Insurance Policy-Gold’ i.e. if policy is issued with enhanced sum insured, the continuity benefit is applicable up to the sum insured available under the expiring policy only implying that  the enhanced sum insured will have the waiting period as per the product. This will also be applicable to Specific Diseases as mentioned under exclusions.
 

For example. Expiring sum insured - Rs.3, 00,000/-, New sum insured opted for Rs.5,00,000/-. Continuity benefits is applicable up to Rs.3,00,000/- only, balance Rs.2,00,000/- will have the waiting period as per the product. Existing policy holder of BOI National Swasthya Bima with insurance cover of any amount can migrate to any given amount of insurance cover under “Star Group Health Insurance Policy – Gold”.

                                Product Details

                                Premium Chart

                                Proposal Form

                                Claim Form

 

Star Health Insurance limited

To know more about the products of Star Health Insurance Limited, Please visit

https://www.starhealth.in/