COMPENDIUM -RETAIL AGENCY SCHEMES 20-21.pdf

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INDEX

New MBG Norms FY 2020-21

Life Mitra Club Membership Scheme FY

2021-22 (based on FY 2020-21 performance)

Jewel of the Crown FY 2020-21

COT- TOT Scheme FY 2020-21

International Quality Award FY 2020-21

UM / BSM / DSM Group Incentive Scheme

1st July, 2020

(HGP Scheme) FY 2020-21

Horizontal Growth Path Scheme

Jeet W.E.F 1 April 2021

Udaan W.E.F 1 April 2021st

st

10 Additional Conveyance Allowance

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NEW MBG NORMS FY 2020-21 Norms

Based on the IRDAI Guidelines on Appointment of Insurance Agents, the

competent authority ha stipulated the following norms for Review of

appointment of Insurance Agents based on Agency Year Review.

Example: An LM who does 2 NOP with Monthly Premium of

4000/- each is considered to have achieved MBG Norms.

Review of Appointment of Insurance Agent - Norms based on Agency Year

Sr.No Minimum 13th Month Persistency (%)Criteria

2 NOP & Rs. 20,000/‐ Rated NBP within

the agency year

or

or

50

2 NOP & Rs. 96,000/‐ Annualised

Rated NBP within the agency year 50

1 Combo with Minimum Total Combo

Premium Size of 20,000/‐ Rated NBP

within the agency year

50

1.

2 .

3.

2 NOPs of Single Premium Protection

within the agency year

504.

1 Lakh Single Premium within the

agency year.

505.

or

or

2

At the end of each agency year, the performance will be evaluated on the above

Norms and persistency and the appointment will continue provided the minimum

threshold as mentioned in the above grid is achieved.

THE FOLLOWING RULES GOVERN THE ABOVE MENTIONED

MBG NORMS:

Minimum New business and NOPs norms is to be achieved by agents duringeach Agency Year. LMs not meeting any one of the above MinimumBusiness Guarantee norms shall be terminated.

13th month Persistency norm calculated for the preceding financial year for anLM shall be a minimum of 50%. (For agency year ending in FY 19-20, the 13th

month persistency of FY 18-19 will be taken).

The last date of renewal premium allocation for the renewal premium dues ofthe preceding Financial Year will be the last day of the Agency Review Year.

. New Business and Persistency Norms will be reviewed at the end of eachAgency Year Review month.

. An LM who joins in FY 18-19 and is due for review in FY 19-20 will not have any13th month persistency as Renewal Dues in FY 19-20 will be Nil.

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1. LM deactivated under MBG (any of the 5 parameters) can be reinstated

provided, the LM has achieved the 50% persistency criteria as on date of

reinstatement.

2. LM reinstated has to fulfil any of the 5 MBG criteria as above withinAgency Year end. These norms have to be fulfilled even if the LM haspreviously achieved the minimum NOP and Business conditions and wasdeactivated due to non-achievement of persistency.

REINSTATEMENT:

The Reinstatement request received in the 5th Agency Year needs to be

mandatorily approved only by the Regional Director of the Region only post

due diligence of the required business in hand.

Deviations if any for Mandatory 13th Month Persistency Norm of 50 %

shall only with the Prior Approval of MD & CEO.

LM deactivated under MBG (any of the 5 parameters) can be reinstated as'MBG under Probation', provided, the IA has achieved the 50% persistencycriteria as on date of reinstatement.

LM reinstated in his 5th Agency Year under probation has to fulfil any of the

5 MBR criteria as above within 30 days from date of probation. These normshave to be fulfilled even if the LM has previously achieved the minimum NOPand Business conditions and was deactivated due to non-achievement ofpersistency.

5th AGENCY YEAR REINSTATEMENT :

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Life Mitra Club Membership Scheme FY 2021-22 (based on FY 2020-21 performance)

LMs declared as Club members for the year FY 21 (Based on production year

19-20), will be eligible for graduation allowance based on the performance in

F.Y.20-21 as per the below Grid. This allowance should serve as a motivation for

the club members to graduate to higher clubs. The allowance also serves as an

additional income apart from the commission income earned monthly.

Direct Benefit Transfer

Rising Star - Early Bird and Graduation Bonus

PROTECTION BONUS

Enhanced Insurance Cover

Persistency Bonus

IQA Quali#cation & Training

NOP Awards

LONG TERM SERVICE BENEFIT (FUTURE SECURE FUND)

Conventions & Trainings

MONTHLY GRADUATION ALLOWANCE

CLUB MEMBERSHIP FY 22 (Production Year 20 - 21)

Monthly Graduation Allowance For Club Members of FY 21

(Production Year 19-20):

Minimum F.Y. 20-21

Monthly Net Rated

N.B.P. ( In Lacs)

Allowance Minimum F.Y. 20-21

Monthly Net Rated

N.B.P. ( In Lacs)

Allowance

SLAB I SLAB II

LM CLUB

BM CLUB

DM CLUB

DY.RM CLUB

RM CLUB

RD CLUB

CH CLUB

PRESIDENT CLUB

MD CLUB

0.30

0.50

0.75

1.50

2.30

3.50

6.00

10.00

450

750

1100

2200

4000

6000

10500

17500

0.50

0.75

1.50

2.30

3.50

6.00

10.00

12.00

900

1300

2600

4000

7000

12000

20000

24000

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PREMIUM WEIGHTAGE & PERSISTENCY CRITERIA

REGIONAL CLUB QUALIFICATION NORMS

NATIONAL CLUB QUALIFICATION NORMS

Consideration of Premium for quali"cation and reward distribution:

PRODUCT CREDIT FOR NBP 2020-21

PRODUCT TYPE WEIGHTAGE

ULIPS-REGULAR

TRADITIONAL-REGULAR

PROTECTION PLANS-REGULAR

PROTECTION PLANS-SINGLE

SINGLE PREMIUM

ANNUITY PLANS

100%

100%

100%

10%

10%

10%

For Quali"cation, the LM needs to achieve the required minimum Net

Rated New Business Premium and Minimum 82% 13th Month Rolling

Persistency ratio as on 31- 03 - 2021.

* An LM can qualify either under condition A OR condition B as per theabove grid

RISING STAR

BRANCH MANAGER CLUB

DIVISIONAL MANAGER CLUB

DY. REGIONAL MANAGER CLUB

REGIONAL MANAGER CLUB

REGIONAL DIRECTOR CLUB

CLUB

LM CLUB MEMBERSHIP : REGIONAL CLUBS QUALIFICATION NORMS

CONDITION A OR CONDITION B

PATRONMINIMUM NET RATED

N.B. PREMIUM IN

FY 20-21(RS. LACS)

MINIMUM N.B

COMMISSION TO

BE EARNED IN FY

20-21(RS. LACS)

8

5

2

3

22.5

13.5

1.20

0.75

0.30

0.45

3.75

2.25

DY.RM

DM/SDM

BM/DM

BM/DM

RD

RM

COUNTRY HEAD CLUB

PRESIDENT CLUB

MD CLUB

A cumulative of 55 lacs for the F.Y. 19-20

& F.Y. 20-21, of which 35 lacs for the FY 20-21.





LM CLUB MEMBERSHIP : NATIONAL CLUBS QUALIFICATION NORMS

MINIMUM NET RATED N.B.

PREMIUM (CONDITION A) (RS. LACS)PATRONCLUB

EVP & CHIEF RETAIL AGENCY

PRESIDENT - ZONE

MD & CEO

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REWARDS BASED ON ACHIEVEMENT TO RISING STAR CLUB

WITHIN 90 DAYS* FROM THE DATE OF CODING .

CLUB BENEFITS DIRECT CREDITS & ENCHANCED LIFE COVER

RISING STAR - EARLY BIRD BONUS

BENEFITS

DIRECTBENEFIT

TRANSFER (RS.)

LIFEINSURANCECOVER (RS.)*

PERSONALACCIDENT

COVER (RS.)*

GROUPMEDICLAIM

(RS.)

1000

NA

NA

NA

1,500

300,000

100,000

500,000

2,500

500,000

200,000

500,000

4,000

800,000

500,000

500,000

10,000

1,500,000

600,000

500,000

25,000

2,500,000

1,000,000

500,000

40,000

4,000,000

2,000,000

1,000,000

60,000

6,000,000

3,000,000

1,000,000

100,000

10,000,000

5,000,000

1,500,000

REWARD RISING

STAR

CLUB

BRANCH

MANAGER

CLUB

DIVISIONAL

MANAGER

CLUB

DY.

REGIONAL

MANAGER

CLUB

REGI NALMANAGER

CLUB

REGIONAL

DIRECTOR

CLUB

COUNTRY

HEAD

CLUB

PRESIDENT

CLUB

MD

CLUB

RD CLUB AND ABOVE WILL BE UNDER FAMILY FLOATER SCHEME

• Direct Bene#t Transfer of Rs. 1000/-. Payout shall be payable in the currentF.Y. 2020-2

• All LMs coded from 1st Feb 2020 and not quali#ed for any clubs during theproduction year 2019-2020 would be considered.

• However, any business issued prior to 1st April 2020 would not be

considered.

• Rising Star Early Bird shall be disbursed in FY.2020-21.

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RISING STAR - GRADUATION BONUS

• RISING STAR to DM CLUB - Rewards based on graduating to DM CLUB within 6months of coding * Direct Benefit Transfer of Rs. 1000/-

• RISING STAR to DY. RM CLUB - Rewards based on graduation to DY. RM CLUBwithin the financial year * Direct Benefit Transfer of Rs. 2000/-

• RISING STAR to RM CLUB - Rewards based on graduation to RM CLUB withinf year Direct Benefit Transfer of Rs. 4000/-

• RISING STAR to RD CLUB & ABOVE - Rewards based on graduation to RD CLUBand above within financial year * Direct Benefit Transfer of Rs. 6000/

• *For LMs coded in 2/2020 & 03/2020, calculation of 90 DAYS from coding shall startfrom 01/04/2020, i.e. 90 DAYS completion shall be considered as on 30/06/2020.

However, any business issued prior to 1st April 2020 would not be considered.

• Graduation Bonus shall be disbursed in FY.2021 - 22.

Graduation Bonus shall be applicable for all LMs coded from 1st Feb 2020 onwards and not quali#ed during the production year 2019-2020

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PERSISTENCY BONUS

PENALTY ON CLAIMS

Club members will be eligible for additional bonus based on the persistency as per

the grid below.

Repudiated Claim (Due to suppression of material facts) -15% reduction in basicdirect benefit transfer

Very Early Claim (Claim arising within 1st policy year) -10% reduction in basicdirect benefit transfer The same shall not apply in case of Accidental/NaturalDeath.

Misselling -10% reduction in basic direct benefit transfer.

The Basic Direct Benefit Transfer shall be decreased based on the below parameters

LM shall be subject to action as per the norms of SQS policy.

>=90 % OF 13th MONTH PERSISTENCY

>=75 % OF th MONTH PERSISTENCY

>=70% OF 37th MONTH PERSISTENCY

>=60% OF 61st MONTH PERSISTENCY

10%

10%

10%

20%

PERSISTENCY RATIOINCREASE IN BASIC

DIRECT BENEFIT TRANSFER (R .)

13th MONTH

25th MONTH

37th MONTH

61st MONTH

31/03/2021

31/03/2021

31/03/2021

31/03/2021

PERSISTENCYCOLLECTION

UPTO

LM can earn the bonus on achievement of the above parameters

individually/ combine.

Example :

An MD club member on achieving all of the Persistency conditions given

above will be eligible for additional bonus of Rs . 50,000 which is 50% of his

Direct Benefit Transfer.

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As per IQA rules, the club member will have to achieve Minimum 30 NOP for the FY

21 and 30 NOP for FY 20, with a 13th month persistency of 90% as on 31st March

2021.

The IQA Quali#ers will be registered under LIMRA IQA scheme and will be nominated

for annual LIMRA Training Program.

To bring in clear focus amongst LMs on Protection business, an additional bonus has

been introduced.

The Bonus would be paid in F.Y. 21-22 along with Direct Bene#t Transfer of Club

membership after the declaration of Club membership quali#cations based on

production year 2020-21(FY 22) under the following qualifying norms.

TERMS & CONDITIONS:

Any CFIC action taken on account of VEDC would disqualify the Club member from

being eligible for the Protection Bonus.

If a club member sells required NOPs during the production year, he will be awarded

as below:

IQA REGISTRATION (International Quality Award - LIMRA)

NOP BASED AWARDS

PROTECTION BONUS

CLUBS 100 NOP 200 NOP 400 NOP

SLAB 1

SLAB 2

SLAB 3

SLAB 4

75%

75%

75%

75%

25% of Direct Bene#tTransfer of respective

qualifying club


qualifying club


qualifying club


qualifying club

SLAB MIN PROTECTION

NOP

PROTECTION RATED

PREMIUM

13MONTH

PERSISTENCY OF

PROTECTION

PRODUCTS

BONUS

5

10

20

40

100000

200000

400000

1000000

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SBI Life values the services rendered by the LMs on building this prestigious

organization. Securing the future of constant performers is one of the top priority

of SBI Life. Hence the organization has decided to introduce a future secure fund

or a future corpus based on the renewal business of the club member.

10% of aggregate Renewal Commission paid during the previous year shall be

utilized to create this future secure fund in favor of the eligible club member.

To avail this benefit, the club members ha to remain in RM club and above for minimum 5 years consecutively every year.

• LM who is RM Club member and above for past consecutive 5 years i.e. fromProduction Year 2015 -16 to 2019 - 20.

• If any LM code is in deactivate status as on 31st March 2020 the LM will not be eligible for quali#cation.

• 10% of aggregate Renewal Commission Paid n the F 2019 - 20 shall beutilized to create a Term Deposit in favor of the qualified LM.

• All LMs need to mandatorily open a Savings/ Current A/C with SBI.

• The Savings / Current Account with SBI should be mandatorily a running Accountuntil the expiry of the Term Deposit or as on the Date when the Term Deposit is duefor Payment.

• The Tenure of the Term Deposit shall be defined as per the Age of the Savings /

Current Account Holder i e up to attainment of Age 60 / 65 as chosen by the LM

from the Date of Opening of Term Deposit subject to maximum period of 10 Years

and shall be further extended for Renewal for further period of maximum 10 years

or attainment of age as above / selected age by the qualifier. There would be no

upper age limit for creation of Term Deposits. For L above age 60 65 years Term

Deposit would be opened as approved by SBI.


TERMS CONDITIONS

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• In Case of Premature Death, the Term Deposit shall be payable to the RegisteredNominee as per the declaration of the Savings /Current Account Holder (LM).

• The Term Deposit Account opened by SBI in the respective Savings / CurrentAccount of the LMs shall be lien with SBIL.

• The Lien Term Deposit with SBIL shall be credited to the Savings / Current Accountfor encashment only as per the instructions of SBIL.

• SBIL shall deposit the additional amount on an Annual basis or Half / yearly Basis toSBI as per the Qualification of eligibility of Additional amount of the definedScheme of SBIL. The Additional amount shall be added by SBI to the respective LienTerm Deposits of the Term Deposit Holder.

• All rewards will be distributed in FY 2020-21 after the release of final list of

qualifiers.

• The Term Deposits shall be subject to Tax as per existing Tax laws.

• In case of any ambiguity in interpretation, the interpretation of the competentauthority of the Company will be final & binding on all.

• The final terms and conditions of the scheme shall be as per the

agreement/MOU signed between SBI Life and SBI, which shall precede the terms

and conditions mentioned herein.


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This Special MHR limits will only be applicable to RM and Above club quali#ers

with minimum 2 years of vintage based on the table given herewith:

1. Special MHR and KYC Veri"cation Limit :

SPECIAL MHR & KYC, INSURANCE QUALIFICATION

Upto 25 lakhs

Upto 20 lakhs

Upto 10 lakhs

MD CLUB QUALIFIER OF PRODUCTION

YEAR 2019-20 & 2020-21.

PRESIDENT CLUB & CH CLUB QUALIFER OFPRODUCTION YEAR 2019 20 & 2020-21

RD CLUB QUALIFIER OF PRODUCTION

YEAR 2019-20 & 2020-21.

KYC VERIFICATION

SUC FOR LIFE

INSURANCE POLICIES

TOTAL ANNUALISED

CONTRIBUTION /SINGLE PREMIUM

MHR

CLUB

From 1 lakh to 5 lakh



INCENTIVE FOR ACQUIRING INSURANCE QUALIFICATION

& CFP CERTIFICATION REIMBURSEMENT

This incentive shall be applicable to any club quali#er who has acquired the

requisite quali#cations as mentioned below in the F.Y. 2020-21

INCENTIVE FOR ACQUIRING INSURANCE QUALIFICATIONS & CFP

CERTIFICATION REIMBURSEMENT

1

2

3

4

Insurance Institute of India

FPSB India (Financial Planning

standards board India)

Licentiate

Associate

Fellow

CFP Certi"cation

2500

5000

10000

10000

Name of Examination

BodyName of Examination

/ Certi"cate

Incentive (Rs.)Sr. No

TERMS & CONDITIONS

• An LM can be a member of only one club at any point of time.

• If any LM code is in deactivate status as on 31 st March 2021, the LM will not beeligible for qualification.

• Free-look, cheque dishonors, and cancellations will not be considered whilearriving at the Final New business figures.

• All Payouts are subject to achievement of Rolling 13 th Month Persistency onAnnual Basis.

• All applicable taxes will be deducted from the reward amount.

• These club membership norms and benefits are subject to change at any time atthe discretion of management

• All rewards are subject to compliance rules and regulations laid down byRegulator.

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JEWEL OF THE CROWNFY 20-21 (LM GROUP)

Consideration of Premium for quali"cation and reward

distribution:



ULIPS - REGULAR

TRADITIONAL - REGULAR

PROTECTION PLANS - REGULAR

PROTECTION PLANS - SINGLE

SINGLE PREMIUM

ANNUITY PLANS

100%

100%

100%

10%

10%

10%

For Quali"cation, the LM needs to achieve the quali"cation criteria and

Minimum 82% 13th Month Rolling Persistency ratio as on 31-03-2021.


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QUALIFICATION CRITERIA

Both parameters i.e. Net Rated Premium and Protection

Achievement are mandatory for qualification

JOTC

CATEGORYPROTECTION ELIGIBLE FORNET RATED

PREMIUM

EMERALD 30,00,0003 NOPs with a total premium

of 50000

Training Programme Module

1 (Single) at Foreign Location

6 NOPs with a total premium

of 100000Training Programme Module 2

(With Companion) at Foreign Location

9 NOPs with a total premium

of 150000Training Programme Module 3

(4 Pax ) at Foreign Location

RUBY 60,00,000

90,00,000DIAMOND

MONTH NET RATED CREDIT

Jun - 20

Jul - 20

150%

150%

LM Group

PERIOD : 1st APRIL 2020 TO 31st DECEMBER 2020

Considering the current business scenario and to ensure maximum participation

of LMs in the scheme, additional credit on Net Rated NB for the below months is

available. The additional credit is subject to cashiering and issuance of minimum

rated First Premium of 3 Lacs in the respective month.

EXAMPLE :

MONTH

MINIMUM NB

REQUIRED FOR

ADDITIONAL CREDIT

STATUS FOR

ADDITIONAL

CREDIT

NB AFTER

ADDITIONAL

CREDIT

% CREDITRATED NB

(CASHIERED +

ISSUED NB)

Jun-20 150% 400000 300000 600000ELIGIBLE

Jul-20 150% 200000 300000 200000NOT ELIGIBLE

TOTAL ACTUAL NB 600000 800000NB AFTER ADDITIONAL CREDIT

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• Premium Allocation Period (Issuance) till 31st January 2021 (FP +FYRP)

• Proposals with status as policy cancelled, FLC, withdrawn, CDA, not issued,etc will not be considered.

• All Qualifications will be arrived at by considering Net Rated Premium only

• To qualify as Emerald/Ruby/Diamond, an LM must achieve 13th MonthPersistency of 82% as on 31-03-2021.

• For calculation of protection qualification, additional premium credit is notapplicable.

• All applicable taxes are to be borne by the individual qualifier.

• In case of qualifier is not with the Company (Resigned Terminated/undernotice period) at time of distribution of reward the reward will not be paid.

TERMS & CONDITIONS

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ULIPS - REGULAR


PROTECTION PLANS - REGULAR

PROTECTION PLANS - SINGLE

SINGLE PREMIUM

ANNUITY PLANS

100%

100%

100%

10%

10%

10%

For Quali"cation, the LM needs to achieve the quali"cation criteria and

Minimum 82% 13th Month Rolling Persistency ratio as on 31-03-2021.

CONSIDERATION OF PREMIUM FOR QUALIFICATION AND REWARD

DISTRIBUTION:

FLSM/BM GROUP

FLSM

CATEGORYELIGIBLE FOR

MIN. JOTC COUNT PER

FLSM/BM

UPTO SAM

Training Programme at Foreign Location

Module 1 (Single)


Module 2 (With Companion)

TM & ABOVE

2

4


Module 1 (Single)



3

5

JEWEL OF THE CROWNFY 20-21 (EMPLOYEE GROUP)

1

BRANCH MANAGER/ DIVISIONAL MANAGER

3 UM

2

4

SLAB 1

SLAB 2

Training Programme at Foreign

Location Module 1 (Single)


Location Module 2 (With Companion)

Protection Rated NB: 4 Lacs;

Team Size: 75

5 UM

4

6

SLAB 1

SLAB 2






Team Size: 125

8 UM

6

8

SLAB 1

SLAB 2


Module 1 (Single)




Team Size: 200

10 UM

8

10

SLAB 1

SLAB 2


Module 1 (Single)




Team Size: 250

BRANCH

CATEGORYSLAB CRITERIA

1 (YTD DEC’20,ISSUED)ELIGIBLE FORCRITERIA 2

(NO. OF JOTC)

DY. RM & RM GROUP

SLAB ELIGIBLE FORCRITERIA

SLAB 1

SLAB 2

100% of YTD Jan'21 Target Achievement

basis Rated NBP with minimum 4.5%

Protection NB Target Achievement &

Team Size of 25 LMs per Sanctioned UM

105% of YTD Jan'21 Target Achievement

basis Rated NBP with minimum 4.5%

Protection NB Target Achievement &

Team Size of 25 LMs per Sanctioned UM




Location Module 2 (With Companion)

* Both criterion are mandatory for quali"cation.

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TERMS & CONDITIONS

• Premium Allocation Period (Issuance) till 31st January 2021 (FP +FYRP)

• Proposals with status as policy cancelled, FLC, withdrawn, CDA, not issued,

etc will not be considered.

• All Qualifications will be arrived at by considering Net Rated Premium only.

• To qualify as Emerald/Ruby/Diamond, an LM must achieve 13th MonthPersistency of 82% as on 31-03-2021.

• June and July additional premium credit is only applicable for LM Group.

• For calculation of protection qualification, additional premium credit is notapplicable.

• For DSM group employee the performance of divisional branch (parent branch)will only be considered. However, DSM/Sr DSM managing less than 8 UMbranch will have to achieve 8 UM branch category slabs.

• In case of qualifier is not with the Company (Resigned /Terminated/under noticeperiod) at time of distribution of reward the reward will not be paid.


COT & TOT 2021 (Prod. Year: Jan’20 Dec’20)

Retail Agency

Issuance Period : 1st January 2020 to 31st December 2020

LM Group

INTRODUCING: SPECIAL BONUS

MDRT Council has revised the COT TOT Norms. Based on the same the

Channel has revised the Norms. To become an COT / TOT, an LM should

achieve the NBP as per the grid below:

QUALIFICATION ELIGIBLE FORPREMIUM REQUIRED

(in RS)

COT 88,16,400MDRT Convention at USA

or equivalent

MDRT Convention at USA

or equivalent with companionTOT 1,76,32,800

QUARTER SLAB 1 REWARDSLAB 2 REWARD

SLAB 1

(NBP) SLAB 2

(NBP)

JAN - MARCH 20 39,55,644

APRIL - JUNE 20 17,98,020

20,27,772JULY - SEPT 20

25,56,756

25,000

25,000

25,000

25,000

79,11,288

35,96,040

40,55,544

51,13,512

50,000

50,000

50,000

50,000OCT - DEC 20

An LM shall be eligible for Additional Bonus Direct Credit Rewards as above

based on Quarterly NB Premium target achievement Slabs subject to

Achievement of COT/ TOT.

2

• All FYFP and FYP premium allocated in CY 2020 will be considered irrespectiveof the cashiering date of the proposal.

• The qualification of LM is based on achievement of required premium.

Regular premium will be given 100% credit while single premium will be

given 6% credit.

• To qualify as a COT / TOT, an LM must achieve 13th Month Persistency of 85%

as on 31st March’2021

• Proposals with status as policy cancelled, FLC, withdrawn, CDA, not issued,

etc. will not be considered.

• All Qualifications will be arrived at by considering Net Premium only.

• Any premium adjusted for COT/TOT 2020 would not be considered in

the scheme.

• COTs & TOTs qualified LMs will be registered with MDRT council at companyexpense

• In case of qualifier is not with the Company (Resigned / Terminated /

under notice period) at time of distribution of reward the reward will not be

paid.


When an LM qualifies be declared COT/TOT 2020 21 then the LM would be paid a special reward as per the grid above

Salient features of the scheme are as given below:

SPECIAL BONUS REWARD - Example

For Example

Mr. Patel qualified for COT by achieving

in Jan - Mar’ 20

Rs. 35,96,040 in Apr - Jun’ 20

Rs. 20,27,772 in Jul - Sep’ 20

Rs. 25,56,756 in Oct - Dec’ 20 then will be eligible for a special bonus award of

Rs. 25,000 for Jan - Mar’ 20

Rs. 50,000 for Apr - Jun’ 20

Rs. 25,000 for Jul - Sep’ 20

Rs. 25,000 for Oct - Dec’ 20 as soon as he is declared as COT 2021

Terms & Conditions

2

LIMRA INTERNATIONAL QUALITY AWARD ( IQA )

The International Quality Award (IQA) is designed to honour agents for

consistent production and a persistency that demonstrates customer care

and quality business.

Achievers of this award demonstrate commitment to their customers and

enhance their company reputation.

2

SBI Life’s adoption of IQA will further SBI Life’s and India’s position in

the International Insurance Community and shall help in

Criteria for LMs to qualify for IQA:

• Creates an environment to build larger customer base.

• Higher customer loyalty and satisfaction scores.

• Increasing Engagement with LM.

• Loyalty of LMs with SBIL.

• Focus on Customer Centricity.

• Multi Product Sales Opportunity.

• Increased Earnings.

13 month ersistency

Agents receive a certi#cate or seal along with a license to display the IQA

logo mark of professional excellence on their business cards and websites.

• Greater strategic and predictive planning for distribution growth.

• Enhanced market image and pro#tability.

Bene"ts of LIMRA IQA :

2

UM / BSM / DSM Group Incentive Scheme wef 1st July, 2020

OBJECTIVES

The 6 Key objectives of FLSM Incentivization plan FY 20-21:

• Increase New Business premium productivity

• Optimal Team size

• Enhance Team quality with LMs being more Productive, Active & Club members.

• Enhance business quality with higher Persistency

• Enhance Protection Business

• Encourage Continuation of Club Membership

2

MONTHLY NB INCENTIVE - July - March 21

MONTHLY GRID FOR NET RATED ‘NEW BUSINESS BENCH MARK PREMIUM’ (NB BP) (IN LACS)

JUL 2.00 3.00 4.35 5.35 6.35 7.70 8.00 8.35

AUG 2.30 3.45 5.00 6.15 7.30 8.80 9.20 9.60

SEP 2.60 3.90 5.65 6.90 8.20 9.95 10.40 10.80

OCT 2.50 3.75 5.40 6.65 7.90 9.60 10.00 10.40

NOV 2.50 3.75 5.40 6.65 7.90 9.60 10.00 10.40

DEC 3.30 4.95 7.15 8.80 10.45 12.65 13.20 13.75

JAN 3.40 5.10 7.35 9.10 10.80 13.00 13.60 14.20

FEB 2.40 3.60 5.20 6.40 7.60 9.20 9.60 10.00

MAR 3.60 5.40 7.80 9.60 11.40 13.80 14.40 15.00

9.00

10.35

11.70

11.25

11.25

14.85

15.30

10.80

16.20

NB TargetJuly - 20

to Mar - 2124.60 36.90 53.30 65.60 77.90 94.30 98.40 102.50 110.70

MONTH EST/SO/DM AM SR. AM TM SR. TM BM SR.BM CBM EBM

New Business Premium Criteria

• Net Rated New Business Premium (NBP) benchmarks shall be considered forthe purpose of all FLSM/BM incentives

• Net Rated NB would be calculated with the following weightage acrossproduct category

PRODUCT WEIGHTAGE

PRODUCT CREDIT FOR FY 2020-21

ULIPS - REGULAR


PROTECTION - REGULAR

PROTECTION - SINGLE PREMIUM

SINGLE PREMIUM

ANNUITY PLANS

100%

100%

100%

10%

10%

10%


2

Incentive:

Example for calculation methodology:

• The FLSM/BM would be paid monthly incentive only upon achieving theBenchmark premium for the respective month

• The FLSM/BM would be paid monthly incentive of the total achieved ratedpremium as per following table

>=100% TO <150%

>=150% TO <200%

>=200%

1.00%

1.50%

2.25%

NB BP ACHIEVEMENT %

FOR ANY MONTH

% OF TOTAL NET PREMIUM

ACHIEVEMENT (APPLICABLE FOR UM

ACROSS ALL DESIGNATIONS)

MONTHLY INCENTIVE SLABS

>=100% TO <150%

>=150% TO <200%

>=200%

1.00%

1.50%

2.25%

NA

8

NA

NA

12,000

NA

NB BP ACHIEVEMENT

% FOR ANY MONTH

FLSM DESIGNATION: S . AM

TOTAL NET PREMIUM ACHIEVEMENT:

RS. 8 LACS (AUG 2020)

% OF TOTAL NET

RATED NB

INCENTIVE APPLICABLE RS. 8 LACS RS.12,000/-

RATED PREMIUM

(RS IN LACS)INCENTIVE

AMOUNT (R

2

SLAB 2

FLSM/BM will be eligible for the bonus of 1% of total NB generated in

respective month.

MONTHLY GRID PROTECTION PREMIUM SLAB 2

JUL 20000 30000 43500 53500 63500 77000 80000 83500 90000

AUG 23000 34500 50000 61500 73000 88000 92000 96000 103500

SEP 26000 39000 56500 69000 82000 99500 104000 108000 117000

OCT 25000 37500 54000 66500 79000 96000 100000 104000 112500

NOV 25000 37500 54000 66500 79000 96000 100000 104000 112500

DEC 33000 49500 71500 88000 104500 126500 132000 137500 148500

JAN 34000 51000 73500 91000 108000 130000 136000 142000 153000

FEB 24000 36000 52000 64000 76000 92000 96000 100000 108000

MAR 36000 54000 78000 96000 114000 138000 144000 150000 162000

TARGET

JULY - 20

TO MAR - 21

246000 369000 533000 656000 779000 943000 984000 1025000 1107000


MONTHLY GRID PROTECTION PREMIUM SLAB 1

JUL 10000 15000 21750 26750 31750 38500 40000 41750 45000

AUG 11500 17250 25000 30750 36500 44000 46000 48000 51750

SEP 13000 19500 28250 34500 41000 49750 52000 54000 58500

OCT 12500 18750 27000 33250 39500 48000 50000 52000 56250

NOV 12500 18750 27000 33250 39500 48000 50000 52000 56250

DEC 16500 24750 35750 44000 52250 63250 66000 68750 74250

JAN 17000 25500 36750 45500 54000 65000 68000 71000 76500

FEB 12000 18000 26000 32000 38000 46000 48000 50000 54000

MAR 18000 27000 39000 48000 57000 69000 72000 75000 81000

TARGET

JULY - 20

TO MAR - 21

123000 184500 266500 328000 389500 471500 492000 512500 553500


MONTHLY PROTECTION BONUS

In the current scenario, there is a wide opportunity available to increase the value of

new business by having a higher share of protection business. The target set for

protection cadre wise is 5% and 10% of NB target as Slab 1 and Slab 2 respectively.

FLSM/BM will be incentivized on monthly basis on achievement of monthly

protection targets. The norms are as below

SLAB 1

FLSM/BM will be eligible for the bonus of 0.5% of total NB generated in

respective month.

2

MONTHLY LM ACTIVATION INCENTIVE

RISING STAR LM INCENTIVE

Building New Assets (Rising Star)

FLSM/BM would be eligible for incentive of Rs 2,000/- per Rising Star

Qualifier LM within 90 days of coding.

REQUIREMENT

FLSM/BM would be eligible for Annual incentive for their respective count of

Rising Star.

All LMs coded from 1st Feb 2020 and not quali#ed for any clubs during the

production year 2019-2020 would be considered.

However, any business issued prior to 1st April 2020 would not be considered.

The business environment prevalent demands more LM participation. Only

by increasing Activation can there by confidence restored through increased

earnings of the LMs. Influencing the FLSM /BM to motivated the LMs for

higher participation is the key objective of the Activation incentive.

LM will be considered as active with Min FYFP NB of 10 000 FLSM/BM will be eligible for the reward of per active LM.

EST/SO/DM

AM

SR. AM

TM

SR. TM

BM

SR. BM

CBM

EBM

5

6

7

7

8

9

10

11

11

CATEGORYMINIMUM NO. OF LM

TO BE ACTIVATED

2

REQUIREMENT: JOTC LM

ANNUAL INCENTIVE FOR JOTC

DIAMOND

RUBY

EMERALD

Rs. 25,000/

Rs. 15,000/

Rs. 10,000/

JOTC CATEGORYJOTC LM COUNT PER FLSM

(MINIMUM QUALIFYING CRITERIA)INCENTIVE AMOUNT

PER JOTC LM

UP TO SR. AM TM & ABOVE

MIN. 1 LM IN ANY

CATEGORY

MIN. 2 LM IN ANY

CATEGORY

INCENTIVE:

FLSM/BM would be eligible for an Annual incentive on meeting the above

mentioned minimum qualifying criteria of JOTC LM for the year FY 20-21

REQUIREMENT : CLUB LMs

ANNUAL INCENTIVE FOR CLUB LM

CLUB CATEGORY EST/ SO / DM AM/ SR. AM TM & SR. TM BM & ABOVE

Subject to Minimum count

LM in Dy. RM Above clubs1 1 2 3

MD CLUB

PRESIDENT CLUB

CH CLUB

RD CLUB

RM CLUB

DY. RM CLUB

50,000

35,000

25,000

17,500

10,000

5,000

LM CLUBS QUALIFIERSINCENTIVE PER CLUB

QUALIFIERS (RS)

INCENTIVE

INCENTIVE AMOUNT AS PER CLUB

FLSM/BM would be eligible for Annual incentive for their respective count of

Club quali#er LM as per grid below.

Only the FLSM/BM meeting the minimum count of club quali#ers as

mentioned above would be eligible for the incentive in this category.

Incentive is applicable for Club Quali#cation from only Dy RM to MD Club.

Example

If an existing RM club member (Production Year 2019 - 20), upgrades or retains his Club membership during the production year FY 21, then the FLSM/BM is eligible for a bonus of Rs 2000.

FLSM/BM will be eligible for a bonus of Rs. 2000 if LM who is a club member

based on production year 2019-20, graduates from Rising Star/Branch

Manager/Divisional Manager/Dy. RM Club to RM Club and above.

MD CLUB

PRESIDENT CLUB

CH CLUB

RD CLUB

RM CLUB

10,000

7,000

5,000

3,500

2,000

CLUB CATEGORY BONUS PER LM

ANNUAL PERSISTENCY BONUS

INCENTIVE:

PENALTY:

• For >=90% & <95% of 13th month persistency Rs. 10,000 Annual incentive

• For >=95% of 13th month persistency Rs. 20,000 Annual incentive

• For <=75% of 13th month persistency: Penalty of Rs 20,000/-

Basic qualifying condition of eligibility for incentive (ALL PAYOUTS):

A FLSM/BM would be eligible to earn incentive on Monthly Rated NB achievements and all annual bonus payouts only on achieving

To address the retention of club members in production year FY 20-21 additional payout from Regional Manager Club Level & Above has been introduced FLSM/BM would be eligible for additional payout if LM continues or graduates to higher club.

CLUB MEMBERSHIP RETENTION & UPGRADATION BONUS

3

Please NoteA penalty of 0.25% would apply on Total Annual Targets in case of NB achievement is less than 60% of their respective total annual incentive targets as mentioned above.

ANNUAL NB PENALTY

ANNUAL

Min 60% target to

avoid penalty

ANUUAL TARGET

EST/SO/DM

18

30

AM

27

45

SAM

39

65

TM

48

80

CBM

75

125

EBM

81

135

BM

69

115

Sr BM

72

120

S TM

57

95

NET RATED NB ACHIEVEMENT

% FOR FY 20-21 (APRIL TO MAR)

% OF TOTAL NET PREMIUM ACHIEVEMENT

(APPLICABLE FOR FLSM ACROSS

ALL DESIGNATIONS)

<60% of Annual Target 0.25%

3

An LM recruited and licensed incentive calculation if he / she is

Currently in service with SBI or SBI Life Insurance or

Relative of SBI or SBI Life Insurance employee currently in service

Annexure APenalties and Bonus

Violation

Any FLSM/BM found in violation of the above will invite the following

5% deduction of the monthly incentive from the gross incentive earned on

discovery (first instance) that an LM / LMs are relative of SBI/ SBI Life

Insurance employee

B. Mis selling / Misappropriation / Misrepresentation

As per SBI Life Sales Quality Score - Policy for retail sales force

or

10% deduction of the FLSMs monthly incentive from the gross incentive

earned on subsequent discovery (2nd instance) that an LM / LMs are relative

of SBI/ SBI Life Insurance employee

or

20% deduction of the FLSMs monthly incentive from the gross incentive

earned on further discovery (3rd instance) that an LM / LMs are relative of

SBI/ SBI Life Insurance employee

C. LM Negative Balance

The LM debit balance will be tagged against each proposal and hierarchy

(LM to FLSM to BM mapping) as on the date of cashiering of proposal should

be considered.

LM debit balance recovery will not move from the original FLSM/ BM to

another FLSM/ BM. Even in case of reallocation of LM the debit balance penalty

will remain with original FLSM/ BM.

If debit balance against the LM is not recovered by the end of FY or within 6

months since the debit balance is calculated whichever is later, then penalty

will be levied on the original FLSM/ BM incentive earning.

3

If the debit balance recovery is made from the LM in future the penalty

charged against the FLSM/ BM incentive will be paid back to FLSM/ BM.

The proportion of penalty on FLSM/BM will be to the tune of 70% of the

debit balance and on BM incentive to the tune of 30% of the debit balance.

3

Annexure B

The following conditions to the Scheme of Incentives to the Sales (Marketing)Personnel for the in respect of FLSM Group are implemented

• His /Her resignation has not been duly accepted and communicated by the

Competent Authority* in writing

• He /She has not served the required notice period as communicated to him

by the Competent Authority* in writing

• He / She has not properly handed over charge to the person Authorized in

this behalf by his/her superiors in writing

• He / She has not been formally relieved by a written communication by the

HR. Department.

The Company shall forfeit the incentive notwithstanding the fact that the

employee has made the payment in lieu of the notice period or the same has

been recovered from him from any payments due to him/her

Note 1 Current month means the month during which the resignation

has been tendered.

Note 2 The Competent Authority means the Competent Authority

designated to accept the resignation.

or

or

or

3

HORIZONTAL GROWTH PATHFOR TM / SR. TM / BM Group

CRITERIA FOR ELEVATION TO BUSINESS MANAGER ROLE:

STRUCTURE FOR BUSINESS MANAGER GROUP:

TMs and SR. TMs who qualify for promotion to Associate Branch Manager as

per the DM Group promotion norms and do not opt for Branch Manager Role

as per reasons enumerated below will be designated as Business Managers

(BM) subject to approval of the competent authority.

TM/Sr. TM is getting promoted but suitable vacancies are not available

TM/Sr. TM is eligible for promotion but does not opt for promotion andstays in sourcing role

TM/Sr. TM not promoted as Associate Branch Manager due to suitabilityassessment although completing the qualifying criteria.

Business Manager group will have a 4 tier structure as under:

1. TM/Sr. TM to Business Manager

2. Business Manager to Senior Business Manager

3. Senior Business Manager to Chief Business Manager

4. Chief Business Manager to Executive Business Manager at Grade/Level M6L2

3

PERFORMANCE GRID FOR BUSINESS MANAGER GROUP

EMPLOYEES

Continuation

Increment

N/A

10

N/A

5.85 Lakhs

BUSINESS MANAGERS

CRITERIA FOR MIN. RATED NBMIN. LM

TEAM SIZE

MIN. CLUB

MEMBERS

MIN.

PROTECTION

BUSINESS

MIN. 13th

MONTH PR

1.3 Cr

1.5 Cr

40

40

85%

85%

Promotion

14 5.85 Lakhs

2.5 Cr in one #nancial yearor

3.0 Cr in two #nancial years with Min. 1.3 Cr in both years 45 87%

The product weightage and calculation for all parameters will be as per the

de"nition stated in the Development Manager Group promotion policy.

Continuation

Increment

N/A

11

N/A

6.75 Lakhs

SENIOR BUSINESS MANAGERS


TEAM SIZE

MIN. CLUB

MEMBERS

MIN.

PROTECTION

BUSINESS

MIN. 13th

MONTH PR

1.5 Cr

2.0 Cr

45

45

85%

85%

Promotion

15 6.75 Lakhs

3.5 Cr in one #nancial year

or

4.0 Cr in two #nancial years

with Min. 1.50 Cr in both years50 87%

Continuation

Increment

N/A

13

N/A

8.1 Lakhs

CHIEF BUSINESS MANAGERS


TEAM SIZE

MIN. CLUB

MEMBERS

MIN.

PROTECTION

BUSINESS

MIN. 13th

MONTH PR

1.8 Cr

3.0 Cr

50

50

85%

85%

Promotion

17 8.1 Lakhs

5.0 Cr in one #nancial year

or

6.0 Cr in two #nancial years

with Min. 1.8 Cr in both years55 87%

Continuation

Increment

N/A

17

N/A

13.5 Lakhs

EXECUTIVE BUSINESS MANAGERS


TEAM SIZE

MIN. CLUB

MEMBERS

MIN.

PROTECTION

BUSINESS

MIN. 13th

MONTH PR

3.0 Cr

4.0 Cr

50

5

85%

85%

3

NORMS FOR CONTINUATION IN BUSINESS MANAGER GROUP

Performance of Business Manager Group employees will be evaluated

every financial year as per the grid above

As per the above grid, a Business Manager needs to do a minimum NB RatedPremium of Rs 1.3 Cr, Minimum Team Size of 40 & 85% Persistency in afinancial year to continue in BM Role.

If a Business Manager falls below the required benchmarks in the first yearthen / he will be required to achieve the benchmarks defined forincrement in the next year to be eligible for continuation in the sameposition.

If a Business Manager group employee is not able to achieve the benchmarksfor increment in the 2nd year, then his/her position will be reversed to thenext lower level , with downward revision in compensation as applicable tothe lower level.

Similar treatment will also be meted out to the employees in Sr. BM, CBM andEBM level if they fail to meet the short fall as per respective performancelevels specified in the above grid.

NORMS FOR INCREMENT IN BUSINESS MANAGER GROUP

Business Manager Group employees will be eligible for increment depending

on their performance level at the end of each #nancial year as per the grid

above.

As per the above grid if a BM does a rated new business of >= 1.5 Cr in afinancial year then he/she gets a increment of Rs 50,000 in his fixed salarysubject to him/her meeting the Team Size, 13th month Persistency, ClubMembership and Protection Business criteria

An employee in Business Manager Group would be eligible to get a fixedsalary increment for the first 2 years in that designation.

3

NORMS FOR PROMOTION IN BUSINESS MANAGER GROUP

The promotion of employees in the Business Manager Group will be based on

the business parameters mentioned in the grid above.

An additional bonus will be paid to those employees in Business Manager

group, who get promoted to next level in the Horizontal Growth Path while

completing the 1 year rated New Business Benchmark by 31st December of the

#nancial year, as under:

Employees in this group will remain in sourcing role till such time that employee

desires a change or the company exigencies require the employee to be moved

to the leadership chain; The movement from horizontal growth path to the

leadership roles will be subject to employees achieving the promotion norms

for the respective business manager level and recommendation of the Regional

Director & Chief of the Channel . These movements may be approved by the

Respective President & Chief of HR & MS.

Employees in this group will be covered under BM/Sr. BM/CBM/EBM Grid in

relation to the incentive scheme.

Business Manager

Senior Business

Manager

Chief Business

Manager

Senior Business Manager

Chief Business

Manager

Executive Business

Manager

2.5 Crores

3.5 Crores

5.0 Crores

1,00,000/-

1,20,000/-

1,50,000/-

PROGRESSION F M PROGRESSION TO BONUS AMOUNTRATED NB BY 31

DECEMBER

BM

>=1.3 Cr

>=1.5 Cr

>=1.8 Cr

40

40

40

85%

85%

85%

0.8% on total business

1% on total business


SBM

>=1.5 Cr

>=2 Cr

>=2.5 Cr

45

45

45

85%

85%

85%




CBM>=2 Cr

>=2.5 Cr

50

50

85%

85%



EBM>=2.5 Cr

>=3.0 Cr

55

55

85%

85%



DESIGNATIONMIN. RATED

NB

MIN. RATED

SIZE% INCENTIVEMIN 13

th

MONTH PR

BONUS TO MANAGERS

VARIABLE COMPONENT FOR BUSINESS MANAGER GROUP

AGENCY MANAGEMENT ALLOWANCE

On progression of a TM / Sr. TM to a Business Manager position, the

managers will be eligible for a one time bonus as under:

Hierarchy as on 31st March of the financial year will be considered for

payout of bonus.

Employees in the business manager group will be eligible for a variable

component as per the following grid.

Business Manager Group employees will be eligible for a agency

management allowance as per the grid below

An LM will be considered active in a quarter only if the LM achieves 2 NOPs withrated FYFP of Rs. 20,000/- An employee has to meet both minimum team size and minimum Activity criteria to be eligible for Agency Management Allowance. Allowance will be calculated by considering the lower slab out of the 2 parameters achieved.

An employee in Business Manager Group will be eligible to earn variable

component provided / he meets the Min. Rated NB, team size &

persistency rate criteria stated above.

Branch Manager for the branchDivision Manager for his/her branch

Deputy Regional Manager for his/her area

Regional Manager for his/her region

10,000

5,000

3,000

DESIGNATION REWARD PER BM

<50

>=50 & <60

>=60

NA

15

18

NIL

Rs 500 per quarter per active LM

Rs 750 per quarter per active LM

MIN TEAM SIZE MIN ACTIVE LMS ALLOWANCE

• Business Manager Group employees having 60 LMs & above as on 31st March ofthe financial year, shall be eligible for Annual LM Business Meet with a Budget ofRs. 1,00,000/-

• Annual Meet shall be conducted for these LM’s before 30th June of thesubsequent financial year

• Deputy Regional Manager (Retail Agency), Regional Manager (Retail Agency) &Regional Director shall mandatorily be present in the Meeting along with therespective Branch Manager & Divisional Manager.

• Business Manager Group will be nominated for at least one training every year.

• Business Manager Group will be provided with a laptop and internet dongle.

• Business Manager Group will be eligible for a reward of Rs. 15,000 on issuance of

300 NOPs in a #nancial year or a reward of Rs. 30,000 on issuance of 600 NOPs in

a #nancial year.

Employees in the Business Manager Group will be eligible for monthly mobile &

conveyance reimbursement of Rs. 2500 & Rs. 3000 respectively.

MOBILE & CONVEYANCE REIMBURSEMENT

OTHER BENEFITS

SPONSORSHIP FOR STRUCTURED ANNUAL MEETING

4

JEETGoal Sheet for Development Manager Group Employees

for promotions w.e.f. 1st April 2021

The employees in the Development Manager Group will qualify for promotion

upon achievement of following four mandatory business parameters:

*For Development Managers joining during the #nancial year, the minimum team

size required to qualify for promotion will be kept as 18.

Development Managers will be required to achieve at least 4.5% of the New

Business Premium benchmark through protection business.

Business contribution of LM allotted during the #nancial year would be given

100% credit. However, business contribution of allotted LMs declared as COT/TOT

during the previous #nancial year and MD/President Club as per the Club

quali#cation norms during the previous #nancial year will be given 60% credit.

DM

Single

Double

Double with AddlIncrement

AM

SAM

SAM

AM

Single

Double


SAM

TM

TM

35

50

65

85%

50

75

100

PROMOTION

FROMPROMOTION

CATEGORYPROMOTION

TO

RATED NEW

BUSINESS

PREMIUM

(IN RS. LAKHS)

(a)

13th

MONTH

PERSISTENCY

(b)

TEAM

SIZE

(c)

NUMBER OF

CLUB

MEMBERS

(d)

87%24*

Single ABM 130 85% 37

85%

87%26

SAMSingle

Double


TM

Sr. TM

Sr. TM

TM

Sr. TM

Single

Double


Sr. TM

ABM

ABM

75

100

130

85%

100

130

170

87%28

85%

87%

5

6

5

7

6

7

7

8

8

34

a) Rated New Business Premium

ULIP RTraditional Regular

Protection Regular

Single Premium

Annuity

100%

100%

100%

10%

10%

PRODUCT CREDIT FOR NBP


The product wise weightage for calculating Rated NBP will be as under:

4

b) 13th Month Persistency Rate

c) Team Size

d) No. of Club Members

Other Parameters:

13th Month Persistency rate on rolling basis as of 31st March of the #nancial year

will be considered. In case of new employees, the calculation of PR will be done for

allotted LMs, if any; else PR will not be applicable. 13th Month persistency for

policies sourced by allotted LMs will be a part of the renewal premium due for the

employee. In case of LMs considered under Utkarsh, the collectable of the said LM

will move along with him / her and be a part of his/her collectable.

LMs qualifying as Rising Star Club & above as per the Club quali#cation norms for

#nancial year will be considered.

i) LMs allocated during the #nancial year will not be taken into consideration for

calculation of team size.

ii) LMs reinstated/recoded/coded on or before 31st March of the #nancial year

only would be considered for team size.

iii) LMs reinstated/recoded/coded will be considered only on completion of MBR

Norms on or before 31st March of the #nancial year.

1. The employee should have completed at least 6 months service as on 31st

March of the #nancial year and should have been con#rmed.

2. On qualifying for promotion employees will be judged for their suitability by

the regional screening committee. Employees will be promoted subject to

their suitability and availability of vacancy in next position.

3. For Sales OKcer turned Development Managers, the new business generated

post the con#rmation will only be considered for promotion exercise.

4. Employees who qualify for double promotion with additional increment will

be #xed at a higher #xed compensation, which will be the average of the

compensation of the 2nd & 3rd levels.

. Employees opting for the Business Manager position from Territory Manager /

Senior Territory Manager position will be oWered a one-time bonus of

Rs. 1,00,000.

4

UDAANGoal Sheet for Branch Manager Group Employees

For promotions w.e.f. 1st April 2021

Goal sheet for Branch Manager Group employees will have following mandatory

parameters:

* Upgrading of branches will be subject to necessary approvals.

Employees in the Branch Manager Group will be considered eligible for zone of

selection subject to them meeting the minimum benchmarks stated above.

* Employees, who qualify for a promotion to Divisional Manager position and are

found suitable for the role, may be promoted as Executive Branch Manager at

Grade/Level M5L1 in case of unavailability of vacancies. On creation of vacancies

in the Divisional Manager group, Executive Branch Managers may be posted as

Divisional Managers. The tenure for promotion from Divisional Managers to Senior

Divisional Manager will be considered from the date of such employees taking

charge as Divisional Manager.

Further, employees achieving the rated New Business benchmark for branch

upgrade along with other parameters will be eligible for a branch upgrade &

one-time bonus as under:

3 UMABM

BM

Sr. BM

BM

Sr. BM

N/A

1.50

1.80

N/A

6.75

8.10

10.13

2.25 100% 100% 75 15

5 UMABM

BM

Sr. BM

BM

Sr. BM

DM*

2.80

3.20

4.00

12.60

14.40

18.00

4.00 100% 100% 125 25

8 UMBM

Sr. BM

Sr. BM

DM*

5.20

5.50

23.40

24.756.40 100% 100% 200 40

10 UMBM

Sr. BM

Sr. BM

DM*

6.00

7.00

27.00

31.50

N/A

8.00 100% 100% 250 50

BRANCH

CATEGORY

PROMOTION

FROMPROMOTION

TO

RATED NEW BUSINESS

PREMIUM (IN RS. CRORES) TARGET ACHIEVEMENT

FOR

PROMOTION

FOR

BRANCH

UPGRADE

RATED

NEW

BUSINESS

PROTECTION

BUSINESS

PREMIUM

(IN RS LAKHS)

RENEWAL

BUSINESS

TEAM

SIZECLUB

MEMBER

SHIP

3 UM

5 UM

8 UM

10 UM

RS. 1.00 LAKH

RS. 1.25 LAKH

RS. 1.50 LAKH

RS. 1.75 LAKH

5 UM

8 UM

10 UM

BRANCH CATEGORY UPGRADE TO* ONE TIME BONUS OF

Branch Manager Group Promotion Norms (Udaan) – Minimum Benchmarks

SPECIAL DIVISIONBRANCH

4

The calculation of New Business Premium, Team Size, Club Membership will be as

under:

a) Rated New Business Premium

Rated New Business will be calculated with 100% weightage to regular premium &

10% weightage to single premium.

c) Club Membership

Other Parameters:

LMs qualifying as Rising Star Club & above as per the Club quali#cation norms for

FY 2020-21will be considered.

All the employees who are in the zone of selection will be evaluated through a

regional screening committee. RDs will recommend suitability for promotion as

Suitable or Not Suitable for all employees in the zone of selection. Promotions to

Divisional Manager role will be subject to availability of vacancies.

Any change in norms and upward/downward revision in norms for promotion

may be made subsequently with the prior approval of MD & CEO in order to align

the promotions with the business scenario, employees’ aspirations and company’s

requirement.

b) Team Size

i) LMs reinstated/recoded/coded on or before 31st March 2021 only would be

considered for team size.

ii) LMs reinstated/recoded/coded will be considered only on completion of MBR

Norms on or before 31st March 2021.

1. The employee should have completed at least 1 year service as on 30th June

and should have been con#rmed in the service.

2. There will be only one promotion cycle during the year i.e. eWective 1st April

of every year.

3. Eligibility criteria for LEAP Rating will be based on the prevailing norms for

promotions.

4

ADDITIONAL CONVEYANCE ALLOWANCE

FLSM AND BM GROUP

UM Group Employees

• For UM Group employees (Executive Trainee, Unit manager, Agency manager,

Senior Agency Manager, Territory Manager, and Assistant Branch Sales Manager):

Base monthly ceiling of Rs 2000/-

• Apart from base business travel reimbursement of Rs 2000/- p.m., UM group

employee, subject to achieving following activity and performance parameters

on monthly basis, will be entitled for additional reimbursement as under,

A: Business Travel Reimbursement For Sales Employees

Unique IA Home visit*

Unique Prospective IA visit*

Joint Calls*

(No follow up calls)

6

4

20

Activation ^

Recruitment^

Rated Business*

8

1

As per designation wise

Incentive benchmark under

UM Group Incentive Scheme

ACTIVITY(SAATHI APP) ACTIVITY BENCHMARK PARAMETER PERFORMANCE OUTPUT

*Mandatory

^ Additional Parameter

Amount Payable:

Rs 4000/- p.m. in which all 6 (4 mandatory and 2 additional) parameters are fulfilled.

Rs 2000/- p.m. in which all 4 mandatory and 1 additional parameter is fulfilled.

Nil if any 1 mandatory parameter i not met.

Thank You

COMPENDIUM -RETAIL AGENCY SCHEMES 20-21.pdf

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