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    Liafi - Shri Association Public

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    sachin.kaskar
    The document discusses a large number of life insurance agents that were terminated in 2008-2009 according to a government reply. It questions why so many agents were terminated, the costs of recruiting and terminating agents, and the impact on policyholders. It requests further investigation into the matter.

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    Liafi - Shri Association Public

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    sachin.kaskar
    22 views2 pages
    The document discusses a large number of life insurance agents that were terminated in 2008-2009 according to a government reply. It questions why so many agents were terminated, the costs of recruiting and terminating agents, and the impact on policyholders. It requests further investigation into the matter.

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    Liafi_Shri association public

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    The document discusses a large number of life insurance agents that were terminated in 2008-2009 according to a government reply. It questions why so many agents were terminated, the costs of recruiting and terminating agents, and the impact on policyholders. It requests further investigation into the matter.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    22 views2 pages

    Liafi - Shri Association Public

    Uploaded by

    sachin.kaskar
    The document discusses a large number of life insurance agents that were terminated in 2008-2009 according to a government reply. It questions why so many agents were terminated, the costs of recruiting and terminating agents, and the impact on policyholders. It requests further investigation into the matter.

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    © All Rights Reserved
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    Life Insurance Agents’ Federation of India

    WESTERN ZONAL COUNCIL


    President Zonal Secretary :
    Gopinath Terkar Sudhir Bijwe
    “Jeevan Jyoti” 22, New Adarsh Colony, “Sterling House”, 37 Ramnagar
    Latur- 413512 Hill Top, Nagpur -440 033
    Phone : M : 094224-70076 Ph. : 0712- 2230542, Mobile : 98231-76563
    Email : terkarbima@rediffmail.com Email : bijwesinsurance@yahoo.com

    Respected Shri Dardaji Date: 09-12-2010


    Member of Parliament Nagpur
    Government of India
    New Delhi

    Today morning i.e. 09-12-2010 we read in “Lokmat” an esteemed daily newspaper of Nagpur that
    honorable Finance Minister Shri Pranav Mukharjee gave written reply to your query about status of Life Insurance
    Agents and informed that 8.72 lakh agents are terminated in the year 2008-2009.

    First of all we thank you very much for taking keen interest in the protection of investors like Life Insurance
    Policy Holders.

    In a specific reference to life insurance agents it has appeared that about Rs. Ten Thousand are spent per
    agent for their recruitment. Sir if we calculate the total amount spent on recruitment of these abnormally terminated
    agents in the year 2008-2009 alone comes to about 872 crores. This huge amount of Rs 872 Crores has gone
    down the drain, It has not gone out of pocket of insurance companies, I R D A (Insurance Regulatory and
    Development Authority) or Government of India but from the pocket of policy holders. Is there any body responsible
    for this colossal waste of crores of rupees in one year it self? As the records shows every year there is a huge
    termination of agents and as such this loss is every year. It reduces the bonus of policy holders. Why the insurance
    companies are not taking due care while recruiting agents? Why the I R D A is not taking stringent action against
    those insurance companies for this heavy losses to policy holders. We definitely talk about protection to policy
    holders but in reality we succumb to the wishes of insurance companies. By terminating agents insurance companies
    are benefited as they are not required to pay commission on the premium which is coming to insurance company
    due to the business canvassed by such terminated agents. Further, policy holders become orphan because of the
    termination of such agents. Large scale policies lapse and no claims are paid to widows on such policies. Sir, we
    will be obliged to know the total number of termination of agents on the ground of fraud. It is very much necessary
    because it reflects on the selection procedure of insurance companies. In all it appears there is very very casual
    approach of insurance companies while selecting life insurance agents. There is a profit to life insurance companies
    Life Insurance Agents’ Federation of India
    WESTERN ZONAL COUNCIL
    President Zonal Secretary :
    Gopinath Terkar Sudhir Bijwe
    “Jeevan Jyoti” 22, New Adarsh Colony, “Sterling House”, 37 Ramnagar
    Latur- 413512 Hill Top, Nagpur -440 033
    Phone : M : 094224-70076 Ph. : 0712- 2230542, Mobile : 98231-76563
    Email : terkarbima@rediffmail.com Email : bijwesinsurance@yahoo.com

    and huge loss amounting to hundreds of crores of rupees per year to policy holders. We will be highly obliged if
    you kindly probe further in the matter.

    We once again thank you for asking very valid question in parliament and request you to spare some time
    for us to enable us to honour you and to give you some more details in the matter.
    Thanking you

    Your faithfully

    S. S. Bijwe
    (Zonal Secretary, W.Z.)

    Shri Vijay Darda


    Member of Parliament
    Lokmat Bhavan, Lokmat Chouk,
    Wardha Road, Nagpur- 440 012

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