As
far as the, Conventional plans of Life Insurance policies are
concerned, there is a growth of 11% in policies and 22% in premium as on
29.02.2012, whereas, there is a degrowth on the Unit Linked Insurance
Plan (ULIP) which is a trend among the whole insurance industry.
This information was given by the Minister of State for Finance, Shri
Namo Narain Meena in written reply to a question in Rajya Sabha
today.
The Minister of State Shri Meena further informed that number of Agents
is related to the business potential in the insurance market. Commission
to agents are paid as per Section 40(A) (1) of the Insurance Act, 1938.
Further, the commission rates for any new products are also approved by
Insurance Regulatory and Development Authority. The Life Insurance
Corporation of India (LIC) has reported that there is no instance of
quitting of agents in lakhs in LIC due to reduced commission or strict
guidelines to agents set for them by LIC.
The total number of LIC agents during the year 2010-2011 was 13,37,064 and as on 31.01.2012 it was 13,05,430.
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DSM/SS/Hb
(Release ID :81320) PIB |
