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Samvardhan: A Defined Contribution Group Superannuation Scheme for LIC Agents

(a): Life Insurance Corporation of India (LIC) has informed that LIC has launched a Defined Contribution Group Superannuation Scheme (Samvardhan) for its agents on 1st February, 2011 to help them accumulate corpus during their productive period which can be used for providing pension in a structured way after the accumulation period. Membership to the scheme is voluntary. 
(b) : All the active agents between the age 18 to 65 years with minimum agency tenure of 1 year and annual commission of Rs.1 lakh can join the scheme. Minimum contribution by the agent is Rs 500/- per month and in multiples of Rs 500/- thereafter. Member agent will be eligible for pension which will be dependent on the age at vesting, accumulation of the contribution to his account and Annuity rates at the time of vesting. 
(c) and (d): LIC has further informed that it has not received any such demand from the policyholders to dispense with the services of agents and thereby seek reduction in the premium to the extent of commission set apart for agents. 

The abvoe statement was submitted by MoF in reply of undermentioned Lok Sabha Q&A:
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA
UNSTARRED QUESTION NO 3232
ANSWERED ON   30.08.2013
PENSION FOR LIC AGENTS
3232 . Shri JOSE K. MANI
Will the Minister of FINANCE be pleased to state:-
(a) whether LIC has started/proposes to start a special pension scheme for its agents; 
(b) if so, the details and the salient features thereof; 
(c) whether there has been persistent demand from the policy holders to dispense with the service of agents and thereby seek reduction in the premium to the extent of commission set apart for agents; and 
(d) if so, the details thereof and the reaction of the Government/Insurance Regulatory and Development Authority (IRDA) thereto?
ANSWER
Minister of State in the Ministry of Finance (Shri Namo Narain Meena) 
** see above **
Source: Loksabha.nic.in
[http://164.100.47.132/LssNew/psearch/QResult15.aspx?qref=144464]

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COMMENTS

WORDPRESS: 5
  • Anjali 1 year ago

    Sir 500 rs every month getting deducted from commision and my father passed away but we are not getting any pension now on behalf of that deduction

  • Dinesh Kumar Nigam 2 years ago

    Respected sir my email ID is nigam[dot]dinesh8009[at]gmail[dot]com . I am agent in lic Indira nagar lucknow my agent code is 0171421S. I have a samvardhan scheme for agent pension and deduction Rs.1000/-pm in my commission but I have not any information about my account details and balance. Please provide my account details.

  • d/sir
    samvardhan pansion scheme of lic agents
    nothing any detail available,
    monthly dudction by commission bills,but detial not available duducted maoney to be use self branch manager/other official at branch level/divisional level/zonal level
    no contribution diposite statement avail just like (lic policy premium history detail)
    agents commission ki lut ki ja rahi hai
    my branch policy no.342253,branch 11 B,LAXMI NAGAR,DELHI-110092 LIC ID NI.88,AGNECY CODE NO. 69408111 NAME ALI MOHAMMAD I M CONTRIBUTE PER MONTH #@ 2000/FROM EFFECT 07/02/2011

  • d/sir
    samvardhan pansion scheme of lic agents
    nothing any detail available,
    monthly dudction by commission bills,but detial not available duducted maoney to be use self branch manager/other official at branch level/divisional level/zonal level
    no contribution diposite statement avail just like (lic policy premium history detail)
    agents commission ki lut ki ja rahi hai
    my branch policy no.342253,branch 11 B,LAXMI NAGAR,DELHI-110092 LIC ID NI.88,AGNECY CODE NO. 69408111 NAME ALI MOHAMMAD I M CONTRIBUTE PER MONTH #@ 2000/FROM EFFECT 07/02/2011

  • dear sir
    last so many years we are not getting any information about our deducted amount were it is at list we get yearly statement under thi sscheme
    pls look at this matter
    regards
    mevalal pal dadar branch 938