Central Office, Marketing Department,

“Yogakshema”, Mumbai 400 021.

Phone: 022-66598332,66598842
E-mail: co_agency@licindia.com

Ref : CO/Mktg./ZD/A/5/2020 Date: 02.04.2020

All Zonal Managers (I/C)

Regional Managers (Mktg.)
Sr. / Divisional Managers (I/C)
MDC, ZTCs, STCs, Audit and Inspection Centers.

Reg : COVID-19 Advance to all ERC (Eligible for Renewal Commission ) agents

The Government of India has declared the outbreak of COVID-19 as a National Disaster
and to restrict the spread of this virus, the Government has imposed complete
Lockdown in the country from 25.03.2020.
The country wide lockdown has restricted the movement of agents of the Corporation
and they are not able to meet their customers for collection of premium and new
business. This has resulted in sharp loss of the renewal commission income of the
agents.
Keeping In view of the above situation, Competent Authority has approved an exclusive
COVID-19 interest free advance to agents. Accordingly the advance will be paid,
• To all eligible agents who have completed minimum 5 agency years as on
01.04.2020.
• This advance will be paid in 2 installments. The first installment of 50% payable
on 15th April /30th April and the second installment on 15th May.
• The advance will be recovered in 24 monthly installments, the recovery will
commence from the month of October 2020.
• The maximum advance will be Rs 50,000 OR an amount equals to the last year’s
renewal commission whichever is lesser.
• All recoveries put together should not exceed 60% of last year’s Renewal
Commission. The agent should be eligible for Renewal commission (who have
completed 5 agency years.
• An agent who wants to avail this advance should contact their Development
officer OR ABM(S)/Branch Manager and inform their consent for availing the
advance.
• As agents are unable to come to office for submitting the application due to the
restriction imposed by the Government .Development officers will have to
 submit a list of agents under his organization to the Branch office (AS PER THE
FORMAT ENCLOSED ALONG WITH THE CIRCULAR) with an undertaking that he
had received the request from the agent through Orally, Telephone, Mobile,
whatsApp OR Email and he would take the full responsibility to collect and submit
the applications once the normalcy is restored
• For Direct Agents /Supervised Agents and Agents attached to LICA the
ABM(S)/BM shall give an undertaking to procure the applications once normalcy
is restored.
• Agents attached to Direct Marketing Department the UNIT IN- CHARGE will give
the required undertaking of receiving the application and submitting to office.
• Branch-in- charge shall consolidate all requests and send the list to Divisional
Office with an undertaking to collect and preserve the application once normalcy
is restored (IN THE FORMAT ENCLOSED ALONG WITH THIS CIRCULAR)
• Once normalcy is restored the Agent should submit the request in writing to the
Branch office.
• The entire request received on or before 14th of this month should be sent to
Divisional office on 15th. Divisional Office will process the application on 15th and
credit 50% of eligible amount to the agents account through NEFT on the same
day. All requests received from 15th to 27th will be sent to Divisional Office by the
Branch Office on 28th; the same will be process at Divisional Office on 30th and
credit 50% of the eligible amount to the agents account through NEFT on the
same day.
• The balance 50% ie the second installment will be processed at Divisional Office
on 15th May 2020 for all agents irrespective of whether the payment if made on
15th OR 30th April 2020.
• No application will be entertained after 27.4.2020.
• Agents against whom disciplinary action is initiated & show cause notice is
issued for imposing penalty will not be eligible for this advance.

Divisional office will process the advance and credit it directly to agent’s bank
account through NEFT. Divisional Office will send a list to branches, agents to whom
advance was sanctioned. The second installment will also be processed at Divisional
office.

Executive Director (Mktg./PD/SBA)