Insurance Manager Compensation FY 23-24

Insurance Manager Compensation comprises of following sections and sub-sections:

A. Insurance Manager (IM) Salary

B. Insurance Manager Levels
C. Insurance Manager (IM) Goal Sheet & First Two Month’s Target
D. Quick Start Benefit
E. Insurance Manager Club Membership
F. Production Incentive
G. Productivity Bonus
H. Monthly Production Incentive
I. Persistency Incentive
J. EIM Addition benefit
K. Terms and Conditions

A. Insurance Manager Salary:

IM needs to do minimum RNB of 50,000 to earn the FTM salary of 7,000/-. In case IM does not 50,000 RNB
in a month then salary is paid as per following table. If IM is YTD on-track on goal sheet then IM will full
salary.

FTM RNB FTM Salary (INR)

Zero 0
Below 25,000 1,000
25,000 to 49,999 3,500
>= 50,000 7,000
For calculation of Salary, following product credit is applicable.

Traditional Traditional ULIP RP & Top-

RP SP SP up
100% 10% 0% 0%

B. Insurance Manager Levels:

a. Executive IM (IM)
b. Insurance Manager (IM)
c. Senior Insurance Manager (Sr. IM)
d. Chief Insurance Manager (Chief IM)

C. Insurance Manager (IM/ Sr. IM/ Chief IM) Goal Sheet & First Two Months Target:

• Goal Sheet Period: The month of joining of the Insurance Manager (IM) will be referred to as M0. The IM
goal sheet period will be maximum 12 months starting from 1st date of M1 & end on last date of M12.
• New Goal Sheet will start after completion of M12 with immediate effect.
• Performance Review: IM performance will be reviewed at the end of each month based on FTM or YTD
targets.
• Targets & condition: IM goal sheet targets, First Two Month Target are mentioned in the table below:

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Insurance Manager Compensation FY 23-24

Cadre Annual Rated NB Monthly Rated NB First Two Month Target

(including credits) Target (including credits) target Rated NB (including
credits)
IM/ Sr. IM/
6,00,000 50,000 50,000
Chief IM

For calculation of Rated NB (including credits) please refer to standard conditions

First Two Month’s Target:

• First Two Month’s Target condition must be achieved on or before end of M2 on issuance basis by IM to
continue the contract beyond M2.
• This condition is applicable for new joined IM only
• In case of failure to achieve this condition, please refer to PEP which will be shared separately.

D. Quick Start benefit:

Newly appointed IMs/ EIM/ Sr. IM/ Chief IM will get 200% business credit on the PAR Regular Premium during M0
to M3 month (M0 being the month of appointment of the IM) for BALIC club membership & Goal Sheet. This extra
credit is not applicable for any other compensation unless specified.

E. Insurance Manager Club Membership:

IM Club membership targets and benefits are mentioned in the following table:
Customized
Club Rated NB Visiting Card Club Certificate
Merchandise*
Promising Club 3,00,000 No Soft Copy Digital Certificate
Silver Club 6,00,000 No Soft Copy Digital Certificate
Gold Club 12,00,000 No Soft Copy Digital Certificate
Diamond Club 25,00,000 Yes Soft Copy Digital Certificate
Platinum Club 50,00,000 Yes Soft Copy Digital Certificate
Titanium Club 75,00,000 Yes Soft Copy Digital Certificate

Customised Merchandise* - Club wise Badge, ID card with QR code and Table Frame

Club status will be assessed at the end of every month. Rated NB (including credits) of the preceding 12
months on issuance basis will be considered to decide club eligibility. Upon club upgradation, the club
status will not be downgraded for minimum 12 months.

Product Credit for Club Membership:

Traditional RP ULIP RP All SP Top-up

100% 50% 10% 0%

F. Production Incentive:
Production incentive is paid on monthly basis. It is calculated as a percentage of the FTM NB achieved on
issuance basis by the IM/ EIM/ Sr. IM/ Chief IM. Production Incentive will be calculated on the business
logged in direct code of IM/ EIM/ Sr. IM/ Chief IM.
i.e. NB * applicable production incentive rate.
The applicable production incentive rates are defined in the following table:

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Insurance Manager Compensation FY 23-24

Product PPT / Annualized Premium Production Incentive Rate

5 Years 12%
7 Years 17%
Income Assure
10 Years 25%
12 Years 30%
5 Years 15%
7 Years 20%
POS Goal Suraksha 8 Years 24%
10 Years 25%
12 Years 35%
10 Years 20%
Life Long Assure
15 & 20 Years 25%
5 Years 15%
7 Years 21%
Guaranteed Income Goal 8 Years 24%
10 Years 30%
12 Years 35%
Smart Protect Goal (Non ROP) All PPT 40%
5 Years 15%
6 Years 18%
7 Years 21%
8 Years 24%
Smart Protect Goal (ROP)
9 Years 27%
10 Years 30%
11 Years 33%
12 Years & Above 35%
5 Years 15%
6 Years 18%
7 Years 21%
8 Years 24%
Flexi Income Goal 9 Years 27%
10 Years 30%
11 Years 33%
12 Years 35%
>=13 Years & Above 35%

For other products, Production Incentive Rate will be same as product commission (Insurance Consultant)
rates
G. Productivity Bonus:
IM/ EIM/ Sr. IM/ Chief IM will be eligible for Productivity Bonus by achieving respective slabs as mentioned
in the following table. It is calculated as a percentage of the YTD Production Incentive earned by the IM on
issuance basis. This benefit will be calculated on monthly basis on YTD achievement and the Productivity
Bonus paid earlier will be subtracted from YTD PB and balance amount will be paid.
i.e. [Production Incentive * applicable productivity bonus rate] – Productivity Bonus paid earlier during the
goal sheet period.
Business logged under IC/ POS-P & Self code will be considered for PB calculation.
At the end of Goal Sheet period, all the balance PB is paid. The existing achievement reset to Zero and IM
starts with new Goal Sheet.
For calculation of PB, IM Club status at the end of respective month will be considered i.e. for Apr month’s
PB calculation IM club status including Apr month’s business will be calculated first. This club status will be
considered for further calculation.

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Insurance Manager Compensation FY 23-24

The applicable productivity bonus rates are defined in table below:

%age of Production Incentive

Rated NB in GS Period
Non Club Promising & Silver Gold & Above
- 0.0% 0.0% 0.0%
1,50,000 0.0% 10.0% 20.0%
3,00,000 - 20.0% 35.0%
4,50,000 - 35.0% 40.0%
6,00,000 - 40.0% 45.0%
12,00,000 - - 75.0%
18,00,000 - - 85.0%
24,00,000 - - 90.0%
30,00,000 - - 95.0%
36,00,000 - - 100.0%

Gate Criteria:
• Minimum 13th Month Persistency: 88%
• Minimum 25th Month Persistency: 76%
• In case of non- achievement of persistency. If IM has achieved minimum 85.00% of 13th month
persistency and 75.00% of 25th month persistency, then 75% amount of qualified amount shall be
released.
Note – Regular Income Benefit and any other scheme (if mentioned in the respective circular) are
subtracted from Total Productivity Bonus to calculate the final Productivity Bonus amount.

H. Monthly Production Incentive:

IM/ EIM/ Sr. IM/ Chief IM. are eligible to get monthly incentive.
Monthly Production Incentive (MPI) scheme will be launched each month.

I. Persistency Incentive:
Persistency incentive is applicable to IM/ EIM/ Sr. IM/ Chief IM on achieving various slabs of persistency.
The persistency incentive is calculated as percentage of the total renewal collected as per the applicable
buckets. The rates as per slabs are mentioned below:

13th month Persistency Incentive on 13th Persistency Incentive on 25th

persistency slab Month Renewal to 61st Month Renewal
0% - 84.99% 0% 0%
85% - 87.49% 2.5% 0.75%
87.5% to 89.99% 5% 1.5%
>=90% 6% 2%

Payout Criteria:
• YTD persistency evaluated at the end of each month.
• Based on persistency slabs achieved the renewal incentive rate is decided.
• Renewal Incentive will be calculated on FTM 13th, 25th, 37th Month renewal premium adjusted.
• In case of non- achievement of persistency. If IM has achieved minimum 85.00% of 13th month
persistency and 75.00% of 25th month persistency, then 75% amount of qualified amount shall be
released.

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Insurance Manager Compensation FY 23-24

J. EIM Addition Benefit:

IM/ Sr. IM/ Chief IM appoints 1 EIM & activates the same EIM in the M0 – M1 month with 50,000/- Rated
NB (cheque value) is eligible for the EIM Addition Benefit.
This is monthly benefit. If EIM is appointed in Apr’23 then this EIM will be considered for Apr’23 EIM
Addition Benefit, if EIM activated with 50,000/- Rated NB. Business done in Apr’23 and May’23 will be
considered to derive this achievement. EIM benefit is paid as per following table:
EIM Addition Incentive
1 1,000
nd
2 EIM Addition onwards 3,000 per EIM

K. Terms & Conditions:

• Product credits for calculation of Rated NB (including credits) for Goal Sheet:
Traditional RP ULIP RP All SP Top-up
100% 50% 10% 0%

• Above credits are applicable for Goal sheet achievement, Promotion, Eligibility calculation of Ex-gratia
payment.
• Rated NB (including credits) will be calculated on issuance basis irrespective of date of login
• All calculations of premium will be on Net Premium excluding the applicable taxes.
• Business credit on new product will be announced as and when new product is introduced.
• Management reserves right to change the business credit on any product as and when deemed
appropriate.
• FYLP adjusted during FY 23-24 will be considered for all calculations, excluding MPI.
• Policies which are Free-look cancelled, Cheque Dishonored Action (CDA), Cancelled from Inception etc.
(any reversals) will not be considered for any calculations.
• Rated NB (including credits) from the surrender re-login of + / - 3 months, will be excluded from Rated
NB (including credits) calculations for all benefits.
• If any policy included in any IM Compensation program is proven as mis-sold, the management reserves
the right to take appropriate action including disqualification from the program and forfeiture /
recovery of any or all the benefits.
• Any recovery arising post disbursement of any benefit due reasons such as Cheque Dishonor Action,
Freelook cancellation, surrender churn etc. will be recovered from any monetary future benefits.
• All applicable taxes will be deducted from the gross incentive / reward amount, while making the
payment disbursements.
• Any changes made during the year will automatically get incorporated as an additional clause by
default.
• BALIC Convention / training program benefit is non transferrable and non-reimbursable.
• Management reserves the rights to amend / withdraw (all / part) benefits under compensation without
any prior notice.
• In case of any ambiguity in interpretation, the decision of Management will be final & binding on all.
• For Production Incentive & Productivity Bonus direct login in IM code will be considered.
• No Production Incentive paid to IM on the business sourced by his/her team of Insurance Consultant /
POSP. Only Productivity Bonus will be paid on this business.
• In case of any ambiguity or disputes on any aspect of the circular, the decision of the Management is
the last & final & is binding to all.
Happy Selling!!

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