Dear All,

Please find below IC commission schedule for May’23 & Jun’23

IC commission on new business will be paid only after completion of Freelook cancelation
Period i.e. of 15 days.

Note:
1. In compliance of the Rule (16b) of Section 41(1) of Insurance Act 1938, commission on IC’s/POSP
own life policy will be released after IC/POSP satisfies himself as a Bonafide insurance
consultant. And to become bonafide insurance consultant, IC/POSP need to procure policy of
six different lives excluding his own.
IC/POSP own policy commission will be released along with 6th policy, if IC completed
above metnioned criteria.

2. Please note policy will be consider for commission payment if premium cheque status is
“Clear” in system. In Case cheque status is not clear then coordinate with BALIC branch
operation team or respective line manager.

3. GST on Individual Insurance Consultant commission are paid by BALIC under Reverse Charge
Machanisam(RCM) so IC is not allowed to avail GST paid under RCM.

4. TDS will not be deducted until total gross income does not exceed Rs.15000/- during the
financial year. Tax will be deducted on YTD total commission/prize amount once amount is cross
Rs.15000. Kindly refer below mentioned one example.
IC Code: 1000000001 Payment for FY 23-24

Cycle Cycle wise Payable Total YTD Gross Amount TDS TDS AMOUNT Net Amount PAYMENT DATE FY
21-31 Mar 23 5000 5000 0% 0 5000 20-Apr-23 23-24
1-10 May 23 5000 10000 0% 0 5000 22-May-23 23-24
21-31 Nov 23 5000 15000 0% 0 5000 12-Dec-23 23-24
21-31 Jan 24 1000 16000 5% 800 200 02-Feb-24 23-24
Total YTD Paid 16000 16000 5% 800 15200
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IC commission schedule