Re : New Commission Structure and Rewards w.e.f.

01/04/2024
FOR MOTOR LOB

1. PRIVATE CAR & TWO WHEELER

for ALL AGENTS AND INTERMEDIARIES (Excluding MISP Business)

New Commission structure (including Rewards)

OD Commission TP Commission
( including ( including
Product Rewards) Rewards)
Private Car 20% 15.00%
Private Car Standalone OD 20%
Private Car Standalone TP 15.00%
Two wheeler 25% 10.00%
Two wheeler Standalone OD 20%
Two wheeler Standalone TP 10.00%
CPA for Pvt Car / TW 3.25%

2. COMMERCIAL VEHICLES

a) Commission structure

for ALL AGENTS AND INTERMEDIARIES (Excluding MISP Business)

Motor
YEAR Motor (StandAlone TP)
(Comprehensive)
Certificate of 15% (OD
registration – 1 st to portion) + Nil - 2.50%
3rd Year TP portion)
Certificate of 15% (OD
registration – 4th portion) + 2.5% 2.50%
year onwards - TP portion)
 b) Rewards/Incentive Scheme

For All Agents, POSP and IMF ( Excluding MISP business )

ALL Motor Policies excluding PRIVATE CARS, TWO WHEELERS

A) Excluding Non-MISP dealer business and CPA policies

Parameters
All Brand New Commercial
Vehicles (includes Brand New
Vehicles and up to 1 year)
*Excluding school and
institutional buses and
Commercial Goods Carrying
Vehicles less than 7500 GVW
Commercial Goods Carrying
Vehicles less than 7500 GVW
upto 7 years of age
One Year to Seven years
renewals
* Excluding Commercial Goods
Carrying Vehicles less than
7500 GVW
*Excluding school and
institutional buses
School and Institutional buses-
(used only for transportation of
student or staff)
7 years to 15 years
*Excluding school and
institutional buses
Standalone TP Policy
CPA policies
B) Non-MISP dealer business and CPA polices for both existing and fresh
agents/POSP/IMF
- 30% on eligible commission as incentives
Reward/Incentive
a) 20% of Package policy premium on
Three wheeled vehicles used for carrying
passengers for hire and reward, Three
wheeled Goods carrying vehicles &
Miscellaneous – D Vehicles.
b) 5% of Package Policy Premium on all
other brand new Commercial vehicles
other than mentioned above
20% of Package policy premium
a) 10% of Package policy premium on
Three wheeled vehicles used for carrying
passengers for hire and reward, three
wheeled Goods carrying vehicles,
Miscellaneous – D Vehicles (other than
brand new).
b) 5% of Package Policy Premium on all
commercial vehicles other than
mentioned above
a) 25% of package policy premium for
vehicles up to 15 years.
b) 25% of standalone TP premium.
5% of Package policy premium on Three
wheeled vehicles used for carrying
passengers for hire and reward, Three
wheeled Goods carrying vehicles &
Commercial vehicles less than 7500
GVW, Miscellaneous – D Vehicles
4% of Package Policy Premium on all
other vehicles other than mentioned
above
5 % of Liability only premium.
30% on eligible commission as incentives
For BROKERS AND WEB AGGREGATORS (Excluding MISP Business)

ALL Motor Policies excluding PRIVATE CARS, TWO WHEELERS

Product Reward/Incentive
Package policy 5% of total package policy premium
Standalone TP 5% of total policy premium