Bank of India with its Insurance partner Star Union Dai-ichi provides diversified kinds of Insurance at specially reduced rates to its customers. Customers are requested to note that participation by them in insurance products is purely on a voluntary basis.
Commission for Insurance
As per RBI circular: RBI/2009-10/225 dated November 16, 2009, following are the details of the comparative commission earned by Bank from Insurance whose products are being distributed:
1. Commission in Life Insurance – 5 (b)
Table I – Single Premium
Sr No. | Category of Life Insurance Product or Policy | Maximum Commission/ Remuneration on Single Premium payable to insurance agent/ insurance intermediary |
---|---|---|
1 |
Single Premium |
|
A |
All individual life products except pure risk products |
2% |
B |
Individual Pure Risk products |
7.5% |
C |
Individual Immediate/ Deferred Annuity |
2% |
D |
One year renewable group pure risk insurance |
5% of premium paid during the year or Rs 10 lakhs whichever is less |
E |
Group Pure Risk (incl Group credit) |
5% |
F |
Group Savings Variable Life Insurance |
2% |
G |
Group Fund based |
0.5% of premium paid during the year or Rs10 lakhs whichever is less |
2. II – Regular Premium
Sr No. | Category of Life Insurance Product or Policy | Maximum Commission/ Remuneration on Regular Premium Products
|
|||
---|---|---|---|---|---|
1 |
Regular Premium |
|
|
||
A |
Individual Pure Risk |
40% |
10% |
||
B |
Individual Other than Pure Risk
|
|
|
||
i) |
In respect of policies with premium payment terms of |
|
|
||
|
5 years |
15% |
7.5% |
||
|
6 years |
18% |
7.5% |
||
|
7 years |
21% |
7.5% |
||
|
8 years |
24% |
7.5% |
||
|
9 years |
27% |
7.5% |
||
|
10 years |
30% |
7.5% |
||
|
11 years |
33% |
7.5% |
||
|
12 years or more |
35% |
7.5% |
||
C |
Individual Deferred Annuity / Pension |
7.5% |
2% |
||
D |
Group Pure Risk (incl Group credit) and |
7.5% (only on pure risk premium) |
7.5% |
||
E |
Government Scheme-Life-Health |
As per Government Notification |
As per |
3. Commission from Health Insurance (General & Stand-alone Health Insurers) – 5 (c)
Sr No. | Line of business | Commissions/Remuneration |
---|---|---|
1 | Health-Individual* | 15% |
2 | Health-Group (Employer-Employee only) - Annual | 7.5% |
3 | Health-Group (Non Employer-Employee groups – not formed solely for availing insurance as defined in IRDA Group Guidelines of 14th July, 2005) – Annual | 15% |
4 | Health – Group (credit linked upto 5 years) | 15% |
5 | Health-Govt Scheme | As specified in the Government Scheme/ Notification else as per Health - Group (Employer-Employee only) - Annual segment |
*- Individual includes annual premium, 3 years single premium, 3 years regular premium
4. General Insurance (other than motor) – 5 (d)
Sr No. | Line of business (Other than Motor) | Maximum Commission |
---|---|---|
1 | Fire-Retail | 16.5% |
2 | Fire-Corporate (Risks with S.I. < Rs 2,500 crs) | 11.5% |
3 | Fire-Corporate (Risks with S.I. > Rs 2,500 crs) | 6.25% |
4 | Marine-Cargo | 16.5% |
5 | Marine-Hull | 11.5% |
6 | Miscellaneous – Retail | 16.5% |
7 | Miscellaneous – Corporate/ Group* | 12.5% |
8 | Miscellaneous – Corporate (Engineering Risks with S.I. > Rs 2,500 crs) | 6.25% |
* - Commission/ remuneration shall be payable as per Government Notification.
Motor Insurance – 5 (e)
Sr No. | Line of business | Maximum Commission/ remuneration payable to insurance agents/ insurance intermediaries |
---|---|---|
1 | Motor (Comprehensive)* | 17.5% for 2 wheelers and 15% for Non 2 wheelers |
2 | Motor (Stand-alone TP) | 2.5% |
* - Commission/ remuneration shall be payable only to the OD portion of the Motor (Comprehensive) policy
RGI BOI Swasthya Bima Proposal form
RGI BOI Swasthya Bima Prospectus
New India Assurance: To Know more about the Product of New India assurance please visit: https://www.newindia.co.in
“Star Group Health Insurance Policy-Gold”
For existing BOI National Swasthya Bima Policy Holders
Sum Insured Rs. | Limit per eye Rs. | Limit per policy period Rs. |
2,00,000/- | Up to 10,000/-per eye, per policy period | |
3,00,000/- | Up to 20,000/- | Up to 30,000/- |
4,00,000/- | Up to 25,000/- | Up to 35,000/- |
5,00,000/- | Up to 35,000/- | Up to 50,000/- |
10,00,000/- | Up to 40,000/- | Up to 60,000 |
Star Group Health Insurance Policy - Gold | |||||
---|---|---|---|---|---|
Premium Chart For Individual / Family size up to 2A + 2C | |||||
Annual Premium Excluding GST | |||||
Age Bands | Sum Insured (In Rs.) | ||||
( Years) | 200000 | 300000 | 400000 | 500000 | 1000000 |
18-35 | 5400 | 6455 | 7768 | 8957 | 11823 |
36-45 | 6122 | 7314 | 8800 | 10145 | 13368 |
46-50 | 8030 | 9689 | 11528 | 13282 | 17448 |
51-55 | 9906 | 11822 | 14210
|
16364
|
21454
|
56-60
|
12523
|
14934
|
17943
|
20656
|
27035
|
61-65
|
18472
|
22021
|
26445
|
30438
|
39750
|
66-70
|
23896
|
28479
|
34196
|
39349 | 52338 |
>70 | 27465 | 32728 | 39295 | 45214 | 58962 |
For example. Expiring sum insured - Rs.3, 00,000/-, New sum insured opted for Rs.5,00,000/-. Continuity benefits is applicable up to Rs.3,00,000/- only, balance Rs.2,00,000/- will have the waiting period as per the product. Existing policy holder of BOI National Swasthya Bima with insurance cover of any amount can migrate to any given amount of insurance cover under “Star Group Health Insurance Policy – Gold”.
To know more about the products of Star Health Insurance Limited, Please visit