Clarification on Incentive Structure of PLI
Promotional and Incentive Structure of PLI/RPLI – Clarification in respect of sales force: Directorate of PLI Order dated 20.04.2023
|Letter Number||No. 28-06/2014-LI (Pt-I)|
|Issued by||DIRECTORATE OF POSTAL LIFE INSURANCE|
Chanakyapuri Post Office Complex,
|Subject||Incentive Structure of PLI – Clarification|
|Signed By||(Shiv Kumar)|
Assistant Director (PLI)
|Download PDF||Click Here|
This is regarding procurement of PLI/RPLI policies in a financial year and has a reference to PLI Directorate’s letter no. 28-03/2019-LI1(4) dated 25.06.2021.
In this connection, the following is clarified in respect of sales force procuring PLI/RPLI business:
|Sl No.||PLI RPLI Incentive Issue||PLI RPLI Incentive Clarification 2023|
|1||Sales force DA/FO, DE and GDS, who have not completed one year (from date of engagement of agent) and have not procured minimum of 4 policies, the license in this regard to be terminated or not.||The license of Sales force (DA, FO, DE and GDS), who have not completed one year (from date of engagement as sales force) and have not procured minimum of 4 policies may not be terminated for that financial year in which sales force has been engaged. However, in the subsequent financial years, the condition of procuring 4 policies in a year will be applicable.|
|2||If sales force has procured business in the month of March and the total number of policies indeed is four for the financial year but some of these policies are accepted in the month of April. In this scenario whether the code will be terminated or not.||The sales force must procure a minimum of 4 policies in a financial year and the date of indexing and acceptance of these 4 policies should be in the same financial year only.|
3. This issues with approval of the competent authority.