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Insurance

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, Brokerage and trail from Insurance (Life)

  2. Category

    First Year Commission

    Renewal commission from 2nd year onward (If applicable)

    Min

    Max

    Min

    Max

    Protection

    20%

    35%

    5%

    7.50%

    Saving & Investment Premium

    2%

    37.50%

    2%

    7.50%

    Annuity

    2%

    2%

    NA

    NA

    Group Product*

    2%

    2%

    NA

    NA


    Note: The commission varies depending upon the Product in each category, tenure, amount of premium and premium paying term

    *For Group Products commission payable is 2% of the premium with a ceiling on the maximum payout as defined by Insurance Regulatory and Development Authority (IRDA) from time to time.


  3. Commission, Brokerage and trail from Insurance (General Insurance)

Category

Commission

Min

Max

Health

10%

15%

Other

0%

15%