rect rect Bank of India
yo You are here path  Ancillary Services path Insurance path insurance  

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 in Life Insurance – 5 (b)

  2. Table I – Single Premium

    Sl
    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


  3. II – Regular Premium

  4. Sl
    No

    Category of Life Insurance Product or Policy

    Maximum Commission/ Remuneration on Regular Premium Products

    First year premium

    Renewal
    Premiums

    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
    Group Savings Variable Life

    7.5% (only on pure risk  premium)

    7.5%

    E

    Government Scheme-Life-Health

    As per Government Notification

    As per
    Government Notification


  5. Commission from Health Insurance (General & Stand-alone Health Insurers) – 5 (c)

  6. S. No

    Line of business 

    Commissions/
    Remuneration 

    Health-Individual* 

    15% 

    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

  7. General Insurance (other than motor) – 5 (d)

  8. S. No 

    Line of business (Other than Motor) 

    Maximum
    Commission

    Fire-Retail 

    16.5% 

    Fire-Corporate (Risks with S.I. < Rs 2,500 crs) 

    11.5% 

    Fire-Corporate (Risks with S.I. > Rs 2,500 crs) 

    6.25% 

    Marine-Cargo 

    16.5% 

    Marine-Hull 

    11.5% 

    Miscellaneous – Retail 

    16.5% 

    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.

  9. Motor Insurance - 5 (e)

  10. S. No. 

    Line of business 

    Maximum Commission/ remuneration payable to insurance agents/ insurance intermediaries 

    Motor (Comprehensive)* 

    17.5%  for 2 wheelers and 15% for Non 2 wheelers

    Motor (Stand-alone TP) 

    2.5% 

    * - Commission/ remuneration shall be payable only to the OD portion of the Motor (Comprehensive) policy

images           © 2018 Bank of India. All rights reserved