Insurance Agents Commission

SURRENDER THE POLICY AFTER 3 PREMIUM AND LOOK FOR GOOD AGENT OF UR CHOICE AND TAKE NEW POLICY

Surrender Value is 30% of premium paid. If surrendered within 5 years of commencement accrued bonus is not paid. WHat should i do? Take discounted value of my Investement?

Agent is not duty bound to help you to remit the subsequent payment .

You may file an application against that agent before the Branch Manager or Devlopment officer if they do't answer your letter you may sent an application to the chairman of the company or file a consumer case against that agent regarding deficiency of service.

I agree with the learned friends.

Palnitkat Sir,

Whom do your agree with?Shall I file in Consumer Forum?

You may file consumer case and also a complaint to the insurance company against the agent.

Infact there is a judgment of the Hon'ble Supreme Court that if you pay the premium to the agent and he does not pay further, the company cannot be held responsible.

So give your money to the agent at your own risk..

No consumer complaint can be maintainable  in this case because>>

No assurance was given by the agent or the company that they will collect premiums from you. There is no such agreement.

giving of premiums is your duty.

Company may or may not give commission to the agent...you are not giving anything to him...

No consumer complaint can be maintainable  in this case because>>

No assurance was given by the agent or the company that they will collect premiums from you. There is no such agreement.

giving of premiums is your duty.

Company may or may not give commission to the agent...you are not giving anything to him...

the agent must have got upto 40% of your first year's premium in addition to the 6% on renewal commission every year

I agree with Rajnish and Uma.

Insurance agent is not the collection agent of that company.

In practice they provide after sales services in hope of new business in future but they are not duty bound for the same.

Never surrender the policy  ...agent is not going to loose anything.  However, under certain circumstance, if you are not getting services from your agent and if another agent revived your lapsed policy, the former will not get any commission  but the later will get 50%  of the commission.  i.e  if  your agent is getting 6 % commission,  this new agent will get  3% only.  Normally this rule is applicable in case of  death of the agent  i.e orphan policies. The Branch Manager will never let you know the exact rule.... contact any other agent ... he may help you.

Now days company arrange new servicing agent against inactive agent. You can ask for the same and if you not satishfied with service you can write to IRDA grivence cell . Surrender the policy is absolutly loose your hard earn you can change your premium paying mode direct bill to ECS, than your problem will be solved.