Commission Disclosure
As per RBI circular: RBI/2009-10/225 dated November 16, 2009, following are the details of commission which ICICI Bank is eligible to earn from ICICI Prudential Life Insurance Company Limited on the sale of Life Insurance Products in its capacity as Corporate Agent in line with IRDAI (Payment of Commission or Remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016 and applicable circulars:
Commission from Life Insurance
Life Insurance - Reg 5(b)
As per RBI circular: RBI/2009-10/225 dated November 16, 2009, following are the details of commission which ICICI Bank is eligible to earn from ICICI Prudential Life Insurance Company Limited on the sale of Life Insurance Products in its capacity as Corporate Agent in line with IRDAI (Payment of Commission or Remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016 and applicable circulars:
Table I – Single Premium
| Sl No | Category of Life Insurance Product or Policy | Maximum Commission/ Remuneration on Single Premium payable to 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 |
Table II – Regular Premium
| Sl No | Category of Life Insurance Product or Policy | Maximum Commission/ Remuneration on Regular Premium payable to insurance intermediary | |
|---|---|---|---|
| First Year Premium | Renewal Premium | ||
| 1 | Regular Premium | ||
| A | Individual Pure Risk | 40% | 10% |
| B | Individual other than Pure Risk | ||
| (i) | In respect of policies with premium payment terms (PPT) of | ||
| 5 to 11 Years | PPT * 3% | 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 |
Disclaimer
ICICI Bank Limited ("ICICI Bank") with registered office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara, 390 007, Gujarat (CIN: L65190GJ1994PLC021012) is a corporate agent (Composite, IRDAI Regn No.-: CA0112 valid till 31/03/2022) of ICICI Prudential Life Insurance Company Limited ("ICICI Prulife") having registered office at:- ICICI PruLife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025 IRDAI Regn No. 105. Insurance is underwritten by ICICI Prulife. Purchase by ICICI Bank’s customer of any insurance products is purely voluntary, and is not linked to availment of any other facility from ICICI Bank.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
- IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
- Public receiving such phone calls are requested to lodge a police complaint.