From time to time, the Corporation has given instructions regarding payment of various types of Advances to Agents against Renewal Commission, which has resulted, into several individual sets of instructions making it difficult to administer this aspect. Further, several instructions needed modifications. After modification and consolidation the Advances to Agents 2001 has been framed. The Scheme of Advances, 2001 supersedes all the circulars/guidelines issued relating to the Advances to Agents. The Scheme shall apply to all active agents, absorbed or appointed and confirmed under the LIC of India(Agents) Rules, 1972, read together with insurance Act, 1938, LIC Act, 1956, IRDA Regulations and other relevant regulations as amended from time to time.
The various categories under which advance are granted to Agents are listed below:
- Lump Sum Advance for purchase of vehicles,
- Advance for Office Equipment’s;
- Other Advances (for Miscellaneous purposes);
- Flood, Drought and Cyclone Advance;
- Festival Advance;
- Advance for Computers (Desktop/Laptop/Palmtop, Hardware & Software)
- Advance for Training.
- Advance for Diaries and Calendars