LM CLUB MEMBERSHIP SCHEME – FY 22-23

(Production Year 2021-2022)

This is the sole and exclusive property of SBI Life

This is the sole and exclusive property of SBI Life
 LM Club Membership Scheme FY22-23
PREMIUM WEIGHTAGE & PERSISTENCY CRITERIA

Consideration of premium for qualification and

reward distribution.
For the purpose of declaring an LM as LM Club The Key objectives
qualifier:
PRODUCT CREDIT FOR NBP 2021-22 The LM Club Membership norms for
(Rated Premium) production year 2021-22 is based on New
Product Type Weightage Business parameters, Protection N.B.
ULIPS- Regular 100% parameters, Graduation parameters and
Traditional- Regular 100% building qualitative LMs with higher life
Protection - Regular 100% span.
Protection (Single Premium) 10%
Single Premium 10%
Annuity Plans 10%

Qualification Norms: For Qualification the LM needs to achieve the required conditions above and
Minimum 85% 13th Months Rolling Persistency ratio as on 31/03/2022.
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 REGIONAL CLUB QUALIFICATION NORMS
Based on F.Y. 21-22 performance

* An LM can qualify either under Condition A or Condition B as per the above grid.
Rated NBP + Rated Protection Premium OR N.B. Commission + Rated Protection Premium both are
mandatory for qualification under Condition A / Condition B.
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 NATIONAL CLUB QUALIFICATION NORMS
Based on F.Y. 21-22 performance

*Rated NBP (Condition A) + Rated Protection Premium (Condition B) both

are mandatory for qualification.

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 CLUB BENEFITS – DIRECT CREDIT & LIFE COVER BENEFITS

A. Basic Rewards:

REWARDS
DY.
RISING BRANCH DIVISIONAL REGIONAL REGIONAL
REGIONAL COUNTRY PRESIDENT
REWARD STAR MANAGER MANAGER MANAGER DIRECTOR MD CLUB
MANAGER HEAD CLUB CLUB
CLUB CLUB CLUB CLUB CLUB
CLUB
# BASIC DIRECT
1,000 1,500 2,500 4,000 10,000 25,000 40,000 60,000 1,00,000
CREDIT (Rs.)
LIFE INSURANCE
NA 3,00,000 5,00,000 8,00,000 15,00,000 25,00,000 40,00,000 60,00,000 1,00,00,000
COVER (Rs.)*
PERSONAL
ACCIDENT COVER 1,00,000 1,00,000 2,00,000 5,00,000 6,00,000 10,00,000 20,00,000 30,00,000 50,00,000
(Rs.)*
GROUP MEDICLAIM
NA 5,00,000 5,00,000 5,00,000 5,00,000 5,00,000 10,00,000 10,00,000 15,00,000
(Rs.)!!

!! FOR RD CLUB AND ABOVE MEDICLAIM COVER SHALL INCLUDE FAMILY FLOATER POLICY FOR QUALIFIER, SPOUSE, PARENTS AND 2 CHILDREN.
*The above-mentioned proposals of Life Insurance Cover, Personal Accident Cover, & Mediclaim Benefits are subject to terms and condition &
underwriting limits on Sum Assured as set by the Insurer and IRDAI regulations. (Policy year as per the already issued policy.)

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 B. Rising Star Bonus Rewards:

 EARLY BIRD BONUS:

 REWARDS BASED ON ACHIEVEMENT OF RISING STAR CLUB WITHIN 90 DAYS* FROM THE DATE OF
CODING – Direct credit of Rs. 2000/-. Payout shall be payable in the current F.Y. 2021-22.
 REWARDS BASED ON ACHIEVEMENT OF RISING STAR CLUB WITHIN 120 DAYS* FROM THE DATE OF
CODING – Direct credit of Rs. 1000/-. Payout shall be payable in the current F.Y. 2021-22.

• All LMs coded from 1st Feb 2021 and not qualified for any clubs during the production year 2020-21 would be
considered.
• However, any business issued prior to 1st April 2021 would not be considered.
• Rising Star Early Bird shall be disbursed in FY.2021-22.

For LMs coded in 2/2021 & 03/2021, calculation of 90 DAYS from coding shall start from 01/04/2021, i.e. 90
DAYS completion shall be considered as on 30/06/2021. Similarly, 120 days shall be considered as on
30/07/2021. However, any business issued prior to 1st April 2021 would not be considered.

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 C. Graduation Bonus Rewards:

Graduation Bonus shall be applicable for all LMs coded from 1st Feb 2021 onwards
and not qualified during the production year 2020-21.

 RISING STAR to DM CLUB – Rewards based on graduating to DM CLUB within the financial year * -
Direct Reward of Rs. 1000/-

 RISING STAR to DY. RM CLUB – Rewards based on graduation to DY. RM CLUB within the financial
year * - Direct Reward of Rs. 2000/-

 RISING STAR to RM CLUB – Rewards based on graduation to RM CLUB within financial year *-Direct
Reward of Rs. 4000/-

 RISING STAR to RD CLUB & ABOVE – Rewards based on graduation to RD CLUB and above within
financial year * - Direct Reward of Rs. 6000/-
LMs coded in 2/2021 & 03/2021 but not achieved club status in production year 20-21 shall be considered for
qualification. However, any business issued prior to 1st April 2021 would not be considered.
Graduation Bonus shall be disbursed in FY.2022-23.
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 D. Special MHR and KYC Verification limit:
This Special MHR limits will only be applicable to RM Club and above Club qualifiers with minimum 2 years of vintage based on
the table presented below:
MHR KYC VERIFICATION
CLUB
SUC for life insurance policies Total Annualised contribution / Single premium
MD CLUB QUALIFIER OF PRODUCTION YEAR
Upto 25 lakhs From 1 lakh to 5 lakh
2020-21 & 2021-22.
PRESIDENT CLUB & CH CLUB QUALIFER OF PRODUCTION YEAR 2020-21 &
Upto 20 lakhs From 1 lakh to 4 lakh
2021-22
RD CLUB QUALIFIER OF PRODUCTION YEAR
Upto 10 lakhs From 1 lakh to 2 lakh
2020-21 & 2021-22.

E. Incentive for acquiring Insurance Qualifications & CFP Certification Reimbursement:

This Incentive shall be applicable to any Club qualifier who has acquired the requisite qualifications as mentioned below in
the F.Y. 2021-22.
Incentive for acquiring Insurance Qualifications & CFP certification reimbursement
Sr. No. Name of Examination Body Name of Examination / Certificate Incentive (Rs.)
1 Licentiate 2500
2 Insurance Institute of India Associate 5000
3 Fellow 10000
FPSB India (Financial Planning
4 CFP Certification 10000
standards board India)
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 F. NOP Trophies:

NOP Trophies shall be given at respective Club Meets for 100, 200 & 400 NOPs.

Club 100 NOP 200 NOP 400 NOP

ALL CLUBS CH - TROPHY PRESIDENT TROPHY MD TROPHY

Retention & Graduation Certificate:

Retention & Graduation certificates duly signed by MD & CEO & President (Marketing) & respective patrons
of Clubs shall be sent to all Club Members who have either Graduated or retained their Clubs.

This is the sole and exclusive property of SBI Life

 G. Adjustment of Direct Credit Amount on Quality Parameter:
The Direct Credit Reward Amount under Basic Rewards will be adjusted based on quality parameters.
The Basic Rewards of Direct Credit will be adjusted to all Club qualifiers of this scheme based on the following Quality Parameters:

1. Persistency Ratio: The Basic direct credit amount will be suitably increased on achievement of the below parameters either
individually / combined subject to the Minimum Collectable Vs Collected Premium of Rs. 2,00,000/- in each Persistency Bucket.

Persistency Ratio Increase in Basic Direct Credit (Rs.)

>=90 % of 13th Month persistency 10%
>=80% of 25th Month persistency 10%
>=75% of 37th Month persistency 10%
>=65% of 61st Month persistency 20%
PERSISTENCY Collection upto

13th MONTH 31/03/2022

25th MONTH 31/03/2022
37th MONTH 31/03/2022
61st MONTH 31/03/2022

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 G. Adjustment of Direct Credit Amount on Quality Parameter:

2. Claim Experience :

The Basic Direct Credit Reward shall be decreased based on the below parameters:

a) Repudiated Claim (Due to suppression of material facts)-15% reduction in Basic direct credit

b) Very Early Claim (Claim arising within 1st policy year) -10% reduction in Basic direct credit. The same shall not apply in
case of Accidental / Natural Death.

c) Misselling - 10% reduction in Basic direct credit.

*LM shall be subject to action as per the norms of SQS policy.

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 H. Monthly Graduation Allowance, Additional Mobile & Additional Conveyance Allowance:

Monthly Graduation, Additional Mobile & Additional Conveyance Allowance will be applicable for Club qualifiers for this
Scheme subject to achievement of minimum monthly Net Rated Premium in F.Y. 2022-23 as per the below grid:-
 Monthly Graduation allowance is payable in 2 Slabs & the same would be settled in F.Y. 2022-23.

 Monthly Graduation Allowance (2 Slabs) + Additional Mobile Allowance is payable as 3rd Slab & the same would be settled in F.Y. 2022-23.

 Monthly Graduation Allowance (2 Slabs) + Additional Mobile Allowance + Additional Conveyance Allowance is payable as 4th Slab & the same
would be settled in F.Y. 2022-23.

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 Quarterly Graduation / Allowance CATCH UP:
If an LM doesn’t achieve the Monthly Target of Graduation / Mobile / Conveyance, then he/she has the
opportunity to earn the same within the same quarter.

**Example 1:
If a BM Club member has achieved 10,000/-
Rated NBP in the month of April 22. He shall
not be eligible for Graduation Allowance in
the month of April 22. However, if the LM
achieves YTD 3 Lakh in the month of June 22,
he shall be eligible for the Highest Slab - Slab
4 - Graduation Allowance + Additional
Mobile Allowance + Additional Conveyance
Allowance i.e. Rs, 1,500/- X 3 = 4500/- in the
month of June 2022.

In case, if the LM has earned any allowance

in the earlier months, the difference amount
only shall be payable.

**Example 2:
If a MD Club member has done NIL Business from April to Feb 23. He shall not be eligible for Graduation Allowance from the months of April 22 to Feb 23.

However, if the LM achieves 45 lac in the month of March 23, he shall be eligible for the Highest Slab - Slab 4 - Graduation Allowance + Additional Mobile
Allowance + Additional Conveyance Allowance of all 3 months of last quarter i.e. Rs, 30,000 X 3 = 90,000/- in the month of March 2023.
In case, if the LM has earned any allowance in the earlier months, the difference amount only shall be payable.
This is the sole and exclusive property of SBI Life
 I. LONG TERM SERVICE AWARD (FUTURE SECURE FUND):

Long Term Service Award (LTSA) is a Term Deposit Reward under our Rewards & Recognition Programme to our
performing Club Member LMs, which shall serve as an Incentive to these LMs to encourage Stickiness of the LM with
SBIL, improve their productivity and encourage them to enhance their performance.
Terms & Conditions:
1. An LM has to qualify as a Regional Manager club or above in last 5 consecutive Club Membership Schemes i.e. from Production
Year 2016-17 to 2020-21.
2. The LM should achieve Minimum 85%, 13th Months Rolling Persistency ratio as on 31/03/2021.
3. If the Qualified LM under LTSA Scheme, fails to qualify the minimum benchmark club of Regional Club in any production year
from 2021-22 onwards, then the LM, needs to achieve the same for a consecutive period of 3 production years thereafter to be
eligible to renter the LTSA Scheme.
4. If any LM code is in deactivate status as on 31st March 2021, the LM will not be eligible for qualification.
5. 10% of aggregate Renewal Commission Paid in the F.Y. 2020-21 shall be utilized to create a Term Deposit in favour of the
qualified LM.
6. All LMs need to mandatorily open a Savings/ Current A/C with SBI.
7. The Savings / Current Account with SBI should be mandatorily a running Account until the expiry of the Term Deposit or as on
the Date when the Term Deposit is due for Payment.
8. The Savings / Current Account with SBI shall be free of any Court Order / Restrictions.

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 I. LONG TERM SERVICE AWARD (FUTURE SECURE FUND):
9. The Tenure of the Term Deposit shall be defined as per the Age of the Savings / Current Account Holder i.e. upto attainment
of Age 60 from the Date of Opening of Term Deposit subject to maximum period of 10 Years and shall be further extended
for Renewal for further period of maximum 10 years or attainment of age as above / selected age by the qualifier. There
would be no upper age limit for creation of Term Deposits.
10. In Case of Premature Death, the Term Deposit shall be payable to the Registered Nominee as per the declaration of the
Savings / Current Account Holder ( LM ).
11. SBIL shall tender the total amount through Cheque / DD / Centralised Account of SBIL to SBI.
12. SBI shall Debit the Centralised Account of SBIL and shall open / Credit the Term Deposits in the respective Savings / Current
Account of the LM as per the list shared by SBIL.
13. The Term Deposit Account opened by SBI in the respective Savings / Current Account of the LMs shall be liened with SBIL.
14. The Liened Term Deposit with SBIL shall be credited to the Savings / Current Account for encashment only as per the
instructions of SBIL.
15. SBIL shall deposit the additional amount on an Annual basis or Half / yearly Basis to SBI as per the Qualification of
eligibility of Additional amount of the defined Scheme of SBIL. The Additional amount shall be added by SBI to the
respective Liened Term Deposits of the Term Deposit Holder.
16. All rewards will be distributed in FY 2021-22 after the release of final list of qualifiers.
17. The Term Deposits shall be subject to Tax as per existing Tax laws.

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 J. EDUCATIONAL & TRAINING MEET CONVENTION : COMPANION

EDUCATIONAL & TRAINING MEET CONVENTION COMPANION - N.B. TARGETS

DY.
BRANCH DIVISIONAL REGIONAL REGIONAL
REGIONAL COUNTRY PRESIDENT
CLUB MANAGER MANAGER MANAGER DIRECTOR MD CLUB
MANAGER HEAD CLUB CLUB
CLUB CLUB CLUB CLUB
CLUB
BRANCH DIVISIONAL AREA REGIONAL REGIONAL NATIONAL NATIONAL INTERNATIONAL
CONVENTION TYPE
LEVEL LEVEL LEVEL LEVEL LEVEL LEVEL LEVEL LEVEL

NET RATED N.B. PREMIUM

TARGET WITH COMPANION NA NA NA NA NA 70 100 130
( Rs. In Lacs)

MINIMUM NET RATED

PROTECTION N.B. PREMIUM
NA NA NA NA NA 2,80,000 4,00,000 5,20,000

1. CH Club with 50 lacs with minimum rated NBP Protection premium of

LMs coded/Recoded 2,00,000/-.
from 1st Feb 2021 to 2. President Club with 80 lacs with minimum rated NBP Protection premium of
31st March 2022. 3,20,000/-.
Companion Norms 3. MD Club with 120 lacs with minimum rated NBP Protection premium of
4,80,000/-.

LM's ARE ELIGIBLE FOR EDUCATIONAL & TRAINING MEET AT REGIONAL LEVEL & NATIONAL LEVEL
AS PER MANDATORY N.B. & MANDATORY PROTECTION QUALIFICATION NORMS.
THE ABOVE NORMS ARE FOR COMPANIONS. BOTH N.B. & PROTECTION REQUIREMENTS ARE MANDATORY

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 OTHER TERMS & CONDITIONS

1. An LM can be a member of only one club at any point of time.

2. If any LM code is in deactivate status as on 31st March 2022, the LM will not be eligible for
qualification.
3. Free-look, cheque dishonors, and cancellations will not be considered while arriving at the
Final New business figures.
4. All applicable taxes will be deducted from the reward amount.
5. These club membership norms and benefits are subject to change at any time at the discretion
of management.
6. All rewards will be distributed in FY 2022-23 after the release of final list of qualifiers. Rising
Star Early Bird Bonus & Long Term Service Awards shall be disbursed in FY.2021-22.
7. All rewards are subject to compliance rules and regulations laid down by Regulator.

This is the sole and exclusive property of SBI Life

This is the sole and exclusive property of SBI Life