Incentive
schemes of
Insurance
companies
S U B M I T T E D B Y:
F21064 – AJU RICHARD
F21076 – ASMITHA SESHAN
F 2 1 0 8 8 – J O S E P H J O H N M AT TA M
F21100 – PROTHEMA BENJAMIN
F 2 1 1 1 2 – S O U N D A R YA S
Companies chosen for incentive scheme analysis
• New India Assurance • The Oriental Insurance company • LIC India
New India Assurance Incentive plan
With effect from 1st January 2022 (proposed on September 29th,2021)
Health:
1. The incentives are applicable for 8 Health Insurance
Policies (both fresh and renewals)
2. Eligibility is categorized as
a. Existing agents (Base premium of
corresponding month of last year must be
retained)
b. Fresh agents (Minimum premium – Rs.20,000)
Motor:
3. The eligibility criteria are same as that for Health
Insurance
Non-Motor Non-Health:
4. The eligibility is same for Existing Agents. For fresh
agents, the minimum premium is Rs.25,000.
The Oriental Insurance company limited
(With effect from 1st July 2020)
Incentive Scheme under Health Dept.
1. Eligibility for the scheme is categorized as
a. Non- Employer Employee
b. Employer – Employee
2. Scheme applicable for all Health Retail policies of
the Company (excluding Overseas Travel Plan
policies)
- Applicable to both Fresh and Renewal policies
The Oriental Insurance company limited
(With effect from 1st July 2020)
Incentive Scheme under Motor Department
•The incentive for this scheme is given based on the
class of the vehicle and its age.
The Oriental Insurance company limited
(With effect from 1st July 2020)
Incentive Scheme for Misc (including RID) (other than Motor. Health & PA, Crop & Government Business)
• Existing Agents • New Agents
Incentive scheme for Fire, Marine and Engineering Policies
• Existing Agents • Fresh Agents
Incentive plans of New India Assurance Vs The Oriental insurance company
THE ORIENTAL INSURANCE COMPANY
BASIS NEW INDIA ASSURANCE
LIMITED
HEALTH Applicable to 8 Health Insurance policies Applicable to all policies
Eligibility for the scheme is based on whether they are Existing Eligibility for the scheme is based on Employer-Employee
agents or Fresh agents. and Non-Employer-Employee.
The slab for the age group of the insured person is Up to 40 The slab for the age group of the insured person is Upto 35
years, 40-45 years and 45-55 years years, 35-45 years and 45-50 years.
The eligibility criteria is based on the package policy
The eligibility criteria is based on how old the vehicle is and
MOTOR premium, how old the vehicle is and the class of vehicle it
the class of vehicle.
belongs to.
The percentage of incentive does not change according to the The percentage of incentive varies according to the value of
value of the Package Policy Premium. Package Policy Premium.
The parameters for the vehicle is The criteria for the vehicles are
Brand New Vehicle, Vehicles that are 1-7 years old and vehicles Brand New Vehicle (Min Premium Rs. 20000), Vehicles that
that are 7-12 years old. are 1- 10 years old with PPP upto Rs. 50,000 and PPP from
Rs. 50,000- 2,00,000 and PPP above Rs. 2,00,000) and
Vehicles that are 10-15 years old.
The class of vehicles are:
The class of vehicles are:
i) 2-Wheeler, Pvt cars, MISC D, 3-wheeler Auto,
i) 2-Wheeler, Private Cars and Institutional Buses
Commercial Vehicles, Schools and Institutional Buses.
ii) Other Vehicles
ii) Other Vehicles
If a vehicle is more than 12 years old, Standalone TP Policy
No such policy is applicable.
applies
Incentive plans of New India Assurance Vs The Oriental insurance company
BASIS NEW INDIA ASSURANCE THE ORIENTAL INSURANCE COMPANY LIMITED
The incentive is based on the growth in Misc
The incentive is based on the value of premium for the Premium and No. of Policies booked by agents in a
month and is same for all agents. month for existing and new agents respectively.
NON-MOTOR NON-
There are two slabs: The slabs are:
HEALTH
i) Upto Rs. 25 lakhs i) Upto 10% growth or 10 policies
ii) Above Rs. 25 Lakhs ii) 10-20% growth or 10-20 policies
iii) 20-30% growth or more than 20 policies.
They do not have any provision of incentive for Fire, They have a policy for Fire, Marine and Engineering
OTHERS
Marine and Engineering Policies Policies.
