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Commission disclosure

 

As per RBI circular bearing Ref. No. RBI/2009-10/225 dated November 16, 2009 following are the details of commission which ICICI Bank is eligible to earn from ICICI Lombard General Insurance Company Limited on the sale of General 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 General Insurance

 

Commission from General Insurance - Health Insurance Reg 5 (c)
Sr. No.Class of business% of premium payable as agency commission
(% of final premium excluding GST and applicable CESSes)
1 Health Individual* 15%
2 Health-Group (Employer-Employee only) – Annual 7.50%
3 Health Group (Non Employer-Employee groups 15%
4 Health Group (Credit link up to 5 years) 15%
5 Health Govt Schemes As specified in the Government Scheme/ Notification
Commission from General Insurance - Other than Motor Reg. 5 (d)
1 Fire Retail 16.50%
2 Fire - Commercial (Risks with S.I. <Rs 2,500 crore) 11.50%
3 Fire - Commercial (Risks with S.I. > Rs 2,500 crore) 6.25%
4 Marine-Cargo 16.50%
5 Marine-Hull 11.50%
6 Miscellaneous – Retail 16.50%
7 Miscellaneous – Commercial/ Group** 12.50%
8 Miscellaneous – Commercial (Engineering Risks with S.I. > Rs 2,500 crore 6.25%
Commission from General Insurance - Motor Insurance Reg. 5(e)
1 Motor (Comprehensive)*** 17.5% for two wheelers and 15% for non-two wheelers (only the own damage portion)
2 Motor (Stand-alone TP) 2.50%
*Individual includes annual premium, 3 years single premium, 3 years regular premium
**Commission/ remuneration shall be payable as per Government notification
***Commission/ remuneration shall be payable only to the OD portion of the motor (Comprehensive) policy.
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Disclaimer

ICICI Bank Limited ("ICICI Bank") is registered with IRDAI to act as a Corporate Agent of ICICI Lombard General Insurance Company Limited. The contract of insurance will be between ICICI Lombard General Insurance Company Limited and the Insured, and not between ICICI Bank and the Insured. ICICI Bank is acting merely as the Corporate Agent of ICICI Lombard General Insurance Company Limited and there is no direct or indirect linkage between the provisions of the banking services offered by ICICI Bank and your usage of the product or participation in the scheme offered by ICICI Lombard General Insurance Company Limited. Your participation in this product is purely on a voluntary basis. ICICI Bank is not liable or responsible for any claim, dispute, liability, loss or shortfall resulting from the scheme. This policy is brought to you from ICICI Lombard General Insurance Company Limited.

ICICI Bank with registered office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara, 390 007, Gujarat (CIN: L65190GJ1994PLC021012) is registered as a corporate agent (Composite, IRDAI Regn No. : CA0112 valid till 31/03/2019) of ICICI Lombard General Insurance Company Limited having its registered office at ICICI Lombard House, 414, Veer Savarkar Marg Near Siddhivinayak Temple, Prabhadevi Mumbai, 400 025, Maharashtra. Bank’s customer participation in the policy is entirely voluntary."