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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:

Schedule - II

Health Insurance (General & Stand-alone Health Insurers) – Reg 5(c)

The maximum commission or remuneration as a percentage of premium that is allowed for health insurance products offered by general insurers or stand-alone health insurers is as under:

Sl NoLine of BusinessMaximum Commission/ Remuneration on Single Premium payable to insurance intermediary
1 Health Individual 15%
2 Health-Group (Employer-Employee only) – Annual 7.5%
3 Health-Group (Non Employer-Employee groups – not formed solely for availing insurance as defined in IRDA Group Guidelines of 14th July, 2005) – Annual 15%
4 Health – Group (credit linked up to 5 years) 15%
5 Health-Govt Scheme As specified in the Government Scheme/ Notification

Schedule - III

General Insurance (Other than Motor) – Reg 5(d)

Sl NoLine of Business (Other than Motor)Maximum Commission/ Remuneration payable to insurance intermediary
1 Fire-Retail 16.5%
2 Fire-[Commercial] (Risks with S.I. < Rs 2,500 Crs) 11.5%
3 Fire- 7[Commercial] (Risks with S.I. > Rs 2,500 Crs) 6.25%
4 Marine-Cargo 16.5%
5 Marine-Hull 11.5%
6 Miscellaneous – Retail 16.5%
7 Miscellaneous –[Commercial]/ Group* 12.5%
8 Miscellaneous – 7[Commercial] (Engineering Risks with S.I. > Rs 2,500 crs.) 6.25%

* - Commission/ remuneration shall be payable as per Government Notification.

Schedule - IV

Motor Insurance – Reg 5(e)

The maximum commission or remuneration as a percentage of premium that is allowed for general insurance (motor) is as under:

Sr No.YearMaximum Commission/ remuneration payable to insurance agents/ insurance intermediaries
    Motor (Comprehensive) Motor (Stand-alone TP)
    Other than 2-Wheeler 2-Wheeler Other than 2-Wheeler 2-Wheeler
1 Certificate of registration – 1st to 3rd Year 15% (OD portion) + Nil - TP portion) 17.5% (OD portion) + (Nil - TP portion) 2.5% 2.5%
2 Certificate of registration – 4th year onwards 15% (OD portion) + 2.5% - TP portion) 17.5% (OD portion) + 2.5% - (TP portion) 2.5% 2.5%

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