|Category||First year commission||2nd year renewal commission|
|Savings and Investment||2%||35%||0%||7.5%|
As per RBI circular: RBI/2009-10/225 dated November 16, 2009, following are the details of commission which ICICI Bank is eligible to earn from ICICI Prudential Life Insurance Company Limited on the sale of Life 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 Life Insurance
Note: The commission varies depending upon the product in each category, tenure, amount of premium and premium paying term
*For group products, commission payable is 5% of the premium with a ceiling on the maximum payout as defined by Insurance Regulatory and Development Authority of India (IRDAI) from time to time.
ICICI Bank Limited ("ICICI Bank") with registered office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara, 390 007, Gujarat (CIN: L65190GJ1994PLC021012) is a corporate agent (Composite, IRDAI Regn No. : CA0112 valid till 31/03/2019) of ICICI Prudential Life Insurance Company Limited ("ICICI Prulife") having registered office at:- ICICI PruLife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025 IRDAI Regn No. 105. Insurance is underwritten by ICICI Prulife. Purchase by ICICI Bank’s customer of any insurance products is purely voluntary, and is not linked to availment of any other facility from ICICI Bank.
BEWARE OF SPURIOUS PHONE/ FRAUD PHONE CALLS !
- IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
- Public receiving such phone calls are requested to lodge a police complaint.