Collection of insurance premium in installments !!
Querist :
Anonymous
(Querist) 25 October 2009
This query is : Resolved
My question is specially to Mr.Raj kumar makkad 'ji though many of you people has answered my yesterdays question in respect to the above subject. but you all can answer me again.....
Mr.Raj kumar makkad 'ji
actually only you got my point of asking the query. so i am clearing you the fact again so that it becomes more clear to me when you reply.....
Actually, i want to start a scheme of my own where i will sell insurance policies legally of any specified company with having regular authentisized license from them respectively. but if i collect the premium in full and go for the policy then less no. of person will accompany me in the run as the premium will be high enough....ranging from 12000/- and above.
So i thought of collecting the same in two or more installments for the first year only. After that the customer will pay the premium regularly on his own as when the time comes for him. Say , if the FYP is 12000/- then to get the benefit of my scheme one has to pay the joining amount will be 2500/- as advance for his policy and then he can work as a networker and earn the benefit of my scheme alongwith getting his policy when paid the balance in full.
thats what i want to know from you all whether i can collect the FYP in installments or not.? and what other licence i have to take and from where to run my new shceme related business?
please answer me again. my email id is sasankar.boruah@rediffmail.com
thanking you all ,
sasankar
Raj Kumar Makkad
(Expert) 26 October 2009
Mr. Sanskar! First of all I pay my regards towards you to pay me such respect.
You can do what you have described in ur quarry. Because the policy holders shall become members of your scheme so it is an independent financial business required to be licensed by RBI, if you want it completely legalized. if you require short cut, then you get your firm registered under Shops and Establishment act, VAT Act, Sales Tax Act and start your owne business as per your planning. Any taxation lawyer can get all these registrations, the fee of which is very nominal.
