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HONEY (ABC)     28 February 2012

Change of lic agent

i want to change my lic agent due to very bad service.

can i change my lic agent.

someone guide, change of lic agent is not possible during policy term and you have to continue with bad service.

 

please clear the following issues.

===========================

1. who will receive the renewal commission on my premium after change. whether old agent or new agent.

2. whether change of lic agent is practically possible. 

3 can i change my lic agent any where in india.

4. pls explain the procedure of chnage of lic agent.

its urgent

thanks



 3 Replies

Kumar Doab (FIN)     28 February 2012

Apparently you may believe or someone may say "The agent's work ends once you taken the policy and you can directly deal with the insurance company." and “Agent has a lien on remuneration/commission from the policy which is sourced by an agent."

Agent is kept by an insurance company by way of agency agreement which is to be signed by agent and witness.

The agreement contains code of conduct and services to be rendered by agent to policyholders and company, and violation can lead to termination of agency.

The Life Insurance business of agent thrives on repeat sales from existing customers and referrals. The company can source business thru agents licensed thru IRDA. Good service is the only ingredient for furthering business of agent.

As per prevailing unfair practices some citizens extract part of commission/commission from agent and thus deprive them from services which they can demand from the agent. If an agent part commissions his/her only earning shall be renewal commissions.

In case the policyholder has moved overseas, to another location, or in case the agent is not providing proper services, indulges into unfair practices the policyholder has a valid reason to ask for change of agent.

It shall be appropriate to submit a written representation under proper acknowledgment to the BM of the concerned branch from which policy proposal from was submitted and demand change of agent, explaining the reason. You may mention the full name and code of the agent which is mentioned in the policy document.

You may mention CC to Chairman of IRDA and this may add force to your complaint.

If your reasons are genuine company shall act. The company may issue a notice to agent and may even terminate the agency.

1. New Agent.

2. Yes.

3. Yes.

 

Valuable advice of learned experts/members is sought.

pradeep (na)     15 May 2012

Your new agent can provide you the answer for all your queries.

(Guest)

Hi,

My existing LIC agent provides me very bad service. So I have requested for changing my LIC policy agent as per above detail in written as well as by mail to branch manager of LIC branch from where my LIC policy was issued. In beginning, they didn't provide proper response. But when I have logged complain in IRDA, they have provided me below answer :

"WE HAVE TO STATE THAT THERE IS NO PROVISION IN LIC TO CHANGE AGENT. WHERE AGENCY IS IN FORCE CONDITION WHICH PLESE BE NOTED. HOWEVER WE HAVE INSTRUCTED OUR AGENT AND HE HAS ASSURED TO PROVIDE BEST POSSIBLE SERVICES TO YOU ."

I want to change my existing LIC agent anyhow. Can anyone suggest me, what can I do as next step? Where can I find Rules for LIC agent change in LIC or IRDA, so that I can ask LIC Branch Manager to do as per guideline of it?


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