Insurance Commission Disclosure
Details of the commission which AU Small Finance Bank Limited as Corporate Agent is eligible to earn through sale of Insurance (Both Life & Non-Life) are as follows:
Life Insurance
Product Category | First Year Commission on Premium | Renewal Year Commission on Premium | ||
Minimum | Maximum | Minimum | Maximum | |
Protection Plan | 2.00% | 40.00% | 0.50% | 10.00% |
Traditional | 1.00% | PPT*4 Max 48% | 0.50% | 10.00% |
Unit Linked Plan | 1.00% | 30.00% | 0.00% | 4.50% |
Pension /Annuity | 1.00% | 35.00% | 0.50% | 2.00% |
Group Product | 5.00% | 20.00% | NA | NA |
The commission varies depending upon the Product in each category, tenure, amount of premium and premium paying term. For Group Insurance Products commission payable is as defined by Insurance Regulatory and Development Authority of India (IRDAI) from time to time.
Non Life Insurance
Line of Business | Commission Rate on Premium |
Fire-Retail | 12.50% |
Fire-Corporate | 12.50% |
Marine-Cargo | 16.50% |
Marine-Hull | 12.50% |
Miscellaneous | 11.50% |
Health-Individual* | 15.00% |
Health-Group (Employer-Employee only) - Annual | 15.00% |
Health – Group (credit linked up to 5 years) | 15.00% |
Health-Govt Scheme | As per Govt notification |
Motor (Comprehensive)** | 17.50% |
Motor (Stand-alone TP) | 2.50% |
Liability | 12.50% |
Engineering | 16.50% |
Travel | 15.00% |
*Individual includes annual premium, 3 years single premium, 3 years regular premium.
**Commission/ remuneration shall be payable only to the OD portion of the Motor (Comprehensive) policy.
Remuneration over and above the base commission may be payable to the Bank in the form of Performance Bonus, Rewards, or other incentives by the Insurance Company, in accordance with its Board-approved policy and applicable regulatory guidelines.
Disclaimer:
AU Small Finance Bank Ltd. (CIN: L36911RJ1996PLC011381) a scheduled bank under second schedule of Reserve Bank of India Act 1934, and a small finance bank under Section 22 of Banking Regulation Act 1949 and having its registered office at 19-A, Dhuleshwar Garden, Ajmer Road, Jaipur – 302001, Rajasthan is registered as a corporate agent (Composite, IRDAI Registration No. : CA0515 ) by the respective Insurance Partners. The participation of the customers of AU Small Finance Bank Ltd in the policy is purely voluntary.
AU SFB acts strictly as a corporate agent for Insurance companies on a fee-based model without any risk participation.
