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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:
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 No | Line of Business | Maximum 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 |
| Sl No | Line 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.
The maximum commission or remuneration as a percentage of premium that is allowed for general insurance (motor) is as under:
| Sr No. | Year | Maximum 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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