The Ministry of Finance on 19th July 2021 has published the Life Insurance Corporation of India Development Officers (Revision of Certain Terms and Conditions) (Amendment) Rules, 2021 to further amend the Life Insurance Corporation of India Development Officers (Revision of Certain Terms and Conditions) Rules, 2009.
The Amendment is brought under rule 2(1) which defines the term “eligible premium” which means such proportion as may be specified by the Corporation from time to time on the first year’s premiums received by the Corporation in respect of the business secured by the agents in the organization of a Development Officer, which is adjusted in the relevant appraisal year.
In the above definition the for the words “specified by the Corporation”, the words “specified by the Board” have been substituted.
Further, under rule 13, the Incentives Bonus may be allowed to a Development Officer for any preceding year under any Scheme approved by the Board from time to time.
