Stipendiary period for CCA/RCA

Dear Comrades,

On our continuous persuasion for clarification on the stipendiary period for RCA/CCA which should be agency year and not 365 days as interpreted by the auditors, the C.O has issued clarification *(Ref: - CO/Mktg./A/ZD/21/2019 Dated 10.07.2019)* regarding the provisions on Age and cessation of stipendiary period and payment of stipend under RCA/CCA. The age criteria for RCA’s (maximum age 35 years) is the Age Completed in years (on last birthday) LBD (last birthday) as on the date of application for RCA Scheme.

*The provisions regarding cessation of stipendiary period and payment of stipend is clarified as “the stipend shall terminate on the expiry of the Agency year” and will be Agency Year as defined in Life Insurance Corporation of India (Agents) Regulation 2017. Ex: - An agent appointed on 18.06.2018 as RCA/CCA will complete one agency year on 30.06.2019 (not as at the end of 365 days as interpreted by auditors and circular issued by S.C.Zone) and Agency year, will form the basis for stipend payment. Kindly inform all the members and ensure that wherever recoveries were made from agents and D.O’s been given lesser credit, are given their due credit.

Regards, 

Vivek Singh.
SG-NFIFWI.