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Union of India - Section

Section 11 in The Life Insurance Corporation Of India Development Officers (Revision Of Terms And Conditions Of Service) Rules, 1996

11. Vehicle advance and its benefits.

- The actual job of a Development Officer, is to sell life insurance policies through his agents which needs frequent mobility in the field. From this point of view, the Corporation gives advance for vehicles to each Development Officer. The eligibility, terms and conditions are as under :Two WheelersA scooter or motor-cycle is permitted to all confirmed as well as to probationary Development Officers. The salient features are as under--
(i)The amount of advance is payable for the purchase of new vehicle in full without the accessories.
(ii)The amount of advance is recoverable in equal sixty monthly instalments through deduction from salary.
(iii)There is no interest to be charged on this advance.
(iv)the amount of insurance and taxes are to be borne by the Corporation.
(v)After the expiry of sixty months, the advance is payable again for the new vehicle.
(vi)The conveyance allowance is payable to each Development Officer per month at the following rate (ravised and has become effective from 01.03.1997 vide LIC circular ref. Per/ZD/884/ASP/97, dated 09.06.1997):
A. Without Fast Conveyance (It is on the option of a Development Officer to move in the field by having a fast conveyance or without it) :-
Category of Development Officer Amount of Conveyance Allowance
(i) A probationary Development Officer Rs. 440
(ii) A confirmed Development Officer Rs. 560
B. With motor-cycle/scooter :-  
Category of Development Officer Conveyance Allowance per month
(i) A Probationary Development Officer Rs. 620
(ii) A confirmed Development Officer Rs. 795
Four Wheelers (Car or Jeep)The Corporation permits advance for a car or jeep only to an eligible Development Officer. As per LIC circular ref. NCZO-MKTG/Sales/14/Veh. Sch. II dated 11.01.1993, the eligibility condition is as under :-
Particulars     InAppraisal years  
  First Second Third Fourth Fifth
1.Scheduled First Year's Premium Income (in Lakh) 4.00 6.00 6.00 7.50 7.50
2. No.of Lives 400 400 450 450 450
3. No.of Qualified Agents 12 14 14 16 16
4.No of Millionaire agents out of qualified agents and/orNo. ofagents out of Qualified agents who bring mimimum FYP of Rs.32,000. 2 2 4 4 4
5.Expenses Ratio not more than 15% 15% 15% 15% 15%
(i)The amount of advance is payable equal to full purchase price of any of the following vehicles:-
(a)Fiat (b) Ambassador; (c) Maruti 800; (d) Maruti Van; (e) Jeep.
(i)The recovery is to be made in 120 monthly equal instalments without any interest.
(iii)The amounts of Insurance and other taxes shall be borne by the Corporation.
(iv)An amount of Rs. 1,675 is payable towards monthly conveyance allowance.