ARSS Infrastructure wins order from RITES worth Rs114.49 crore

Bhubaneswar-based ARSS Infrastructure Projects Ltd has received an order from RITES Ltd, Nagpur worth Rs114.49 crore.

The company is engaged in the business of construction activities in India. It undertakes construction of railway infrastructure, roads, highways, bridges and irrigation projects.

On Wednesday, ARSS Infrastructure's shares ended 5.02% up at Rs1,120 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.25% up at 16,657 points.

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Aurionpro enters global partnership agreement with CameronTec

Aurionpro Solutions Ltd, through its wholly owned subsidiary E2E Infotech Ltd, has entered a global partner agreement with CameronTec.

Headquartered in Mumbai, Aurionpro Solutions is a leading banking products and services company and CameronTec is the financial industry's leading provider of financial information exchange (FIX) infrastructure and connectivity solutions. The terms of the agreement also give E2E Infotech Ltd specific CameronFIX reseller rights for the Middle East and India. This new alliance will bolster coverage in key emerging markets and complement core professional services for CameronFIX, the engine universally regarded as the reference standard for reliable, mature FIX applications. E2E Infotech Ltd is currently participating with large CameronFIX installations in Europe and Asia Pacific.

On Wednesday, Aurionpro Solutions' shares ended 1.65% down at Rs259 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.25% up at 16,657 points.

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IRDA chairman supports commission-based model for agents

The insurance regulator says that commissions will facilitate the smooth distribution of insurance

The Insurance Regulatory and Development Authority (IRDA) chairman, J Hari Narayan, has come out in support of insurance agents and the commission given to them as he feels that it would bring about smooth functioning for the distribution of insurance.

"With the kind of sustained activity, which an insurance agent has to undertake, the number of times he has to meet a prospect before a sale can be concluded and the kind of post-sales service that he has to provide for the insurance holder, a commission-based model is necessary. The remuneration (to agents) is not excessive; there cannot be a lower cost method for distribution," said Mr Narayan at the launch of the Insurance Institute of India in Mumbai on Tuesday. The Institute will act as an educational service provider for all insurers across the country.

"I am happy to say that if you have a look at the total commissions paid to the agents in the insurance industry in proportion to the total premium, it's a little over 7%," Mr Narayan said.

There has been a view that Unit-linked Insurance Plans (ULIPs) should be sold on a fee-based model and not a commission-based model. The argument says that ULIPs overcharge consumers through the commission-based model. According to IRDA rules, agents are allowed a commission of nearly 40% of the premium of a particular ULIP in the first year.

Insurers have also claimed that ULIPs-80% of which are sold in rural and semi-urban parts of India-are mainly marketed on the basis of the relationship that an agent has with the prospective buyer.

Unlike mutual funds and pension funds, which are no-load products, ULIPs continue to charge high commissions. In August last year, the Securities and Exchange Board of India (SEBI) had removed entry loads on mutual funds.

Mr Narayan's stance on the issue appears to have the support of finance minister Pranab Mukherjee, as well. At the same event, Mr Mukherjee commended the role of intermediaries, especially agents in the insurance sector, who contribute in ensuring that insurance products reach everyone in the country.

"With a force of around 30 lakh agents, it is a matter of pride that the insurance industry is perhaps the only financial services arm that reaches out to almost all the villages in this country. This is also borne out by the fact that 25% of the life policies i.e. approximately 1.5 crore policies every year are sold in rural areas," Mr Mukherjee said.

However, he also said that the industry has a long way to go and further needs to increase the penetration of insurance. He said, "With rising incomes in the country, the need for insurance is bound to rise and provides opportunity for the insurance industry to tap this growing need and provide insurance cover, both life and non-life, to the large masses of this country. I am sure the industry will rise to the occasion."

The entire spat between SEBI and IRDA in regard to regulation and commission fees broke out in early April when the market watchdog banned 14 life insurance companies from issuing ULIPs that heavily invested in stocks and bonds. On the next day, IRDA asked life insurers to go about their daily business. The two regulators are yet to see eye-to-eye on regulating ULIPs.
 
As the stalemate continued, the finance ministry directed both the regulators to jointly seek a legally-binding order from an appropriate court over the jurisdiction of ULIPs. The market watchdog has filed a petition in the Supreme Court for transferring various petitions against ULIPs. The issue of jurisdiction is obliquely referred to in these petitions.

The Insurance Institute of India, formerly known as the Federation of Insurance Institutes (JC Setalvad Memorial), was established in 1955 for the purpose of promoting insurance education and training in the country.

Mr Narayan said that the entity established in 1955 had given more than a crore insurance advisors to the country, which has been fundamental for the growth of the industry.

"The institute has provided the management cadre for most of the insurance industry," Mr Narayan added.

User

COMMENTS

suresh kumar gupta

6 years ago

Hon MD sahib
With due respect i want to raise following question to instruct the legal
dept to revert me if the has correct and no any illegal working has with me
other wise i have no other option but to take some legal action in in the
competent court of low
Regards
suresh kumar gupta

----- Original Message -----
From: "Anis Kazi"
To: "SURESH KUMAR GUPTA(PANCH)"
Sent: Friday, November 26, 2010 9:55 AM
Subject: Re: following paper under RTI ACT/ PL READ THE AGRREMENT POINT
NUMBER 8 AND FLLOWS THE SAME


>
> Dear Mr. Suresh Gupta,
>
> It is again informed to you that your Agreement for Agency is terminated
> after following due process and your renewal commission will not be paid.
>
> There won't be any change in the decision.
>
> We trust the matter is closed here.
>
>
> Regards,
>
> Anis A. Kazi
> Legal & Compliance Team
> HDFC Life
>
>
>
>
>
> "SURESH KUMAR
> GUPTA(PANCH)"
> > l.com> "Anis Kazi"
> cc
> 11/26/2010 09:34 , "agent"
> AM
> Subject
> Re: following paper under RTI ACT/
> Please respond to PL READ THE AGRREMENT POINT NUMBER
> "SURESH KUMAR 8 AND FLLOWS THE SAME
> GUPTA(PANCH)"
> > l.com>
>
>
>
>
>
>
>
> dear sir
> i have not accepted this termination letter only acknowledge the same.pl
> check it and also very humbly request your honor that as per agreement the
> company has no right to stop my renewal commission and i have asked you
> following questions but you are not replying my following points , no
> issue
>
> i have no other option but to take some legal action in the compitent
> court
>
> of low. company will be fully responsible for the same
> Regards
> suresh kumar gupta
>
> ----- Original Message -----
> From: "Anis Kazi"
> To: "SURESH KUMAR GUPTA(PANCH)"
> Sent: Friday, November 26, 2010 9:25 AM
> Subject: Re: following paper under RTI ACT/ PL READ THE AGRREMENT POINT
> NUMBER 8 AND FLLOWS THE SAME
>
>
>>
>> Dear Mr. Suresh Gupta
>>
>> This is with reference to trail mail and other mails addressed to various
>> authorities in our company.
>>
>> We wish to inform you that, your Agency has been terminated vide our
>> letter
>> dated 01/04/2010 and accepted by you on 06/04/2010. The reason for
>> termination has also been intimated to you. It has also been informed to
>> you that no commission is payable to you in accordance with provision of
>> Insurance Act, 1938.
>>
>> However, it is observed that you are still approaching various people in
>> our company. It is also been observed that your interfering in personal
>> life of our employees through social networking websites (viz. face books
>> etc.)
>>
>> We repeat and reiterate that the stand of terminating your agency remains
>> unchanged.
>>
>> Further, take a note of it that any clarification in this regard may be
>> sought only by the undersigned.
>>
>> Regards,
>>
>> Anis A. Kazi
>> Legal & Compliance Team
>> HDFC Life
>>
>>
>>
>>
>> "SURESH KUMAR
>> GUPTA(PANCH)"
>> >> l.com> "Anis Kazi" ,
>> "Jaison Thanikal"
>> 11/25/2010 06:42 <[email protected]>
>> PM cc
>> "Sagar Naik" ,
>> "Kunal Bhave"
>> Please respond to , "Agency
>> "SURESH KUMAR Queries"
>> GUPTA(PANCH)"
>> >> l.com> Re: following paper under RTI ACT/
>> PL READ THE AGRREMENT POINT NUMBER
>> 8 AND FLLOWS THE SAME
>>
>>
>>
>>
>>
>>
>>
>>
>>
>>
>> Dear Mr. Anis sir
>>> Pl clear my following points
>>> 1. on which clause i have violate the agency agreement , which basis
> hdfc
>>
>>> has terminate me.
>>> 2. why the company has not followed the agency agreement point number 8.
>>> 3. why the company has violet the IRDA notification number 31
>>> 4. why the company has blocked my cc corner more then one months, when i
>>> approached to cc corner, cc corner has saying me that as per cc corner
>>> you(my self) terminate
>>> who is responsible for the same. a deep conspiracy has been taken to
>>> remove me from the system though i am regularly trying to attempt to
>>> receive renewal premium but company has not giving me renewal commission
>>> if within aa months you will not replied my all above question i have no
>>> other option but to take some legal action in the competent court of low
>>> and company will be fully responsible for the same.
>>> Regards
>>> suresh kumar gupta
>>> code 00041214
>>>
>>> ----- Original Message
>> ----- Original Message -----
>> From: Jaison Thanikal
>> To: Anis Kazi
>> Cc: [email protected] ; Sagar Naik ; Kunal Bhave
>> Sent: Thursday, November 25, 2010 2:27 PM
>> Subject: Fw: following paper under RTI ACT/ PL READ THE AGRREMENT POINT
>> NUMBER 8 AND FLLOWS THE SAME
>>
>>
>> Hi,
>>
>> Request a rever to the FC (ID provided in CC).
>>
>> Regards
>>
>> Jaison Thanikal
>> Accounts
>> HDFCSL
>> ----- Forwarded by Jaison Thanikal/Accts/HO/HDFCInsurance on 25/11/2010
>> 02:26 PM -----
>>
>> Commission
>> Queries/Agency/HO/HDFCI
>> nsurance
>> Sent by: Kunal To
>> Bhave/Accts/HO/HDFCInsu Jaison
>> rance [email protected]
>> nce
>> cc
>> 25/11/2010 02:22 PM
>> Subject
>> Fw: following paper under RTI ACT/ PL READ
>> THE AGRREMENT POINT NUMBER 8 AND FLLOWS
>> THE SAME
>>
>>
>>
>>
>>
>>
>>
>>
>>
>>
>> Hi,
>>
>>
>>
>> Regards,
>> Commission Team
>>
>> Kindly note some important points
>> 1. Kindly send your Pan Card copy, ECS or NEFT MANDATES to HDFC - SL, C/O
>> IC Services,
>> 65/448, MHB Col., Dindoshi, Malad (E), Mumbai - 97
>> 2. Wherever applicable please provide Agency code
>> 3. Always provide commission cycle date of which commission not received
>> 4. TDS Certificate - Always provide Financial Year
>> ----- Forwarded by Kunal Bhave/Accts/HO/HDFCInsurance on 25/11/2010 02:21
>> PM -----
>>
>> Commission
>> Queries/Agency/HO/HDFC
>> Insurance
>> Sent by: Kunal To
>> Bhave/Accts/HO/HDFCIns Anis Kazi/Legal/Andheri/HDFCInsurance
>> urance cc
>> Sagar
>> [email protected]
>> 25/11/2010 02:12 PM Subject
>> Re: Fw: following paper under RTI ACT/ PL
>> READ THE AGRREMENT POINT NUMBER 8 AND
>> FLLOWS THE SAMELink
>>
>>
>>
>>
>>
>>
>>
>>
>>
>>
>> Hi,
>>
>> Since the below mail is been marked to you and you were following up with
>> the concern hence we are ignoring the below mail,
>>
>> Request you to please resolved the same,
>>
>>
>> Regards,
>> Commission Team
>>
>> Kindly note some important points
>> 1. Kindly send your Pan Card copy, ECS or NEFT MANDATES to HDFC - SL, C/O
>> IC Services,
>> 65/448, MHB Col., Dindoshi, Malad (E), Mumbai - 97
>> 2. Wherever applicable please provide Agency code
>> 3. Always provide commission cycle date of which commission not received
>> 4. TDS Certificate - Always provide Financial Year
>>
>>
>> Anis
>> Kazi/Legal/Andheri/H
>> DFCInsurance
>> To
>> Commission Queries/Agency/HO/HDFCInsurance
>> 24/11/2010 03:01 PM cc
>> Kunal Bhave/Accts/HO/HDFCInsurance, Sagar
>> Naik/Agency/HUB/HDFCInsurance
>> Subject
>> Re: Fw: following paper under RTI ACT/ PL
>> READ THE AGRREMENT POINT NUMBER 8 AND FLLOWS
>> THE SAMELink
>>
>>
>>
>>
>>
>>
>>
>>
>>
>>
>>
>> Hi,
>>
>> I have asked for copy of appointment letter and termination letter for
> the
>> FC.
>>
>> This is pending with Sagar naik.
>>
>>
>> Regards,
>>
>> Anis A. Kazi
>> Legal & Compliance Team
>> HDFC Life
>> 022-66475542
>>
>>
>> Commission
>> Queries/Agency/HO/HDFCI
>> nsurance
>> Sent by: Kunal To
>> Bhave/Accts/HO/HDFCInsu Anis
>> rance [email protected]
>> ance
>> cc
>> 11/24/2010 02:27 PM
>> Subject
>> Fw: following paper under RTI ACT/ PL READ
>> THE AGRREMENT POINT NUMBER 8 AND FLLOWS
>> THE SAME
>>
>>
>>
>>
>>
>>
>>
>>
>>
>>
>>
>> Hi,
>>
>> Pls confirm the have you resolved the below query?
>>
>>
>>
>> Regards,
>> Commission Team
>>
>> Kindly note some important points
>> 1. Kindly send your Pan Card copy, ECS or NEFT MANDATES to HDFC - SL, C/O
>> IC Services,
>> 65/448, MHB Col., Dindoshi, Malad (E), Mumbai - 97
>> 2. Wherever applicable please provide Agency code
>> 3. Always provide commission cycle date of which commission not received
>> 4. TDS Certificate - Always provide Financial Year
>> ----- Forwarded by Kunal Bhave/Accts/HO/HDFCInsurance on 24/11/2010 02:26
>> PM -----
>>
>> "SURESH KUMAR GUPTA(PANCH)"
>>
>>
>> To
>> 22/11/2010 02:55 PM
>> cc
>>
>> Please respond to Subject
>> "SURESH KUMAR Fw: Fw: following paper under RTI ACT/
>> GUPTA(PANCH)" PL READ THE AGRREMENT POINT NUMBER 8
>> AND FLLOWS THE SAME
>>
>>
>>
>>
>>
>>
>>
>>
>>
>>
>>
>>
>> > ----- Original Message -----
>> > From: "SURESH KUMAR GUPTA(PANCH)"
>> > To:
>> > Cc:
>> > Sent: Monday, November 22, 2010 2:27 PM
>> > Subject: Fw: Fw: following paper under RTI ACT/ PL READ THE AGRREMENT
>> > POINT NUMBER 8 AND FLLOWS THE SAME
>> >
>> >
>> >>
>> >> ----- Original Message -----
>> >> From: "SURESH KUMAR GUPTA(PANCH)"
>> >> To: "Anis Kazi" ;
>> >> Cc: "Deepak Vyas" ;
> <[email protected]>;
>>
>> >> "miss shalini moondara" ; "satish ji sir"
>> >>
>> >> Sent: Monday, November 22, 2010 2:25 PM
>> >> Subject: Re: Fw: following paper under RTI ACT/ PL READ THE AGRREMENT
>> >> POINT NUMBER 8 AND FLLOWS THE SAME
>> >>
>> >>
>> >>> Dear Anis sir
>> >>> Today have received a copy ot my agency agreement and a copy of
>> >>> Validation sheet, i want to draw your attention regarding the agency
>> >>> agreement point number 8 heading as PAYMENT OF COMMISSION IN CASE OF
>> >>> TERMINATION , Pl check it the same and this heading as define as
>> follows
>> >>> where the agency contract has been terminated for reasons other then
>> >>> fraud the commission on renewal premium shall be paid in accordance
>> with
>> >>> the provision of clause (a),(b) & (c) of the Section 44(1) of the
> ACT.
>> >>> You have not terminate me on the basis of any fraud but false
>> complaints
>> >>> of local staff
>> >>> pl check it this point and release my renewal premium commission
>> >>> immediately after the date of termination to till date renewal
> premium
>>
>> >>> has been paid
>> >>> as my cc corner has been blocked so i have no any accounts for the
>> same.
>> >>> pl check it my commission amount immediately
>> >>> Regards
>> >>> suresh kumar gupta
>> >>> code 00041214
>> >>>
>> >>> ----- Original Message -----
>> >>> From: "Anis Kazi"
>> >>> To:
>> >>> Sent: Friday, November 19, 2010 4:33 PM
>> >>> Subject: Re: Fw: following paper under RTI ACT
>> >>>
>> >>>
>> >>>>
>> >>>> Dear Mr. Suresh Kumar Gupta,
>> >>>>
>> >>>>
>> >>>> This is reference to your e-mail dated 19th November, 2010 addressed
>> to
>> >>>> our
>> >>>>
>> >>>> Managing Director and 15th November, 2010 addressed to our
>> >>>> Territory
>> >>>>
>> >>>> Manager seeking certain information under the Right to
>> Information
>> >>>> Act
>> >>>>
>> >>>> 2005.
>> >>>>
>> >>>>
>> >>>>
>> >>>> We would like to impress upon you that HDFC Standard Life Insurance
>> >>>> Company
>> >>>>
>> >>>> Limited is a private sector insurance company and does not fall
>> under
>> >>>> the
>> >>>>
>> >>>> definition of public authority and therefore, the provisions of
>> >>>> Right to
>> >>>>
>> >>>> Information Act are not applicable to us. Therefore, we are
>> >>>> unable to
>> >>>>
>> >>>> furnish you any information as sought by you under the Right to
>> >>>> Information
>> >>>>
>> >>>> Act, 2005.
>> >>>>
>> >>>>
>> >>>>
>> >>>> Thanks & Regards,
>> >>>>
>> >>>> Anis A. Kazi
>> >>>> Legal & Compliance Team
>> >>>> HDFC Standard Life Insurance
>> >>>> Desk : 022-66475542
>> >>>>
>> >>>>
>> >>>>
>>
> ======================================================================================================================================================================
>
>>
>> >>>>
>> >>>>
>> >>>> |------------>
>> >>>> | From: |
>> >>>> |------------>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>>
>>----------------------------------------------------------------------------------------------------------------------------------------|
>
>>
>> >>>> |"SURESH KUMAR GUPTA(PANCH)" |
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>>
>>----------------------------------------------------------------------------------------------------------------------------------------|
>
>>
>> >>>> |------------>
>> >>>> | To: |
>> >>>> |------------>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>>
>>----------------------------------------------------------------------------------------------------------------------------------------|
>
>>
>> >>>> | |
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>>
>>----------------------------------------------------------------------------------------------------------------------------------------|
>
>>
>> >>>> |------------>
>> >>>> | Date: |
>> >>>> |------------>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>>
>>----------------------------------------------------------------------------------------------------------------------------------------|
>
>>
>> >>>> |19/11/2010 11:57 AM |
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>>
>>----------------------------------------------------------------------------------------------------------------------------------------|
>
>>
>> >>>> |------------>
>> >>>> | Subject: |
>> >>>> |------------>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>>
>>----------------------------------------------------------------------------------------------------------------------------------------|
>
>>
>> >>>> |Fw: following paper under RTI ACT |
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>>
>>----------------------------------------------------------------------------------------------------------------------------------------|
>
>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>
>> >>>>>> hon sir
>> >>>>>> Pl provide me the following papers under the RTI ACT 2005
>> >>>>>>
>> >>>>>> 1. I am certified financial consultant of HDFC STAND LIFE
> INSURANCE
>>
>> >>>>>> CO
>> >>>>>> LTD
>> >>>>>> 2. MY CODE NUMBER IS 00041214
>> >>>>>> 3. When i joined the HDFC SLIC, After passed your examination
>> kindly
>> >>>>>> provide me the COPY OF AGENCY AGREEMENT COPY
>> >>>>>> 4. MY Welcome letter/appointment letter
>> >>>>>> 5. The HDFC SLIC has terminate me on the basis of my local branch
>> >>>>>> stafff
>> >>>>
>> >>>>>> false complaint.pl provide me all the letters/emails of eompliats
>> >>>>>> letter
>> >>>>>>6. The previous warning letter which company has sent to me
>> >>>>
>> >>>>>> i need all above papers from you under RTI ACT And i am ready to
>> pay
>> >>>>>> the
>> >>>>
>> >>>>>> charges when you willintimate me that how many papers are
> providing
>>
>> >>>>>> to
>> >>>> me
>> >>>>>> Regards
>> >>>>>> suresh kumar gupta
>> >>>>>> Rawali gali
>> >>>>>> opp street of eloji
>> >>>>>> BALOTRA RAJ 344022
>> >>>>>> MOBILE 9414107928
>> >>>>
>> >>>>
>> >>>>
>> >>>> "HDFC Standard Life has been awarded as India’s Top 50 ‘Best
>> Companies
>> >>>> to Work For’ in 2010 , In a study conducted by Great Place to Work®
>> >>>> Institute , India in partnership with The Economic Times. "
>> >>>>
>>
> ******************************************************************************************************************************************
>
>>
>> >>>> Please do not print this email unless it is absolutely necessary
>> >>>>
>> >>>>
>>
> ******************************************************************************************************************************************
>
>>
>> >>>> DISCLAIMER The information contained in this communication is
>> intended
>> >>>> solely for the use of the individual or entity to whom it is
>> addressed
>> >>>> and others authorized to receive it. It may contain confidential or
>> >>>> legally privileged information. If you are not the intended
>> recipient
>> >>>> you are hereby notified that any disclosure, copying, distribution
> or
>>
>> >>>> taking any action in reliance on the contents of this information is
>> >>>> strictly prohibited and is unlawful. If you have received this
>> >>>> communication in error, please notify us immediately by responding
> to
>>
>> >>>> this email and then delete it from your system. HDFC Standard Life
>> >>>> Insurance Company Limited is not liable for any improper and/or
>> >>>> incomplete transmission of the information contained in this
>> >>>> communication or for any delay in its receipt or for any damage
>> caused
>> >>>> by malicious code or alteration by any third party. The contents of
>> >>>> this email do not necessarily represent the views or policies of
> HDFC
>>
>> >>>> Standard Life Insurance Company Limited
>> >>>>
>>
> ***********************************************************************************************
>
>>
>> >>>>
>> >>>
>> >>
>> >
>>
>>
>>
>>
>>
>> "HDFC Standard Life has been awarded as India’s Top 50 ‘Best Companies to
>> Work For’ in 2010 , In a study conducted by Great Place to Work®
> Institute
>> , India in partnership with The Economic Times. "
>>
> ******************************************************************************************************************************************
>
>>
>> Please do not print this email unless it is absolutely necessary
>>
>>
> ******************************************************************************************************************************************
>
>>
>> DISCLAIMER The information contained in this communication is intended
>> solely for the use of the individual or entity to whom it is addressed
> and
>> others authorized to receive it. It may contain confidential or legally
>> privileged information. If you are not the intended recipient you are
>> hereby notified that any disclosure, copying, distribution or taking any
>> action in reliance on the contents of this information is strictly
>> prohibited and is unlawful. If you have received this communication in
>> error, please notify us immediately by responding to this email and then
>> delete it from your system. HDFC Standard Life Insurance Company Limited
>> is not liable for any improper and/or incomplete transmission of the
>> information contained in this communication or for any delay in its
>> receipt or for any damage caused by malicious code or alteration by any
>> third party. The contents of this email do not necessarily represent the
>> views or policies of HDFC Standard Life Insurance Company Limited
>>
> ***********************************************************************************************
>
>>
>> "HDFC Standard Life has been awarded as India’s Top 50 ‘Best Companies to
>
>> Work For’ in 2010 , In a study conducted by Great Place to Work®
>> Institute , India in partnership with The Economic Times. "
>>
> ******************************************************************************************************************************************
>
>> Please do not print this email unless it is absolutely necessary
>>
>>
> ******************************************************************************************************************************************
>
>> DISCLAIMER The information contained in this communication is intended
>> solely for the use of the individual or entity to whom it is addressed
> and
>> others authorized to receive it. It may contain confidential or legally
>> privileged information. If you are not the intended recipient you are
>> hereby notified that any disclosure, copying, distribution or taking any
>> action in reliance on the contents of this information is strictly
>> prohibited and is unlawful. If you have received this communication in
>> error, please notify us immediately by responding to this email and then
>> delete it from your system. HDFC Standard Life Insurance Company Limited
>> is not liable for any improper and/or incomplete transmission of the
>> information contained in this communication or for any delay in its
>> receipt or for any damage caused by malicious code or alteration by any
>> third party. The contents of this email do not necessarily represent the
>> views or policies of HDFC Standard Life Insurance Company Limited
>>
> ***********************************************************************************************
>
>>
>
>
>
> "HDFC Standard Life has been awarded as India’s Top 50 ‘Best Companies to
> Work For’ in 2010 , In a study conducted by Great Place to Work®
> Institute , India in partnership with The Economic Times. "
> ******************************************************************************************************************************************
> Please do not print this email unless it is absolutely necessary
>
> ******************************************************************************************************************************************
> DISCLAIMER The information contained in this communication is intended
> solely for the use of the individual or entity to whom it is addressed and
> others authorized to receive it. It may contain confidential or legally
> privileged information. If you are not the intended recipient you are
> hereby notified that any disclosure, copying, distribution or taking any
> action in reliance on the contents of this information is strictly
> prohibited and is unlawful. If you have received this communication in
> error, please notify us immediately by responding to this email and then
> delete it from your system. HDFC Standard Life Insurance Company Limited
> is not liable for any improper and/or incomplete transmission of the
> information contained in this communication or for any delay in its
> receipt or for any damage caused by malicious code or alteration by any
> third party. The contents of this email do not necessarily represent the
> views or policies of HDFC Standard Life Insurance Company Limited
> ***********************************************************************************************
>

raju b nitture

6 years ago

hi sir

we strugling in market but nobody has response in the company what we do we r suffering for some reason pls collect the all agent problem than u will known the fact sir

suresh kumar gupta

6 years ago

From: SURESH KUMAR GUPTA(PANCH) [mailto:[email protected]]
Sent: Friday, October 08, 2010 10:42 PM
To: [email protected]
Cc: [email protected]; [email protected]; miss shalini moondara; Deepak Vyas
Subject: Fw: RE:'HDFCSL=224-416'. /REMINDER 1 [2/2]



Dear sir

in addition to my following request pl note following points more

1. i am regularly approaching to Grievance team as well as higher legal dept also but they are not responding the same

2. grievance dept has taken decision in my request.

1. to approach the AGENCY DEPT, BUT agency dept has not replied me any single word

2. toapproch to consultant corner, but the cc corner team has not replied a singal word

3. to approach my local branch manager i.e. BALOTRA , BUT SIR, my termination has been taken on the compliant of my branch office false and base less compliant.

4. i am regularly demanding my appointment letter/welcome letter when i joined the HDFC SLIC, AFTER PASSED YOUR EXAMINATION BUT NOT SENT till today

5. after that i have requested to provide this documents from you UNDER RTI ACT AND ALSO REQUEST HDFC SLIC CEO ALSO

I have served 4 years and 6 months at HDFC SLIC AND A DEEP CONSPIRES HAS BEEN TAKEN FROM HDFC SLIC TO NOT TO GIVEN ME THE RENEWAL COMMISSION

6. MY Branch Manager has lodged a FALSE F.I.R. in POLICE STATION BALOTRA AND POLICE HAS AWARD ME F.R.

7. A BIG FIRE AND THEFT HAS BEEN DONE IN THE BALART BRANCH OFFICE ALSO.

Regards

suresh kumar gupta

code 00041214

TERMINATED ADVISOR

MOBILE 9414107928

----- Original Message -----

From: SURESH KUMAR GUPTA(PANCH)

To: IRDAComplaints

Sent: Friday, October 08, 2010 3:57 PM

Subject: Re: RE:'HDFCSL=224-416'. /REMINDER 1 [2/2]



sachin

6 years ago

kudos to mr hari narayan.......he is the right guy....he understands ground realities......and has bravely stood for it....

rahter than mr bhave.who does not understand ground realities....

in the name of investor protection and cost cutting SEBI is slowly slowy creating death of investment in mutual fund ...and thereby destroying/hampering the wealth creation process for all.......

it is high time that SEBI also allow open market forces, investor education and.... intelligence.... of people to determine the cost/distribution structure rather than SEBI acting as a dictator.....

in my opinion govt can also consider giving mr hari
haranayan or somebody ease with positive attitude in charge of SEBI...

nirmalbhauwala

6 years ago

rigght thouts go forhead

mk sujithkumar

6 years ago

thanks to irda chairman for understanding insurace agents way of working

Paresh

6 years ago

Dear sir,
Main problem is mis-selling of product.
How many of the agents are eager to sell term insurance products to their clients??I think all similar kind of products should have uniform commission structure to avoid mis-selling.e.g. Equity component of ULIPs and Equity mutual funds, Insurance part of ULIPs and Term insurance should have same commission structure.One product rather distributor of any product should not get undue advantage.

shailesh sontakey

6 years ago

i really appriciate the said which has came out for the insurence commission backing insurane advisor. so the the 30lakh insurance advisor have to continue with their profiession and can survive for their earnings. is their is no earning where this ppl go ..... al though the govt says incouraging youth to get self employed if they had chosen for their selfemployemnt throught advisory ... then they must be given the benifits in the form of commission. if itis stoped then there well no business in the insurance industry.. what i belive. The market watchdog must see and look in to the matter for the advisor as of now they have to charge directly through the coustomer, which is not acceptable .. by the coustomer.it is not the matter as they think like Doctor, or and Advocate practing and charging there service. it is not possible in the investment field. there are individual agent to had taken advisory as for being selfemployed.. i also the advisory for MF .. form last one yeari have not seen any customer who had paid me the charges or the commission direct. it gone difficult for me to survive in the mf industry. sitll i giving the service. not a single person has given me an advisory fee to me. it become had for me to earn my potential.. so i have shifted to sell insurance. where i still could not able to survive as it a work of patience... it took long time to be convert into the policy sold. stil i happy to sell insurence thought it will talke a little long time.. so I really appriciate and Thanks Him for the support.. to mr Hari Hari Narayan,

Mahendra Kishorilal Gupta

6 years ago

If the field is to be made level playing, either the entry load needs to be reintroduced, or the insurance commission needs to be rationalised (if not abolished completely). Or else, we will just find the rational advisors too moving towards suggesting high commission insurance products and forget about investor interest. Obviously, they cant be thinking about investor interest if their bread is being snatched away.
Also insurance co.should not pay more than 25% commission on fresh sale and trail commission should be introduced to stop earlier closure of ins plan .I welcome Mr.J.Hari Narayan for his statement that commissions will facilitate the smooth distribution of insurance.I hope SEBI should also understand this and introduce commission based model for mutual funds distribution.This action will certainly move indian's savings towards better return generating product of mutual funds.With the help of upfront commission advisor gets immidiate income so they can reach more and more clients.This will benefit not only advisors but also investors and country as a whole in stabilising the stock market and will reduce FII and HNI negative influence in the market.

REPLY

Prof. Bajaj

In Reply to Mahendra Kishorilal Gupta 6 years ago

I completely agree with you Sir.

I was just wondering how the first paragraph of yours matches word-to-word with my second last paragraph !!

Prof. Bajaj

6 years ago

There indeed are some people who make use of foul language to prove their point. If there point is valid, they can do so using decent language as well.

Anyways, this argument would never come to an end. The insurance agents will always want the heavy commissions to be there (obviously, it is going into their pockets) and the investors will always want the commissions to be abolished (as it hits their pockets very badly).

The opinion of the third fraternity (the MF Advisors not dealing in insurance) is definitely worth giving a thought. It gives them an unfair disadvantage to sell the low cost MF products, which are actually beneficial to clients. (Definitely there are some laggards in MFs as well, but right now I am talking about cost and not performance).

If the field is to be made level playing, either the entry load needs to be reintroduced, or the insurance commission needs to be rationalised (if not abolished completely). Or else, we will just find the rational advisors too moving towards suggesting high commission insurance products and forget about investor interest. Obviously, they cant be thinking about investor interest if their bread is being snatched away.

So Mr. Bhave and Mr. Hari Narayan, work out a solution that creates a level playing field, if you really want to think a bout investor protection. The half effort will only make things worse from here.

shambhu nath sah

6 years ago

Sir, I am highly appreciating the thought of IRDA CHAIRMAN which is a true vivid picture of sweat and blood of 30 lakhs insurance advisors in this huge population of the nation. No any chennel in INDIA to reach door to door in our socities to safeguard the people who are in great need of financial securities.Thanks a lot again.

Manoja

6 years ago

There are people who run away from the discussion when they run out of things to say. For them it is a matter of repeating a lie a thousand times hoping that it somehow transforms into truth!!! The same is the case with those who repeatedly utter inanities when it comes to the question of commission for financial advisors.

I had asked, in an earlier occassion, what would happen if insurance industry decides to discontinue with the agency model and commence with the model where they directly EMPLOY these agents. The problem is only if the payments are called COMMISSIONS. Abolish them. Start paying them SALARIES. Let these salaried class have a union which will protect their wages, no matter what. Let them get annual increments, whether they perform or not. Let them start getting all the perks of employment.

Who the hell cares if they give service or not???

dipak

6 years ago

this is mockery of policy holders as fin. minister has taken U turn from his stance and supported SEBI. It appers tha fin.ministry/irda are spokeperson of insurance companies at the cost of policyholders who shoulder burden of more than 40% loads in his premiums. it not at all level playing field as well as MF ifas get hardly .70% brokerage. just see the huge difference in earnings ! it is very sad that SEBI doesn't have any soft corner for its brokers by snatching away their earlnings as they too are human, compared to IRDA/fin ministry where it defends hefty commissions to support millions of its agents & their family at the cost of policy holders. doesn't it look like Hypocracy?

Mathew

6 years ago

The statement by Mr.Hari Narayan that the insurance agents are getting only 7% as commission is not the truth. Insurance agents are getting a commission in the range of 7% to 30%. The commission based structure may be continued but it should be in the range of 2% to 5%. The MF agents were getting only 2.25% previously. The real-estate brokers get 2%.

The commission to the agents has to paid even if they even if they can't achieve their quota for one year but active. This can help them to service their old customers and help renewals. But companies terminate an agent for not completing his target, so that they can forfeit the commission and the premium of the customers for not renewing the policy as his agents service is not available.

Rupesh

6 years ago

SEBI top brass Mr Bhave should learn some lessons from the stance taken by Mr Hari and our FM-who have supported commission based model-everyone knows the fact that insurance is high commission business-and insurance cos pay almost 40% as upfront and 5% annualy-but this man of SEBI thinks everything in ULTA prospective and he trying to remove every penny earned by MF IFA's-the reason is unknown?there is no logic behind his so called investors protection PHILOSOPHY-which disallows even 2.25% upfront-he even tried to remove upfront but now he has come to understand the fact that his steps are all foolish and he has to asnwer to masses-so he did not touch the removal of annual expanses of 2.25% from which AMC's pay some ,5% upfront and trail-i think he should think about reintroducing entry load-so that our MF industry can survive and can stand against FII

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