Business Associate: Kotak Life Insurance

Business Associate Kotak Life Insurance

BI BUSINESS IMPACT GROUP G

Terminology  Recruitment Period: Period between BA code issuance and start of goal sheet  CPI: Collected Premium Income - weighted received Premium  BDA: Business Development Allowance  CPI: An agent who has sourced at least one policy in that month as per terms and conditions given later  Activisation % = ________CPI _______ Beginning PHF of the BI month BUSINESS IMPACT GROUP G

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Goal sheet BA Goal sheet ~ 36 Lacs pa High Performance period

BA Joins

Recruit & Build

Consolidate & Grow

Recruitment Period FOS

Mont h st

1

Mont h nd

2

Mont h rd

3

Mont h th

4

Mont h th

5

Mont h th

6

Mont h th

7

Mont h th

8

Mont h th

9

Expand & Prosper

Mont h th

Mont h th

10 11

Mont h th

12

Goal sheet starts

BI BUSINESS IMPACT GROUP G

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Goal sheet allocation First thing to do after BA Code generation is, to identify the BA’s Goal sheet. BA Goal sheet starting month can be identified as follows: BA Appointment date

Goal Sheet Starting Month

1st to 15th

3rd month from the joining month

16th to 30th/ 31st

4th month from the joining month

Example BA Appointment date

Goal Sheet Starting Month

2nd Aug

October

17th Aug

November

BI BUSINESS IMPACT GROUP G

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Goal Sheet : Pre-ponement 

The goal sheet of a BA can be preponed .

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Once preponed this will be not be reversed later.

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In such a case the BA will get the scheduled payouts from the first month itself.



Contact your sales supervisor for details.

BI BUSINESS IMPACT GROUP G

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Sample BA Goal sheet For Details, please refer to the Goal sheets

For communication purposes please refer to the CPI figures Goal Sheet Attachment1

BI BUSINESS IMPACT GROUP G

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BA Payouts 

Payouts to BA s are based on the achievement of their monthly goal sheet based on First Year Received Premium (CPI) generated by their team.

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First year modals received will be added in the total received CPI for the month .

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Only converted cases ( issued ) will be considered for payout computation .

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BA Payout Computation will start post the expiry of the free look period ( approx 15th of the next month ) & will be paid by the end of the next month.

BI BUSINESS IMPACT GROUP G

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BA Payout Categories Fixed Infrastructure Payout Paid on Achieving Goal Sheet  25,000 per month  30,000 to 75,000 per month based on slabs 

Variable Payout Paid on the Premium Slab  Slab wise starting @ 2%  5% + on 10 Lac + Pm 

Activisation Allowance Paid on No of Active Agents( Slabbed)  Avg 2500 Per Month BA. 

Recruitment Support : To be announced. 

Business Based : 10,000 per Month.

Case on Code 

Rs 1,000 per qualifier.

BI BUSINESS IMPACT GROUP G

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Variable Payouts Business Override : Up to 5.00%* of Team business every month!!!

Monthly CPI Achievement 0 to 49000 50000 to 149000 150000 to 299999 300000 to 499999 500000 to 999999 10 Lacs Plus

% Payout PM NIL 2.0% 3.0% 4.0% 4.5% 5.0%

Variable payouts •This will be paid monthly as per the above slabs. •Above slabs are % age of premium and will be based on commission depending upon SM scheme

BI BUSINESS IMPACT GROUP G

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Fixed Payout (Infrastructure Support) 25,000 and potential to earn Up to 75,000/-* every month ! Monthly CPI Achievement

Monthly Payout

Less than 49.99 % Achievement NIL More than 50% Goal Sheet % Achievement of GS * Rs 25000 or Rs achievement 25000 whichever is less. 5 Lac to 6.49 Lacs Rs 30000 6.5 Lacs to 7.49 Lacs Rs 35000 7.5 Lacs to 9.99 Lacs Rs 50000 10 Lacs Plus Rs 75000

BI BUSINESS IMPACT GROUP G

Fixed Payout - Example BA Appointment date Goal sheet starting month Goal sheet Target Fixed Payout Calculations 1st Case 2nd Case 3rd Case 4th Case

10th Feb 1st April 95000 Goal sheet achievement %age achievement Fixed Payout eligible 40000 42% Nil 75000 79% 19737 125000 132% 25000 500000 As per the slab 30000

BI BUSINESS IMPACT GROUP G

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Activisation Allowance : Payout Policy 

Gate Criteria of 1 code per month .

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BA not achieving 1 code will not be eligible of the BDA payout .

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BAs not meeting monthly target of one code per month but achieving 4 codes in a calendar quarter will be eligible of the entire accrued payout.

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In this case the BDA payout will happen at the end of every calendar quarter

Active Agent definition same as agency. BI BUSINESS IMPACT GROUP G 

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Activisation Allowance : BDA is shown here for reference:

No of CLAs 3 4 5 6 7 8 9 10

Amount 3000 4000 5000 6000 7000 8000 9000 10000

 An additional payout of Rs 1000 per advisor on qualifying for Case on Code.  BDA slabs are declared at beginning of each Quarter/Month & paid on a monthly basis .  BDA is paid on the basis of No. of active advisors in a particular month from BA Team

BI BUSINESS IMPACT GROUP G

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Case on code Bonus BA gets Case on code Payout, Rs.1000-, for every advisor becoming active within 30 days of getting their code Case on code Criteria Advisor licensed between 1st – 15th of each month

Qualifying Time for Coc by 15th of next month

Advisor licensed between Qualifying Time for Coc by 16th– 30th/31st of each month 30th/31st of next month

Max. Days 45 30 Min. Days

Cases that will be considered for calculating case on code bonus must be of a minimum CPI of: Rs

1500* 2=3000 for monthly mode with ECS.

Rs

1500* 4=6000 for monthly mode with non-ECS.

Rs

9000 for half yearly mode

Rs

18000 for annual mode

Rs.

50000 for single premium cases

BI BUSINESS IMPACT GROUP G

Quarterly Correction 

Quarterly Average Correction: Reward for over achievement of quarterly goal sheet by 125% despite not meeting mthly targets.

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What is Quarterly Correction payout?  An opportunity for the BA to earn more Infrastructure support by performing well each quarter.  Chance to earn back Infrastructure support payout because of non performance earlier in the quarter.

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How much can be the Qly Correction Payout?  Assumption is that a BA will receive Rs. 25,000 per month as QCP.  Thus, actual QCP will be Rs. 75,000 – Actual payout in the qtr.

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When is it paid?  The Correction will be calculated and paid only at each calendar quarter end .i.e. AMJ, JAS, OND & JFM

BI BUSINESS IMPACT GROUP G

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Quarterly Correction – Example Month-> GS Target GS Achieved. Goal sheet achievement. Applicable fixed payout according to slab.

April

May

June

Complete Quarter 3,93,000 491250

95000 38000

137000 191800

161,000 241500

40%

140%

150%

125%

0

25,000

25,000

Correction Applicable: 75,000(25,000+25,000) = 25,000

Rs. 25000 Additional Payout Applicable on account of Quarterly correction

BI BUSINESS IMPACT GROUP G

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Quarterly Correction – Example 2 In cases where BA Earning is more than 75000 in quarter than he is not eligible for Quarterly correction. This can be understood from the following example Month Goal sheet Target Goal Sheet Achvd Amt Applicable % Goal Sheet Achvd Fixed Payable

April 95000 71250 25000 75.0 18750

May 137000 45000 25000 32.8 Nil

June 161000 1000000 75000 621.1 75000

AMJ Qtr 393000 1116250 More than 125 % QC not applicable

In case a person’s goal sheet begins after a month in the calendar quarter say in February for the quarter Jan-Mar then the quarterly payout is applicable for the difference between Rs 50,000 and the payout received for one month. (Since the other month the person will not have received any fixed payout and hence will be applicable for the quarterly correction.)

BI BUSINESS IMPACT GROUP G

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BA Payout : Example Goal Sheet Target Parmeters BA Achievement % GS Achvd Goal Sheet Applicable Fixed Payout Variable Applicable Variable Amt Active Agents Amt Payable Case on Code achievers Case on Code Amt Total Payout

200000 Scenario 1 Scenario 2 Scenario 3 Scenario 4 Scenario 5 100000 150000 350000 500000 1000000 50.00 75.00 175.00 250.00 500.00 25000 25000 25000 30000 75000 12500 18750 25000 30000 75000 2% 3% 4% 4.50% 5% 2000 4500 14000 22500 50000 3 4 5 2 10 3000 4000 5000 0 10000 2 3 4 2 7 2000 3000 4000 2000 7000 19500 30250 48000 54500 142000

BI BUSINESS IMPACT GROUP G

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What is there for you ? Earning Potential Highest Earning potential in the Industry !!! An average Performer can earn 5- 6 lacs pa Translates to more than 50 K per month .  Career Progression Opportunity both inside and outside the company . Only company which provides both options !!!  Manpower Support Only Company to provide a resource to help expand business 

Best Payouts in the industry !!! BI BUSINESS IMPACT GROUP G

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Our Expectations  Ability

to build distribution fast.  Willing to invest time in the business .  Upfront recruitment of 10 Advisors  Minimum 200 – 300 sq feet of office space  Minimum 2 phone lines  One Computer  Good standing in the market  Experience preferable in the Financial Services BI BUSINESS IMPACT GROUP G

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Thank You!

BI BUSINESS IMPACT GROUP G

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