Summary |
This Committee was constituted by the LIC Board with Mr. K.P. Narasimhan as its chairman, Mr. R. Ramakrishnan, Mr. J.S. Salunkhe and Mr. L.P. Venkataraman as members and Mr. P.C. Gupta as member Secretary.
The terms of reference given to the Committee were as under:
a) To examine the premium rates currently offered by the LIC and consider as to whether any revision is called for and if such a revision is warranted, advise the premium rate structure including commission rates.
b) To examine consistency between the premium rates offered by the LIC under various plans and to advise appropriate measures in case rationalization is necessary.
c) To examine bonus system, both reversionary and terminal, being currently adopted by LIC vis-à-vis equity among various classes and generations of policyholders.
d) To examine and suggest alternate bonus system in order to make LIC’s products enjoy better marketability
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