Bank of India General Insurance

Can you tell me about the Commission for Insurance offered under General Insurance service offered by Bank of India?

[Shaleen]

Bank of India was founded in 1906 by a group of eminent businessmen from Mumbai and was under private ownership and control till 1969 when it was nationalized along with 13 other Banks in India.

Insurance

Bank of India with its Insurance partner Star Union Dai-ichi provides diversified kinds of Insurance at specially reduced rates to its customers. One’s participation in insurance products is purely on a voluntary basis.

Commission, Brokerage and trail from Insurance (General Insurance)

Category Commission
Min Max

Health 10% 15%

Other 0% 15%

Commission, Brokerage and trail from Insurance (Life)

Category First Year Commission Renewal commission from 2nd year onward
Min Max Min Max

Protection 20% 35% 5% 7.50%

Saving & Investment Premium2% 37.50% 2% 7.50%

Annuity 2% 2% NA NA

Group Product 2% 2% NA NA


The commission varies depending upon the Product in each category, tenure, amount of premium and premium paying term.

For Group Products commission payable is 2% of the premium with a ceiling on the maximum payout as defined by Insurance Regulatory and Development Authority (IRDA) from time to time.