Term-Level, Term with Retun of Premium
Dominated by Guaranteed, Non-guaranteed and ULIP options as well and Wealth Creation Options for HNIs/NRIs
Securing child's education
Accumulation with Guaranteed Return
IMF in Aviva
Eligibility to Become an IMF
You will have to be a private limited company, a limited liability partnership, or be otherwise recognized by the IRDA.
Your company’s minimum net worth must stand at a minimum of INR ten lakhs
You must have professional indemnity coverage.
Your Principal Officer needs to meet all IRDAI eligibility criteria, and your staff must all be licensed by an institution designated by IRDAI.
Benefits of Partnership with AVIVA
- Structured and compliant business process
- Unlimited Income Opportunity
- Rewards & Recognition
- Opportunity to become part of a Large IMF community at Aviva
- 24*7 online training support for IMFs and ISPs
- Dedicated Sales & Support Vertical
- Best-in-Class par and non par products
- Products are easy to sell and simple to understand
- Return is given above the set benchmark
Registration Process of IMF with IRDAI
Below are steps to be followed in sequential order:
- Prospect takes the NOC from IRDAI on Company
- Post NOC, Company is formed and registered in ROC
- IMF applies for PAN of the company
- IMF opens Bank account with State Bank of India
- Registration of PO/ISP with Insurance Institute of India(III)
- PO/ISP need to complete Training and Examination
- Basis the request from IMF and mutual consent, Aviva Life Insurance would issue consent letter to empanel IMF as distributor Documents required for FORM A
- Post submission of all mandatory documents, Form A is generated and an auto email is sent on IMF’s registered email id
- Hard copy of Form A is sent to IRDAI
- IRDAI reviews the uploaded/received document
- IRDAI conducts interview with PO on scheduled date and time and Registration certificate is issued.
Salient Features of IMF
- Better Income opportunity, wealth creation in distribution by entrepreneurs
- Increased earnings through selling insurance and financial products
- Opportunity to start own professional setup
- IMF can solicit Insurance Products, provide insurance service activities and also distribute Financial Products of other financial sector regulators
- Can operate PAN India
- Promoters of the brokers are allowed to set-up IMF
- Permitted to collect the premiums for online sales similar to Web Aggregators
- a career path to the existing insurance agents to progress
“Insurance Marketing Firm” (IMF) is a business entity registered/ licensed by the IRDAI to solicit/ procure business for insurance products, undertake some specified insurance service activities and also to distribute other financial products by its salaried employees duly trained and licensed to undertake such activities. IMF is allowed to deal with 2 insurance companies each in 3 different lines of business i.e. Life Insurance, General Insurance & Health Insurance in retail space.IMF will be allowed to sell products of new specific insurance companies e.g. Motor or Liability Insurance Companies as and when licensed by IRDAI.IMF is also allowed to deal in the financial products approved and regulated by SEBI, RBI, Post Office, and NPS etc.
As the name suggests an IMF has to be a business firm/ entity, not an individual. As per the regulation a company formed under the Companies Act, 1956/20YY or a limited liability partnership firm under the Limited Liability Partnership Act, 2008; or a Co-operative Society registered under Co-operative Societies Act, 1912 are eligible to apply for registration. The IRDAI reserves it right to consider other applications too on its merit.
The applicant firm needs to have a capital base of Rs 5/10 lakhs to begin with and maintain the net worth of this same amount throughout the operation. The IMF is required to submit a certificate duly certified by a Chartered Accountant to this effect annually within three months from the close of the financial year.
A term insurance plan is a life insurance policy that, works purely to serve the future needs of your family members. A term policy offers high sum assured at a low cost. A high sum assured will help your family overcome the difficulties that accompany the loss of income due to the absence of the insured family member.
The IMF is to get in to a tie-up with the Insurance Companies/ Financial Companies with whom they wish to deal. The Insurer shall make all remuneration for soliciting and procuring insurance policies undertaken by an IMF to the concerned Insurance Marketing Firm only and not to any other person’s or entity. The remuneration payable to IMF by the Insurer shall be as per the rate approved/specified by the IRDAI from time to time. In addition, the Insurance Marketing Firm may receive fees or charges from life insurance companies only in the form of service charges for recruitment, training and mentoring of their ISPs. These fees or charges shall not exceed 50% of first year commission and 10% of renewal commission received by IMF. No such payment shall be made in case of General/ Health Insurance Business. The Insurance Marketing Firm shall also be entitled to receive the fees for Undertaking insurance service activities on mutually agreed fee on prevailing industry norms evidenced by an agreement. The Insurance Marketing Firm will also be entitled to collect the ‘applicable service charges’ from the financial entities for the services rendered by the FSE employed by the Insurance Marketing Firm.
No objection certificate is a certificate issued to the IMF applicant by the authority on request. This certificate can be used by the IMF applicant to register proposed IMF Firm Name with registrar of companies (ROC).
No. It is required if NOC request the same for registration of proposed IMF Firm Name.
The registration issued under these Regulations shall be valid for a period of three years from the date of its issue, unless it is suspended or cancelled by the Authority.
Death cover under all circumstances except the following:
- Death due to any pre-existing medical condition not mentioned in the policy term
- Death due to any illegal activity
- Suicide within the first year of policy tenure