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Thread: Surrender of LIC Agency

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  1. #1
    NewBie
    Join Date
    Aug 2015
    Location
    vadodara
    Posts
    1

    Default Surrender of LIC Agency

    Hi

    Is it possible to get the LIC Agency back once you have surrendered and received gratuity?

    Please advise. Thank you in advance


    Regards


  2. #2
    Moderator Matrix's Avatar
    Join Date
    Jul 2009
    Location
    India
    Posts
    258

    Default

    Short answer to your question is "Yes". But you will get a new agency not the reinstatement of old agency.

    As per Guidelines on appointment of Insurance Agents, 2015

    Procedure to be followed in respect of resignation/surrender of appointment by an insurance agent:


    1) In case an insurance agent appointed by an insurer wishes to surrender his agency with his/her insurer, he/she shall surrender his appointment letter and identity card to the designated official of the insurer with whom he/she is currently holding agency.

    2) The Insurer shall issue the cessation certificate as detailed in Form 1-C within a period of 15 days from the date of resignation or surrender of appointment.

    3) An agent who has surrendered his appointment may seek fresh appointment with other insurer. In such a case, the agent has to furnish to the new insurer all the details of his/her previous agency and produce Cessation Certificate issued by the previous insurer issued in Form I-C, along with his agency application form.

    4) The insurer will consider the agency application as outlined in Clause IV after a period of NINETY DAYS from the date of the issue of the cessation certificate by the previous insurer.

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