SBI General Insurance offers a wide range of motor insurance products, including car and two-wheeler insurance. Agents play a crucial role in marketing and selling these insurance products. Understanding the commission structure is essential for both new and experienced insurance agents looking to maximize their earnings. This article provides a detailed breakdown of the SBI vehicle insurance agent commission chart.
SBI Vehicle Insurance Agent Commission Chart:
Table of Contents
Overview of SBI Vehicle Insurance Products SBI General Insurance offers:
- Private Car Insurance
- Two-Wheeler Insurance
- Commercial Vehicle Insurance
- Add-on Covers (Zero depreciation, roadside assistance, engine protection, etc.)
Commission Structure for SBI Vehicle Insurance Agents:
Agent commissions are regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and may slightly vary depending on promotional schemes or sales channels. Below is a general breakdown of the commission chart for motor insurance policies.
1. Private Car Insurance
| Policy Type | Commission Rate |
|---|---|
| New Business | 15% |
| Renewal Business | 15% |
2. Two-Wheeler Insurance
| Policy Type | Commission Rate |
| New Business | 17.5% |
| Renewal Business | 17.5% |
3. Commercial Vehicle Insurance
| Vehicle Type | Commission Rate |
| Goods Carrying Vehicle | 10% – 12.5% |
| Passenger Carrying Vehicle | 10% – 12.5% |
Add-On Covers Commission Add-ons usually carry the same commission rate as the base policy. Some insurers may offer separate incentive slabs for add-on covers based on sales targets.
Performance-Based Incentives SBI General Insurance may also provide agents with additional rewards, such as:
- Monthly/Quarterly Incentive Schemes
- Bonus Commissions for Volume Business
- Club Membership Benefits (Gold, Silver, Platinum)
- Foreign Trips and Recognition Programs
Example Calculation For a private car insurance premium of ₹10,000:
- New Business Commission (15%) = ₹1,500
- Renewal Business Commission (15%) = ₹1,500 per year
For a two-wheeler insurance premium of ₹2,000:
- New Business Commission (17.5%) = ₹350
Factors Influencing Agent Earnings:
- Policy Volume and Type Sold
- Customer Retention and Renewals
- Cross-selling Add-on Covers
- Client Portfolio Size
Conclusion:
The commission structure for SBI vehicle insurance agents is designed to reward consistent sales and client retention. With competitive rates for both new and renewal business, and attractive incentive schemes, agents have ample opportunities to earn and grow. Understanding this commission chart helps agents set realistic targets and plan their strategies to succeed in the motor insurance sector.
FAQ:
Q. What is the commission structure for SBI vehicle insurance agents?
A. SBI General Insurance offers commissions based on the type of vehicle and the insurance product sold (comprehensive or third-party). Though exact figures are proprietary, typical industry ranges are:
- Private Car (Comprehensive): Up to 15% of the Own Damage premium
- Two-Wheelers (Comprehensive): Up to 17.5% of the Own Damage premium
- Commercial Vehicles: Around 15% for Own Damage, sometimes more for older vehicles
- Third-Party Policies: About 1.75% (regulated by IRDAI)
Q. Do agents get commission on renewals?
A. Yes. Agents typically earn a lower commission on policy renewals than on new policies. The rates vary depending on company policy and regulatory guidelines.
Q. Are commissions credited monthly or per policy?
A. Commissions are usually credited per policy issued, either instantly or within a few working days of the premium payment.
Q. Can I sell policies online and still earn commissions?
A. Yes. SBI General provides agents with digital tools and access to sell policies online, and agents receive commissions for those as well.
Q. Is there a target or minimum business to maintain agent status?
A. Yes. Most insurers, including SBI, may require minimum business targets annually to remain active or receive performance-based incentives.
Q. Are there additional incentives besides commission?
A. Yes. SBI General often runs incentive programs, bonuses, and rewards for top-performing agents.