8/14/2019 Laptop Advance

1/1

LIFE INSURANCE CORPORATION OF INDIA

CENTRAL OFFICE

Yogakshema

Jeevan Bima Marg,

MUMBAI 400 021.

Ref: Mktg/ZD/31/2006 12.9.2006.

TO ALL ZONAL MANAGERS, OFFICERS IN-CHARGE

OF DIVISIONS, ZTCs, MDC, STCs AND AUDIT CENTRES.

Re: Advance to Development Officers for purchase of

Laptops and Desktops

Kindly refer to our Circulars Ref. Mktg/ZD/75/2002 dated 7.11.2002 and

Ref. Mktg/ZD/30/2003 dated 3.5.2003 detailing the conditions for grant ofinterest free advance for purchase of Laptops subject to fulfillment of theeligibility conditions and the relaxations that can be allowed by the Competent

Authority in the eligibility conditions.

The matter has been reviewed and it has been decided to grant advance for

purchase of Laptop OR Desktop as detailed hereunder:

1. The Development Officers shall be granted interest free advance forpurchase of Laptop or Desktop provided he/she has brought in First

Premium Income of Rs. 15 lakhs and above under Individual Assurance

business excluding Single Premium and Annuity/Pension Policies in eachof the last two financial years.

2. The advance shall be restricted to Rs. 60,000 (Rupees Sixty Thousandonly) inclusive of all taxes for purchase of Laptop and to Rs. 36,000(Rupees Thirty Six Thousand only) inclusive of all taxes for purchase of

Desktop.

3. The Competent Authority can allow condonation of shortfall upto 20% inboth the years taken together.

4. No advance should be sanctioned for purchase of Insurance relatedsoftware.

5. No advance should be sanctioned to a Development Officer who isattracting disincentives as per Special Rules, 1989 even though he has

fulfilled the eligibility conditions for purchase of Laptop/Desktop.

6. The advance for purchase of Laptop/Desktop shall be repaid in 60monthly installments.

7. After the grant of advance if the Development Officer does not fulfill thestipulated conditions in the next financial year, then interest shall becharged @ 9% on the balance amount. If in the subsequent years, the

Development Officer fulfills the conditions, then no interest shall be

charged for that particular year. The reduction in the interest rate shall also

be applicable in respect of advances granted for purchase of Laptopsbefore the issue of this Circular.

8. All the other provisions for grant of advance for purchase of Laptop asmentioned in our Circulars dated 7.11.2002 and 3.5.2003 remainunaltered. The same provisions shall also be applicable for grant ofadvance for purchase of Desktop also.

Executive Director (Marketing)