State Life Insurance Corporation is the premier life & health insurance company of the country which has served its policy holders for the past 42 years with the best returns in the shape of bonuses and maturity benefits, with an array of products serving all segments of the society.
Due to the policy of the federal government to pass on maximum benefit to the policy holders, the rates of benefits passed on to the policy holders, since past several years, have been better than any other insurance company in the country.
However, there have been some instances of leakages which were causing losses to the State Life Corporation, which were noticed by the current management and the Board of Directors. Such leakages resulted in reducing the Corporation's ability to give even higher benefits to its policyholders and to enhance welfare of its employees with higher pays and benefits.
There had been the practice of appointing dummy sales staff and claiming fraudulent commissions in their names. The extent of this misappropriation amounted to around Rs 5 billion and thereby reduced the Corporation's ability to give even higher benefits to its policyholders and genuine employees.
In order to serve the interests of the policy holders, the Corporation and its genuine employees, the Board decided to promote all sales officers to the post of sales manager and increase the commission of sales manager from 8% to 10%. Hence while none of the sales staff will face any loss of job, thousands now stand promoted and will be getting even higher incomes through better commission rates.
This decision while saving the Corporation and its policyholders from losses by bogus Commission claims, would give better terms and incomes to its genuine sales staff.
Some of the beneficiaries of this practice of bogus Commission charges through dummy sales officers, have tried to create disturbance at some of the Corporation's offices which is being handled through the support of law enforcing agencies.