Chennai, Jan. 26
AT the end of last year, there were only 628 Indians in the 33,000-strong Million Dollar Round Table an association of life insurance agents with the previous year earnings above a certain benchmark.
Indian insurance agents who earned first premium commission of Rs 6 lakh are eligible to join the MDRT, membership in which will give the agents a tag of prestige and opportunities to share knowledge and expertise of other members around the world.
According to Mr Radhakrishna K. Shetty, Zone Chair, India and Sri Lanka, MDRT, Indian membership would rise to over 1,000 in 2006.
He said that of the 1.1 million agents that the Indian life insurance industry has, only about 2,000 are eligible to apply for membership.
Addressing a press conference , Mr Shetty and Mr Stephen Rothschild, another MDRT member, said Indian agents would find it useful to share knowledge and expertise of other agents, particularly because the Indian market would see a lot more of new products.
For example, Mr Rothschild said, products related to `business insurance' would sell well in India in the coming years.
These products relate to life insurance of key men in a business and those help retain employees by promising them incentives for staying on `golden handcuff' products.