Free trips, unlimited earning and other perks, Here’s all you need to know about LIC agent scheme
New Delhi: Life Insurance Corporation is India’s only public sector life insurance company. With a market share of 70% even after over a decade, LIC has a network of 113 divisional offices, over 2,000 branches, 1,381 satellite office across the country. If you are Class 10th pass and want to earn money by working either part-time or full-time, you can become a LIC agent easily.
As per LIC official website, the company offers the best remuneration system in the industry which promises to not just help you earn money today but, also guarantees earning in future. If you want to become an LIC agent, here’s all you need to know
Eligibility: Standard 10th pass, age 18 and above.
To cater to the needs of the knowledge-oriented marketplace, LIC looks for graduates who are service-oriented, good communicators and enjoy meeting new people. Prior sales experience is an added benefit. Some of the qualities that the company seek are a master communicator and a graduate
1. Contact your nearest Branch Office and meet the Development Officer there.
2. The Branch Manager (I/C) will conduct an interview, and if found suitable, you will be sent to training at Divisional/Agency Training Centre.
3. The training is for 25 hours and covers all aspects of Life Insurance Business. After successful completion of training, you will have to appear for Pre Recruitment examination conducted by the Insurance Regulatory and Development Authority of India (IRDAI).
4. After successful completion of the examination, you will be given an appointment Letter and Identity Card to work as an insurance agent.
5. You will be appointed as an agent by the Branch Office and you will be a part of the team under your Development Officer. The Development Officer will impart your field training and other valuable inputs which will help you in the market place.
Earning and other benefits:
Career as a LIC agent is considered one of the highest paid profession in the country. Top performers in LIC are earning nearly 3 to 4 Crores per year. LIC agent can earn unlimited since there is no specified salary. They get a commission from the policy they sell and they can earn more than their capacity. Apart from this, LIC agents also get some allowances and benefits from LIC club memberships when they have fulfilled the conditions of club membership.
LIC agents’ earning depends on the commission which is paid by LIC, more premium paid by the people implies more will be the agent’s commission. The Commission varies from Plan to plan (20%, 25%, 35%), year to year (1st Year Commission will be high, later it will decrease) and on the basis of Term of the Insurance Policy.
Club Membership benefits for LIC Agents:
1. Interest free advance for 2/4 wheelers
2. Computer/Laptop Advance
3. Furniture Advance club member
4. Office Allowance
5. Travelling Facility – Air Fare/Railway Fare
6. Tour Allowance
7. Housing Loans at a rate of 5% p.a
8. Advance for daughter’s marriage
9. Telephone Facility
10. Group Insurance
11. Mediclaim Facility
Club GALAXY Benefits:
Office Allowance: 50% of the actual expenses as determined below or Rs.1,00,000/- whichever is lower would be reimbursed to the agents once in a year at the end of the membership year. Allowance may be paid only to the agents maintaining an office for the purpose of LIC business. For computing all expenses on maintaining the office, things like Rent paid (Actual), Salaries paid to the staff (Actual), Postage expenses incurred (Actual), Amount spent on stationary – Max. of Rs 3,000, General Maintenance and Electricity Charges up to max. Rs 5,000 (25% of the actual electricity bill, provided the office is not at the residence of the Club Agent), Expenses on Entertainment – max. Rs 5000, Expenses on maintaining personal computer – max. of Rs 10,000.
Telephone Facility: Max. Reimbursement of Rs 12,000 per annum would be admissible towards rental and call charges of landline/mobile phone.
3. Supply of Letterheads, Envelopes and Visiting Cards: Letterheads, Envelopes and Visiting Cards – 500 no.s each per annum
4. Club Convention: Member agents may be allowed to attend club convention at a place decided by the competent authority or will be reimbursed the actual airfare or Rs 60,000 whichever is lower for attending the MDRT meet. They would also be eligible for out of pocket expense of Rs 10,000 for attending the MDRT meet. All the member agents will be eligible for claiming the reimbursement of MDRT registration fee as per prevailing conditions.
5. Club Blazer: Rs 5,000 for a Blazer as per the colour and pattern specified by the corporation, will be reimbursed once in every three years.
Other Benefits: Daily allowance, Group Insurance, Mediclaim, and Complimentary Diaries.
Advances: Agents qualified and continuing for this club are eligible for varies advances against renewal commission as per the ‘Scheme of Advance for Agents’. Conditions, quantum and process for advance is same as it is for Chairman Club Agents except for ‘Four Wheeler Advance’ which would be as under for the first and subsequent advance for member agents of this club: Actual price of car or last two year’s renewal commission or Rs 10 Lac, whichever is less.