Career With LIC
Life insurance agency is a unique career if you want to be LIC agent in mumbai – it is monetarily rewarding and soul satisfying too.The commodity that a life insurance agent sells is unique- you sell and service financial security and hence the pattern of remuneration for the same is also unique. Life insurance profession is the “best paid hard work”. The harder you work the more commission you get. The Profession of LIC Agent is called LIC Agency and LIC Agent Recruitment is done with the guidelines of IRDA.
Its A Part Time Profession/JOB
Agency is a part-time job which can be done with another job. Even if you are a housewife or a student, you can become an agent and work part-time. You don't have to attend an office regularly and do a 9 to 5 job. As an insurance agent, you can work as per your own convenience.
Commission Based Profession (Not Salary )
There is no fixed salary. There are LIC agents who are earning Rs. ... LIC agency profession offers you unlimited income and freedom of working hours. No job with salary can give you this much of monthly income and freedom of working hours.
Without Leaving Present JOB/BUSINESS
Yes it is possible to be an agent in any General insurance or Life insurance company in India. But the most important condition is the applicant for agency must not be an employee/ the relative of any employee working in Life insurance companies or General insurance companies.
Unlimited Income :
One Can write own cheque with own working hours.An agent works on commission basis. A stated percentage of the premium collected through his agency is paid as commission.
If the Insurance Act states that commission shall be
- 35% of the first year’s premium
- 7.5% of the second and third year’s renewal premium
- 5% of subsequent renewal premium till maturity of policy.
Noble Professional:
Like any other professionals
- Financial
- Legal
- Accountancy,
- Health consultants, (LIC agent is an Insurance consultant)
Pension (life time) :
- As Renewal Commission life time till premium paid
- If LIC agent works for 5 years,
- As long as his policyholders pay renewal premiums,he or his Family Members will receive the renewal commission.(ERC & HRC)
Gratuity
Up to a maximum of Rs. 3,00,000/- is payable under Schedule VI of the (Agents) Rules, 1972 provided the agent has completed the business guarantee for at least 15 years called as “qualifying years”.
The total amount of gratuity payable depends upon the total number of qualifying years and the amount of renewal 8 commission he earned in the “qualifying years” out of the last 15 years of agency.
Gratuity is payable at age 60/65 or on resignation or termination for any reason other than an excepted reason, subject to fulfilment of the above condition.
Gratuity is also payable on death while agency is subsisting and the amount depends on the number of “qualifying years” completed and the renewal commission earned in the “qualifying years”.
Dream TWO/FOUR Wheeler :
Loan with no interest, Only principle amount have to pay without interest in 60 months.
Dreamed House:
Loan on 5.25% interest only.
Dreamed Office:
Agent can have office to nurture old clients and procure new clients. LIC will pay allowance upto Rs 25000 per month.
Status In Society :
LIC agency gives a good recognition in the society
Adding “LIC” to your Vehicle or to your Visiting Card will give a status
International Status
Like MDRT,Club Member
Job Satisfaction :
With no hectic office hour, No target ,No pressure
Help to the Nation:
Some Part of your LIC premium goes to Nation building Like Bridge/Fly over /Road etc
Agency Benefits
It is monetarily rewarding and soul satisfying too. The commodity that a life Insurance agent sells is unique - you sell and service financial security and hence the pattern of remuneration for the same is also unique. Life Insurance profession is the “best paid hard work”. The harder you work the more commission you get. Moreover the sale of life Insurance gives repeated commission payments for one sale and what is more, they continue even after the agent resigns or dies - provided he has the required business in force as per rules.
Commission on Sales
On any standard Policy that you procure, you shall be paid the following Commission Rates:
- 35% of 1st year premium .
- 7.5% of 2nd & 3rd year premium.
- 5% there after till the Policy Continues.
Hereditary Income
In case of agent’s death while his agency subsists, after agency was in force for two years or over, renewal commission will continue to be payable to his heirs or nominee provided there was a business of not less than Rs. 1 lakh in force at the time of death.
Interest & Club Membership
A Club Member Agent is eligible for Interest free advance of Car, reduced Interest for Home Loan, Office maintenance Allowance, Furniture Allowance, Festival Advance, Mobile & Land line Bill reimbursement & various other facilities.
Create Your Own Pension
As Years pass by, the Renewal Commission starts building up. There by assuring you a pension for the next 20 to 25 Years. No retirement in this job, you are entitled to LIFE-LONG income in the form of COMMISSION.
Retirement Benefit
Gratuity upto a maximum of Rs. 2,00,000/- is payable under Schedule VI of the (Agents) Rules, 1972 provided the agent has completed the business guarantee for at least 15 years called as “qualifying years”.
Dreams Can Come True
Raise quality of life for yourself and your family in terms of: Unlimited Income, Two/Four Wheeler, Dream House, Dream Office, Status in Society, International Status, Job Satisfaction, Pension For Generation, Peaceful Life
Increasing Income
With the above recurring income-feature of the insurance compensation your income goes on steadily increasing every year. Each succeeding year’s new sales add to the renewal commission on the previous year’s business.
International Recognition
For every insurance policy sold by you, you will earn each time the policyholder pays premium on that policy. MDRT INR 8,45,000 Commission, COT INR 22,77,000 Commission, TOT INR 45,50,000 Commission
Renewal Commission
The agent is paid 7.5 per cent of the amount paid by the policy holders as the second as well as the third year’s premiums and continues to be paid renewal commission of 5% on every year’s premium paid from the fourth year onwards.
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