Quick Answer: Is There Any Target For LIC Agent?

Do LIC agents get pension?

Benefits of Lic Agent Survival Benefits include E.R.C (Eligibility for Renewal Commission), Gratuity, EMBG and Samvardan pension scheme.

Death Benefits include H.R.C (Heriditory Renewal Commission), Gratuity, Term Insurance and Group Insurance..

Can bank employee become LIC agent?

No, A Bank Employee can’t! If it is a Pvt Bank, obtain the permission from Bank Authority then only he can apply! Any Employee If Interested he can take on his Spouse Name! Provided His Spouse with SSc or Intermediate Qualification! … Afterwards She will get LICENCE to act/work as LIC Agent!

What is the commission of LIC agent?

A agent gets 25% commission on LIC Jeevan Labh policy. This commission is for the first premium and then 2nd and 3rd year the commission is 7.5% and for 4th year onward till whenever the policy is in force the agents gets 5% commissions on premiums.

Is it good to become LIC agent?

1] Joining A Successful Team: By joining LIC as agent, one will be a part of the country’s finest team of life insurance Agents. … 2] Attractive Remuneration: LIC offers one of the best remuneration systems in the industry that not only takes care of your current earnings, but also guarantees an earning for the future.

Do LIC agents get salary?

Lifelong income: LIC pays you the commissions on premiums for policies you sold long after you retire. Some LIC agents earn between Rs. 1.2 million to Rs. 1.5 million per month, which is higher than the best paid job in India.

Who is the highest paid insurance agent?

Gideon du PlessisMeet the world’s highest earning insurance agent. Gideon du Plessis failed in the 10th standard and never went to college. He is today the highest earning insurance agent in the world, with annual commissions amounting to Rs 7 crore (Rs 70 million) plus.

How much money does an insurance agent make per policy?

Commission Structure The average insurance carrier gives captive agents a 5-10% commission of any policy sold, while the average independent agent makes around 15% commission.

Can a lawyer become LIC agent?

under law an Advocate cannot to do a work other than an Advocate. You may pray for suspension of your license of Advocate and then you may work as LIC Agent. … no advocate no doctor or no engineer no teacher can not become any LIC agent .

Can I change the LIC agent?

No, you cannot change your LIC agent. … Once the plan is sold by the agent to the customer, you are only a customer for the LIC of India and the agent has no liability to you. The only exception being that if a plan is sold to you with improper information, you can withdraw your insurance policy within 15 days.

Do LIC agents pay first premium?

Generally, the commissions start from around 10% to 15% of your premium. This is for the first premium. So if you are paying a premium of Rs 40,000, your agent will pocket Rs 16,000. … So the higher the premium you pay, the more the agent benefits.

Can private employee become LIC agent?

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.

What is the qualification for LIC agent?

To be a LIC agent, your educational qualification should be at least 10th pass and the age should be minimum 18 years. Earlier, it was necessary to have 12th pass certificate to become an agent. – Contact your nearest LIC branch office and meet the development officer there.

Why is LIC premium so high?

Hence credit risk to a private sector insurance company policyholder should ideally be low. On a pure credit risk aspect on insurers, LIC does not have a big advantage over private sector insurers. … Claim settlement ratio is definitely helping LIC price its premiums much higher than private sector insurers.

How much money does the average insurance agent make?

According to that data from the Bureau of Labor Statistics: The median annual wage for insurance agents was $48,150. The highest paid 10% of insurance agents earned more than $116,940 annually. The lowest paid 10% of insurance agents earned less than $26,120 annually.

What is the minimum target for LIC agent?

An LIC agent is required to sell minimum 12 policies per year, and if he fails to achieve this, he has an option to complete the target in another one year. But in the third year, if he fails to get 36 policies, his registration gets cancelled.