There are many assumptions about the salary of LIC agents. Applicants often wonder how much LIC agents get paid. Here are few facts which might satisfy your queries about LIC agent commission, income and salary.
The statistical data suggest the average income of an LIC agent to be Rs.39,200/- to Rs.67,000/- per month. The figure varies depending upon the number of policies an agent sells and amount of premiums paid by the policy holders. That’s why an insurance agent’s job does not stop with selling a policy but she/he should also actively follow his/her customers for timely payment of their due premiums. This adds to the volume of commission and salary of LIC agents.
Besides salary, an LIC agent becomes eligible for several lucrative perks with the growth of his/her business. Some of the benefits include club membership, low/no interest loan, free insurance cover, gratuity and many more.
Later, in the second and third year of the policies the ratio of commission also lowers to 7.5 person or so on old policies and the same is lowered upto 5% for consecutive years. The percent of commission has of course lowered, but the number of policies that grow with the time make it a hefty amount. You can keep earning this commission till the entire tenure of the policies if you have given a minimum business of Rs.2 Lakh to the company.