Becoming an LIC agent can render multiple benefits. Given below is a tentative list of a few of them:
LIC offers attractive commission to its agents on sales of policies. Every sale is liable to receive 35% of the premium amount in the first year of the policy. The agent receives 7.5% of premium paid in both the second and third year of the policy and then 5% every year till the completion of the policy tenure. This becomes a handsome return for the efforts you put in.
While an LIC agent automatically becomes eligible for a life-time pension in the form of commission she/he receives each and every time when any of the policies sold by him gets renewed by anyone from anywhere, the company also offers another equally lucrative retirement benefit to the LIC agents. It is Gratuity upto extent of Rs.3,00,000/-. Gratuity is paid to LIC agents as per the provisions of Schedule VI of the (Agents) Rules, 1972. Any LIC agent who successfully completes the “qualifying tenure” of 15 years of active association with the company, is eligible to receive it.
Strange but true! Once an LIC agent is eligible to become a member of agents’ club, she/he can avail interest free loan from LIC for any of his/her financial requirements/obligations viz. car loan, home loan, renovation loan, festival loan etc. The LIC also offers Office maintenance Allowance, Furniture Allowance, Utility Bill reimbursement & various other facilities to members of various clubs.
Income of an LIC agent keeps growing with the number of policies she/he sells. There is no age of retirement in this job. Thus it offers life-long earning potential with hefty commission on past sales which you can always rest upon. The top agent of LIC of India earn approx. 11 Crore per annum.
Although there is no age of retirement for an LIC agent, it rewards its agents with a gratuity of upto Rs.3.00 Lakh on completion of qualifying tenure i.e. 15 years. The same has been inscribed under Schedule VI of the (Agents) Rules, 1972.
The famous slogan of LIC i.e. ‘Jindagi ke sath bhi, jindagi ke bad bhi’ stands true not only for its customers but for its agents too. If an LIC agent has worked for two or more years and has sold policies of more than Rs.1.00 Lakh before his/her death, his or her nominee will continue to receive commission whenever the policyholder pays his/her premium. Yes! That too till the maturity of the policy.
LIC has potential to fulfill all dreams of an earnest LIC agent or agency holder and his/her dependents. It gives everything that one may need to lead a peaceful life, viz. unlimited income potential, social network, national and international recognition, pension, posthumous benefits and above all job satisfaction.
LIC organizes several competitive events to motivate and boost performance of its agents. LIC regularly sets-up competition on a weekly/bi-monthly or monthly basis where Agents are awarded with cash/kind. Incentives like Rs.200 for 4 policies or Rs.1000 for 1 lakh Premium are offered every year. In kind they give awards like some household items e.g. Thermos, Jug, Dinner Sets, or sometimes Tour Packages as well. These competitions are often based on achieving a certain number of policies or certain amount of Premium paid in a given period.
Besides LIC, the global insurance industry also offers attractive rewards to deserving agents working with any of the companies in this industry. Some of the international recognition and rewards include Million Dollar Round Table or MDRT (with commission upto approximately Rs.9.50 Lakh), Court of The Table or COT (with commission upto approximately Rs.22.50 Lakh) and Top of The Table or TOT (with commission upto approximately Rs.45.50 Lakh).
There is no other career option which offers so much earning potential with so many rewards to requiring the person to possess any higher education or other qualification.
Wanna become an LIC agent? Just fill the form given on the top.