The Life Insurance Corporation of India was established by an Act of Parliament which received the assent of the President on 18th June, 1956. The Act came into force on 1 July 1956 and the Corporation began to function from 1st September, 1956. The Corporation is an autonomous body and has necessarily to run on sound business principles. The Corporation has been fully carrying out the role assigned to it and justifying the confidence of the public by offering adequate security at reasonable cost, dependable service, economic management and favourable returns to the nation at large.
WHAT THIS PROFESSION WILL GIVE YOU ?
Work - Life Balance, Good Income ..
Start-up opportunity to Millennials and Generation without investment.
A separate channel to carter to HNI clients & corporate sector..
Opportunity to get leadership roles.
Opportunity to get regular professionally training.
LIC agency is considered today as the highest paid profession in the world.
BENEFITS OF LIC AGENCY AS CAREER :
It also provides you with the Royalty Income just like film singers.
You can start your own Business with less or no Capital Investment.
You have the opportunity to earn as per your potential.
Your work gets easier and less demanding as your business grows.
You can Pass this Business to your next Generation as a legacy.
COMMISSION RATES :
On any standard policy that you procure you shall be paid the following Commission Rates:
Up to 35% of 1st year premium installments
7.5% of 2st & 3rd year installments
5% of every year till maturity of the policy
Remuneration will be paid to you in the form of commission. as percentage of premium collected through the policies sold by you.
FRINGE BENEFITS TO CLUB MEMBERS :
Advance for 2 Wheeler or 4 Wheeler
Advance for purchase of personal computer, furniture, telephone etc.
Housing Loan
Reimbursement of expenses on stationery, office and sales promotion
CLUB MEMBERSHIPS :
Following additional benefits are given over and above the commissions’ payable:
1) Office Allowance to maintain your own office.
2) Telephone/Mobile bill reimbursement.
3) Reimbursement of Sales Promotional Gift items.
4) Interest free advance for purchase of Car.
5) Interest free advance for purchase of office equipment.
6) Interest free advance for Training.
7) Interest free Festival Advance.
8) Housing loan at concessional rate of interest.
9) Term Insurance and Mediclaim benefits.
10) Guest house facility throughout India at concessional rates as applicable to employees.
GRATUITY :
Agents are entitled to get the gratuity at age 60/65 years after serving for minimum 15 years.
At present the Maximum Gratuity amount payable is ` 3,00,000.
INTERNATIONAL RECOGNITION FROM MDRT :
Founded in 1927, the Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals, is an international, independent association of nearly 36,000 of the world's leading life insurance and financial services professionals from more than 430 companies in 78 countries.
MDRT members Lic Agent Mumbainstrate exceptional professionally knowledge, strict ethical conduct and outstanding client service.
MDRT membership is recognized internationally as the standard of sales excellence in the life insurance and financial services business.
To qualify for the membership of MDRT, agents have to earn the prescribed First Year Commission excluding the Bonus Commission OR brings prescribed First Year Premium during the Calendar year. We welcome you in the world of financial planning where we believe that information, Knowledge and insights can help you to see and achieve Beyond the obvious...
Under https://www.licagentbano.com You will be trained and natured by Mr. Abhishek Ranjan Development Officer/Mentor, who have supported more than 100 LIC financial advisor’s/agents.
While figuring out how to become an lic agent, follow these steps:
Contact the right individuals. Get in touch with website https://www.licagentbano.com for Mumbai. You can also fill the online application form to in our website and wait for the Development Officer to contact you.
Participate in an interview. Clear the interview conducted by the Branch Manager.
Complete training. Complete the Insurance Regulatory and Development Authority of India (IRDAI)-mandated training (duration: 25 hours) at the Divisional or Agency Training Centre.
Pass the examination. Clear the Pre-Recruitment Examination (IC38) conducted by IRDAI (with a minimum of 35% score or at least 18 correct answers of the total 50).
Obtain licensing. Obtain the appointment letter and agent licence from LIC to start working.
Complete reporting. Report to the Development Officer on your progress, achievements and challenges.
Once you begin working as an agent, you can easily manage your work and goals using the LIC Agent App or the Agent Portal on the LIC website. Please note that you are required to pay nominal charges for the registration, training and examination. The total expenses you incur, including all the charges and costs for study material, is usually around ₹800/ with discount.
What Are The Role of An LIC Agent?
The LIC agent acts as the first point of contact for many people who buy an insurance policy from LIC. They promote the benefits of the policies to individuals, families and businesses who wish to secure their future protection of life, health and property. Besides marketing and selling policies, LIC agents maintain records, help policyholders settle claims and offer advice to customers to minimise risk.
Depending on the area of specialisation, LIC agents may focus on only one type of policy or offer their services for all types of insurance. They act as the interface between the insurance company and its policyholders to ensure compliance as well. Since they have received basic training so they may advice better than a CA .
Benefits Of Becoming An LIC Agent
Many individual may consider LIC agent a good career because of the benefits associated with the role. They are:
1) Flexibility
One of the biggest draws of becoming an LIC agent is the flexibility and freedom to work. Unlike a traditional full-time job, people who become LIC agents have more autonomy over their working hours. LIC agents can choose to work as per their preferred schedule, as long as they meet their targets. The role is suitable for people who cannot pursue a full-time career, although full-time employees may choose working as a LIC agent to supplement their income.
2) Training and development
The basic training and career development opportunities provided by LIC help you become a specialist in insurance sales. People with no prior experience in the insurance or finance industry can easily gain the required skills and knowledge through the training programme. The training is available at a nominal cost to all applicants.
3) Additional income
If you are looking to earn extra income in addition to your existing job or business, or simply utilise your free time in a different way, becoming an LIC agent is a great option. Most agents pursue multiple jobs and supplement their incomes by becoming LIC agents. You can also become an LIC agent full-time if you wish.
4) Increased financial literacy
Besides increasing income and career development opportunities, working as an LIC agent can also increase your financial awareness and literacy. The knowledge you gain while working as an LIC agent can help you make better financial and investment decisions. Thus, becoming an LIC agent can improve your life in more ways than one.
5) Attractive benefits
Top agents can earn handsome commissions and win attractive perks from LIC. There are different ‘clubs' for each agent, based on their performance. Those in higher clubs get higher commissions, allowances and other benefits. LIC agents can also secure approval for loans and credit at lower rates.
6) Field and sales support
LIC offers extensive infrastructural, marketing and technical supports to its agents in the field. Well-designed tools, collaterals and assets are available to agents as well. There is complete transparency over commissions and benefits as an exclusive agent portal and app is used to manage the performance.
7) Low entry barriers
There are minimal barriers to becoming an LIC agent. If you have completed your 10th standard examination (secondary school) and are 18 years of age, you can apply to become an LIC agent. The cumulative charges for registration, exams and training are typically affordable, and people from diverse socio-economic backgrounds can apply easily.
Since 1956, LIC India has been the largest insurance provider in the country. Even after private businesses entered the market, LIC has maintained its leadership and sustained high levels of customers' trust and reputation. The company offers many insurance policies and instruments related to life, health and property insurance, alongside financial and retirement plans.
LIC India recruits agents and trains them to take its wide range of policy and insurance products to the public. The company maintains its growth and scale partly because of the millions of independent agents that work with LIC. They form a pivotal part of the LIC India ecosystem.
What should be skills to become a successful LIC agent?
1) Communication skills
The LIC India website states that their agents are required to be master communicators. People with effective communication and persuasion skills can market policies better, service customers satisfactorily and engage clients. Remember, you can improve your communication skills with regular practice and training.
2) Time management and self-motivation
Being able to manage your time is vital to being an LIC agent. Since you do not have a manager to tell you what to do and how to do it, staying motivated and committed is important. Similarly, if you are doing multiple jobs simultaneously, be sure to allocate sufficient time towards your role and fulfil your responsibilities professionally.
3) Passion and ambition
Disciplined, committed and ambitious individuals tend to perform well as LIC agents. To be a successful LIC agent, focus on your goals. Take ownership of your targets, not get deterred by rejection and keep your development officer updated about your progress.
4) Customer service-oriented mindset
Having a customer-focused mindset can be a significant advantage while working as an LIC agent. Besides answering questions about insurance products and policies, having a problem-solving attitude allows for better customer service. Remember, LIC agents act as the link between the customer and the company. Thus, it is important that they offer accurate, reliable and clear information without making false promises.
The Educational Qualifications For Becoming An LIC Agent?
To become an LIC agent, you are required to have passed the 10th standard (secondary school) examination from a recognised board and be at least 18 years of age.
There was a time when candidates had to have completed the 12th standard (senior secondary school) examination. It is important to check the eligibility criteria to ensure you are aware of what you are required to do to become an LIC agent, as qualifications may change over time
If you are Class 10th pass and want to increase your earnings by working part-time, or full-time, then there is an opportunity for you with the Life Insurance Corporation (LIC). You can join the LIC as an agent. You can work at your pace and time. There are no fixed duty hours. Also, you can start contacting clients from home. LIC has reduced the educational qualification required for becoming an agent from 12th class to 10th. Among advantages of joining LIC as an agent include the option of working either full or part-time and unlimited earning
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.
- The Branch Manager will take an interview and if he/she thinks you are okay, then you will be sent to the Department/Agency Training Centre for training.
- Training is of 25 hours. It covers all aspects of the life insurance business. On successful completion of the training, it is necessary to pass the pre-recruitment test conducted by the Insurance Regulatory and Development Authority of India (IRDAI). On clearing the examination, you will get an appointment letter and identity card. You will be appointed as an agent by the Branch Office and you will be a part of the team under your Development Officer.
Documents required
4 passport size photo
Copy of Class 10 mark sheet
Address proof - Voter ID, Aadhar card, Driving license and copy of PAN card.
Tips for betterment --
- Be well-behaved.
- Give the right information to the customer.
- Always be updated with the new product and information about your company.
- Participate in the insurance company's seminars.
- Share new LIC products through social media.
- Make only those promise to customers that the company can keep.
- Do not keep the customer in confusion.
- LIC agent should have good communication skills.
LIC website https://www.licagentbano.com says, "We offer 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. What's more, you can set your own income targets with a potential to earn as much as you want for the rest of your life."
Rewards
LIC says, "LIC agents are constantly recognized and rewarded for their performance. Numerous competitions all year round promote healthy competition amongst agents and recognition for their efforts. Depending on the level of business the agent achieves in a year, he or she can become a member of various clubs such as the Corporate Club, the Chairman’s club, etc.
"Each of these clubs have specific performance criteria for qualification and members of these clubs are entitled to attend seminars held at exotic international and domestic locations each year. Advisors can also qualify for the renowned MDRT (Million Dollar Round Table), an exclusive international insurance advisors club."
MDRT stands for million-dollar round table. It was founded in 1927 as a globally recognized, standalone association of the world’s top-selling insurance agents and financial services professionals. It kicks started as a meet between professionals who had made Rs.10 Lakhs worth of life insurance sales in their countries. Individuals are recognized from over 500 organizations across 70 nations globally for their contribution towards exemplary customer service while maintaining the highest ethical standards.
MDRT fosters the talents shown by the best-performing life insurance agents and dedicates itself to building a network of members that use high-standard, professional approaches to insurance sales. MDRT currently accounts for over 50,000 of the world’s leading life insurance and financial services sales professionals.
MDRT in LIC
In the last year, LIC engaged over 3.5 Lakh new insurance sales agents taking their total salesforce to around 13.5 Lakhs. LIC has undertaken initiatives to introduce several reforms and professional development schemes for its life insurance sales agents. As such, the productivity of their agents is witnessing an increasing trend. Notably, LIC has surpassed its previously recorded First Year Premium Income to achieve the highest ever of Rs.56, 406 Crores in FY 2020-21 under its Individual Assurance Business.
The impressive performance by LIC despite the challenging times surrounding COVID-19 can be attributed to leading performances by its best-selling life insurance agents. LIC rewards its best performers through commissions and recognitions at global platforms.
Qualifying LIC life insurance agents who have demonstrated exceptional work ethic and client service are recognized as members of the MDRT or the million-dollar round table. These professionals can learn from the expertise of esteemed leaders in the MDRT board membership and hone their skills. It is noteworthy that in FY 2020-21, LIC created a pool of nearly 16,564 MDRT qualifiers; this is the highest ever recorded in the history of the corporation. Further, LIC has been consistently recording a high number of MDRT qualifying life insurance sales agents every year.
LIC agents can further qualify for two different levels, viz. court of the table (COT) and top of the Table (TOT). These levels require LIC life insurance agents to earn commissions higher than that required to qualify for MDRT.
Here’s why life insurance agents at LIC strive to be a member of the MDRT.
It opens up several avenues for future growth in terms of income and job prospects.
It comes with opportunities to attend exclusive events held globally.
Member can interact and network with leading finance professionals across the world and learn from their expertise.
The opportunity to be a member acts as a motivating factor that subsequently leads to increased sales and higher commissions.
Membership at the MDRT could potentially mean access to high net worth individuals that can lead to bigger opportunities with better pay.
It offers permits for international training and professional development programs.
Eligibility Conditions for LIC Agents to Qualify for MDRT
If you are a life insurance sales agent at LIC and if you are looking to qualify for the MDRT membership, you shall have to meet certain criteria. The latest ones are:
MDRT Qualification Requirements
First Year Commission - Rs.7,34,200
First Year Premium - Rs.29,36,800
Annual Income - Rs.12,71,600
Court of Table (COT) Qualification Requirements
First Year Commission - Rs.22,02,600
First Year Premium - Rs.88,10,400
Annual Income - Rs.38,14,800
Top of Table (TOT) Qualification Requirements
First Year Commission - Rs.44,05,200
First Year Premium - Rs.1,76,20,800
Annual Income - Rs.76,29,600
Please note that the qualification requirements are subject to changes as per the discretion of the MDRT Board of Leadership. Further, you only need to meet these criteria if you are leveling up, say from MDRT to COT/TOT or from COT to TOT. If you are applying for the same level for which you have met the previous year’s requirements, you do not have to meet updated requirements again.
How to Apply for Membership to the MDRT?
Visit the official website for joining Lic as agent ie https://www.licagentbano.com
Click on ‘Apply now.’ for Mumbai.
Before applying firstK now About Your Life Insurance and the company.
Life insurance in India made its debut well over 100 years ago.
In our country, which is one of the most populated in the world, the prominence of insurance is not as widely understood, as it ought to be. What follows is an attempt to acquaint readers with some of the concepts of life insurance, with special reference to LIC.
It should, however, be clearly understood that the following content is by no means an exhaustive description of the terms and conditions of an LIC policy or its benefits or privileges.
For more details, please contact our branch or divisional office. Any LIC Agent will be glad to help you choose the life insurance plan to meet your needs and render policy servicing.
What Is Life Insurance?
Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.
The contract is valid for payment of the insured amount during:
» The date of maturity, or
» Specified dates at periodic intervals, or
» Unfortunate death, if it occurs earlier.
Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.
By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:
1. That of dying prematurely leaving a dependent family to fend for itself.
2. That of living till old age without visible means of support.
Life Insurance Vs. Other Savings
Contract Of Insurance:
A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance.
At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.
Protection:
Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.
Aid To Thrift:
Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy instalment' facility built into the scheme. (Premium payment for insurance is either monthly, quarterly, half yearly or yearly).
For example: The Salary Saving Scheme popularly known as SSS, provides a convenient method of paying premium each month by deduction from one's salary.
In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.
Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.
Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.
Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.
Money When You Need It:
A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time.
Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies.
Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).
Who Can Buy A Policy?
Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest.
Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.
Insurance For Women
Prior to nationalisation (1956), many private insurance companies would offer insurance to female lives with some extra premium or on restrictive conditions. However, after nationalisation of life insurance, the terms under which life insurance is granted to female lives have been reviewed from time-to-time.
At present, women who work and earn an income are treated at par with men. In other cases, a restrictive clause is imposed, only if the age of the female is up to 30 years and if she does not have an income attracting Income Tax.
Medical And Non-Medical Schemes
Life insurance is normally offered after a medical examination of the life to be assured. However, to facilitate greater spread of insurance and also to avoid inconvenience, LIC has been extending insurance cover without any medical examination, subject to certain conditions.
With Profit And Without Profit Plans
An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, if any, after periodical valuations are allotted to the policy and are payable along with the contracted amount.
In 'without' profit plan the contracted amount is paid without any addition. The premium rate charged for a 'with' profit policy is therefore higher than for a 'without' profit policy.
Keyman Insurance
Keyman insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses, which may occur due to the premature demise of the Keyman.
So many types of insurance we are offering from our best and oldest company of india . Our company holds 72% market share. We have largest customer base of 25 crore policy holders.
Hence overall we reached to the conclusion that if you want to join Lic in Mumbai,join by applying through https://www.licagentbano.com
It's genuine and authentic website.
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