Benefits to LIC Agent
Why should i pursue agency as a career!!!
Benefits to LIC Agent – Few industries provide unemployed or inexperienced individuals with an opportunity of unlimited earning from the very first day of working. The agency career with LIC however is an exception. For these agents the sky is the limit when it comes to their earnings and signing their own cheque. With flexible working hours and the control one’s own agency as a business, life insurance agency suits those with entrepreneurial aptitude.
First of all, foremost benefits to LIC Agent is the remuneration will be paid to in the form of Commission as percentage of premium collected through the policies sold by you. It is not a one time commission on a sale, It provides royalty income through out the term of policy,as long as policyholder pays the premium
The Commission rates on regular premium policies are as under:
1st year of the policy : Up to 25 % on the premium
Bonus Commission: 40% of first year commission
2nd and 3rd year of policy : Up to 7.5 % on the premium
4th year and onwards : Up to 5% on the premium
LIC has started paying salary to the new agents, which is a attractive benefits to LIC Agent who wish to become career agent in the urban metropolitan area and who are eligible to take up agency and the pre condition is that they should not be on full time employment else where as on the date of application for appointment as lic agent.
The reneumeration is moderately attractive as per the standards and they are paid Rs. 7,000/- every month for 12 months and they receive commission as well
They are poularly known as CCA Agent(City Career Agent) in LIC
CLUB MEMBERSHIP & MDRT
Similarly the benefits to lic agents are the entry in premier Club Membership, noteworthy is the recognition bestowed upon the agents to increase their status in the society and in the Corporation. Club members are additionally rewarded with fringe benefits.
Finally MDRT, is an international recognition to agents who are honored in USA, and LIC will give allowances to go and participate in the international conference. It is a body of world life insurance professionals
Gratuity and Group Term Insurance
Group Gratuity and Group term insurance is also the benefits to LIC Agent, who are entitled to get the gratuity at age 60 or 65 years after being an LIC Agent for a minimum 15 years, presently the Maximum Gratuity amount payable is upto Rs.10 Lakhs depending up on the amount of renewal commission paid during last 15 years before the vesting age.
Agents are also covered under group term insurance and group mediclaim insurance. The coverage depends on the performance criteria of the individual agents and the clubs they occupy in LIC, it varies.
PRIZES AND REWARDS
Moreover Agents are recognized for their extra ordinary performance and are suitably honoured and adequately compensated with cash awards,gifts and memontos which add to the feather to agency earnings.
Competitions are floated weekly, fortnightly and monthly basis by various divisional office, regional office, zonal office and central office of the corporation.
Authorised agent recruiter and am in the field of recruting agents and by designation popularly know as development officer. The ideas expressed in this site is purely for recruitment activities only.