MDRT & LIC CLUB

LIC Agent Benefits to Performing Agents

LIC Agent Benefits – Agents are the backbone of LIC OF India. Hence they have to be nurtured and cultivated to grow up in the profession,  in order to acquire sufficient knowledge, skills and also competence to discharge their duties effectively towards policy holders and clients. 

To inculcate professionalism in agents, to motivate them for higher production and consistency of business, to encourage them to render service to policy holders and to accord them a higher status in the organisation and society, the institution of MDRT which are in LIC Agent benefits

The Premier Association of Financial Professionals.And institution of Clubs at 4 levels viz.,Chairman Club, Zonal Manager Club, Divisional Manager Club and Branch Manager Club was brought into existence w.e.f 01.04.1971 This may be hailed as the biggest benefits to lic agents

in raising the status of  being an LIC Agent.  A premium Club called the “CORPORATE CLUB”  has been formed w.e.f  2005 to motivate and recognize high performersOne more club named the “GALAXY CLUB”  has also been introduced w.e.f M.Y 2015 -2016

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 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
MDRT members demonstrate exceptional professional 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
There are three levels of Membership with criteria
MDRT
Court of the Table- COT
Top of the Table -TOT
Benefits:
Reimbursement of exepenses of upto Rs.6000/- is paid to agents for attending the convention or Reimbursement of actual Air fare or Rs. 60,000/- whichever is lower for attending the MDRT Meet/ MDRT Experience meet

A premium Agents Club called the “CORPORATE CLUB” has been formed w.e.f M.Y 2004 -2005 to motivate and recognize high performers. The qualifying year for this Club would be a Financial Year.

For an entry into this club an agent has to earn 18 lacs as first year commission for a consecutive two years which may be reviewed by corporation from time to time

Benefits of the club are :

  1. Interest free Car Advance upto 20 Lakhs (30 lakhs in deserving cases)
  2. Office Allowance to maintain their own office is reimbursed from 1.25 lakhs to 1.75 lakhs based on the number of years of consistent performance 
  3. Facility to attend a Convention and option to attend Educational Seminar at International destination or Training from a reputed training Institutes uch as ISB,Hyderabd ,IIM etc. Reimbursement of exepenses of upto Rs.6000/- is paid to agents for attending the convention or Reimbursement of actual Air fare or Rs. 60,000/- whichever is lower for attending the MDRT Meet/ MDRT Experience meet

The following fringe benefits will be paid to the Corporate Club members without linking to any other club :

  • Sales Promotional Gift Items (including Diaries and Calendars) .
  • Supply of letterheads with envelopes and visiting cards .
  • Telephone facility: Rs.15000/- p.a. towards rental and call charg of Landline/Mobile phone.
  • Group Mediclaim Scheme.
  • Group Insurance Scheme for Club Member Agents.
  • Reimbursement for undergoing Computer Training at a reputed training training institute(to be decided by the concerned Sr.Divisional Manager – Rs.5000/- .

galaxy club for agentsA semi premium club named the “GALAXY CLUB” has also been introduced w.e.f M.Y 2015 -2016

For an entry into this club an agent has to earn 10 lacs as first year commission for a consecutive two years which may be reviewed by corporation from time to time

Benefits of the club are :

  1. Interest free Car Advance is reimburesed for purchase of a Car upto 10.00 lakhs
  2. Office Allowance to maintain their own office is reimbursed  upto 1.00 lakhs based on the number of years of consistent performance 
  3. Facility to attend a Convention and option to attend Educational Seminar at International destination or Training from a reputed training Institutes uch as ISB,Hyderabd ,IIM etc. Reimbursement of exepenses of upto Rs.6000/- is paid to agents for attending the convention or Reimbursement of actual Air fare or Rs. 60,000/- whichever is lower for attending the MDRT Meet/ MDRT Experience meet
  4. Sales Promotional Gift Items (including Diaries and Calendars) .
  5. Supply of letterheads with envelopes and visiting cards .
  6. Club Blazer: Rs. 5000/- for a Blazer as per the colour and pattern specified by the Corporation, will be reimbursed once in every three years.
  7. Other benefits like Daily allowance, Group Insurance, Mediclaim and Complimentary diaries will be same as it is for the Chairman Club member agents

Club Membership in LICThe institution of Clubs at 4 levels viz., Branch Manager’s Club, Divisional Manager’s Club, Zonal Manager’s Club and Chairman’s Club was brought into existence with effect from 1.4.1971. This may be hailed as the landmark in raising the status of the profession of insurance salesman in this country.

Membership criteria for Entry and Continuation (Table 1)
Sr.No             Name of the Club                                CM                   ZM                 DM                     BM
1                     Minimum Net                                       40                      30                   20                         15  (Mandatory Condition)
                      Number of Lives 

2                    a) Net No of Lives  or                            130                   100                   80                       50
                      b) No of Lives in force                          600                 400                 250                      150 (Either Option a or b)

3                    Renewal Comm Paid (Entry)(Rs)     221,000/-        154,000/-        100,000/-           56,000/-
                      Renewal Comm (Continuation)       210,000/-        147,000/-          95,000/-           53,000/-
                      (including Bonus Commission
                      paid in the financial year)

4                   First Year Comm Paid (Entry)(Rs)    2,21,000/-       1,54,000/-          66,000/-            39,000/-                                                                                                                                First Year Comm Paid(Contn)(Rs)   2,10,000/-       1,47,000/-           63,000/-            37,000/-

Benefits of the Various Clubs are:

  1. Office Allowance is reimbursed to an extent of Rs.35,000/- to CM Club,  Rs.22,000/- to ZM Club,  Rs.12,000/- to DM Club 
  2. Interest free Car advance to an extent of Rs.700,000/- for CM Club and 500,000/- for ZM Club agents can be availed
  3. Group Medical and Group Term insurance is exteneded to all club agents
  4. Special Mementos to club agents value, values according to their club
  5. Visiting Cards, Letter Heads and Envelopes are provided to the club agents
  6. Two Wheeler advance is extended to DM Club and BM Club agents
  7. Sales Promotional Gift Items are provided to agents to service their niche customers
  8. LIC Guest House facility is extended to all club agents
  9.  Complimentary copies of Diaries and Calenders are provided to club agents
  10. Invitation and reimbursement to annual club convention as decided by the corporation
Procedure to become lic agent

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.