LIC Agents Benefits & Earnings
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- BENEFITS
Why Life Insurance?
- LIC Agency is considered today as the Highest paid profession in the world.
- It also provides you with the Royalty INCOME.
- You Can start your OWN BUSINESS with less CAPITAL INVESTMENT.
- You have FREEDOM to set your OWN WORKING HOURS.
- You have the OPPORTUNITY to earn as per YOUR POTENTIAL.
- Your work gets EASIER and LESS DEMANDING as your Business GROW.
- You can pass on the BUSINESS to your next GENERATIONS as LEGACY.
LIC agency contributes to economic development of the country. As the money collected towards life insurance premium goes towards Nation Building Activities e.g: Roads, Railways, Ports, Bridges, Water supply, Electricity, Housing etc.
Earnings as a LIC Agent
Imagine a scenario where you cannot find a job or do not want to work but desperately need money. Or, you wish to make extra money for family while saving for the future.
These are common situations that millions of Indians face. But there is nothing to really worry about. Thanks to Life Insurance Corporation of India or LIC, you can simply work as the LIC agent and make money. And making money is not the only attraction to become LIC agent: you also get attractive salary, commission and perks like lifetime pension and membership to exclusive clubs.
You can avail loans at very low interest rates to buy that dream home. And you also enjoy the prestige that comes with working for a respectable organization of the Indian government.
Yes. Working as a LIC agent makes all this possible. Want to know more? Continue reading.
LIC Agent Remuneration
For a LIC policy procured by you
- You will get 25% as commission ( Depends upon the policy terms and conditions) for premium procured in the first year.
- 40% of your first year commission will be given as Bonus Commission
- For 2nd and 3rd year, will get a commission at the rate of 7.5% of premium
- From 4th year you will get 5% till the end of the Policy Term
- You can get Gratuity Benefit up to max Rs.3,00,000
Other Benefits :
- Hereditary commission payable to the nominee till the policyholder pays the premium
- If you have completed 5 agency years and if you discontinue your agency, still you will get your commission.
- Your income rises automatically by selling more LIC policies when you work as a LIC agent. There are no upper limits to your income.
- LIC provides complimentary life insurance cover for its agents.
Perks for LIC Agents
Once you become LIC agent, there are several perks available for rewarding hard work.
Entry to Distinguished Agent Club:
A club for newly joined agents
Entry to Distinguished Agent Club:
- Branch Manager Club
- Divisional Manager’s Club
- Zonal Manager’s Club
- Chairman’s Club
- Galaxy Club
- Corporate Club
Your Income increase with your entry in Higher Club. You will be authorised to run Premium Point on behalf of LIC and issue premium receipts to the policyholder immediately
LIC City Career Agent
In metropolitan cities, LIC appoints life insurance agents under a special category. They are called City Career Agents or CCAs.
Other than the benefits we list above, CCAs also get a monthly stipend of Rs.7,000 from LIC. This is due to the high cost of living in metro cities of India
Additional Benefits for LIC Agents
Additionally, LIC Agents will get several financial benefits for saving money
- Interest Free Vehicle Loan
- Low Interest Home Loan
- Office Maintenance Allowance
- Furniture Allowance
- Advance for Festival Celebrations
- Reimbursement of Mobile and Landline Telephone Bills.
Salient Features of LIC Agency
Do you know that becoming an LIC agent has many more benefits other than any Job or Business?
- Life Long Income: LIC pays you the commission for several years for your one time effort to sell the policy
- Some LIC agents earn between Rs.12 Lakhs to Rs.15 Lakhs per month, which is higher than the best paid job in India.
- ID card issued by LIC for agents is considered as valid, government issued proof of identity.
- LIC provides all training and technical support for its agents.
Strong Reason to become an LIC Agent
There are very strong reasons to become LIC agent. During the financial year 2018-2019, a premium from new life insurance business increased 6.20 percent year-on-year to Rs 7.6 Lakhs Crores, from April 1, 2018 to August 31, 2018.
By the year 2020, the life insurance industry of India will cross the Rs.25 Lakhs Crores mark, according to market sources. This means, there is ample scope for making money and leading happy life as LIC agent.
Now that you know how to become LIC agent, give it a try. It can open doors to wealth.
Those who have worked for over three years and have meet the criteria, get attractive commissions and following facilities :
- Gratuity
- Office allowance
- Pension by NPS facility
- Furniture allowance
- Two wheeler/four wheeler for a debt-free advances
- Group insurance / Group Mediclaim schemes
- Win prizes in various competitions.
- On completing MDRT, COT, TOT norms they can attend Meeting Abroad
- Hereditary commission
- Housing loan facility
Get Your Free Consultation TODAY to become a LIC Financial Advisor!
Mrs. M. Porkodi., B.Com., A.I.I.I.,
Development Officer - LIC of India
“It’s all about making the right choice at the right time to be Financially Free and Successful”