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Benefits

LIC Agent is noble profession to provide Life Security to the people of India.
LIC Agent contribute to the Economic Development of the Country
Average income of TOP 20% of LIC Agent is above 12 Lac per annum.

BENEFITS OF LIC AGENCY

  • LIC agency is highest paid profession in the world.
  • Business with less Capital Investment.
  • Royalty Income.
  • Freedom to set your own working hours.
  • Opportunity to earn as per your potential.

First Commission on sales
Under standard tables and terms you are paid 1st year’s commission of 25% of the first year’s premiu
m paid by the policy holders.

Bonus Commission
You are entitled to bonus commission at the rate of 40% of the eligible first year commission provided you fulfil certain requirements as to total first year’s premium secured and number of lives you have insured in your agency-year.

Retirement Benefit
Gratuity upto a maximum of Rs. 2,00,000/- is payable under Schedule VI of the (Agents) Rules, 1972 provided the agent has completed the business guarantee for at least 15 years called as “qualifying years”.

Hereditary Commission
In case of agent’s death while his agency subsists, after agency was in force for two years or over, renewal commission will continue to be payable to his heirs or nominee provided there was a business of not less than Rs. 1 lakh in force at the time of death.

Guaranteed Income
In the event of termination of agency because of non-performance, any time after five agency years but before completion of 10 agency years, the renewal commission continues to be payable provided you had nominal business of at least Rs. 2 lakhs in force one year before cessation of agency. This condition is waived in the event of cessation after the agent has worked for ten years or more.

Increasing Income
With the above recurring income-feature of the insurance compensation your income goes on steadily increasing every year. Each succeeding year’s new sales add to the renewal commission on the previous year’s business. Your renewal commission will grow faster every year, if with increasing expertise, you do more and more business as years roll by.

Renewal Commission
The agent is paid 7.5 per cent of the amount paid by the policy holders (under standard tables and terms) as the second as well as the third year’s premiums and continues to be paid renewal commission of 5% on every year’s premium paid from the fourth year onwards. Renewal commission is payable on renewal premium. Hence, you should ensure that your client keeps the policy in force. If you remind him to pay premiums, you will be rendering a good service to him.

Term Insurance
Free term insurance is payable under Schedule VI of the (Agents) Rules, 1972 in the event of death of a confirmed agent before age 60 provided among other conditions : (a) he was appointed before age 50 (b) he has completed at least 3 “qualifying years” (c) his agency was in force on the date of death, and (a) he holds an insurance policy (other than a temporary insurance policy) for at least Rs. 5,000/- at the time of death.

Fringe Benefits
Being a member of the club carries a good deal of prestige as it provides concrete evidence in the eyes of the insuring public that you are working with a spirit of devotion, dedication and professionalism in serving the insuring public. It also entitles you to various fringe benefits according to the membership of different clubs:

  • Corporate Club
  • Chairman's Club
  • Zonal Manager's Club
  • Divisional Manager's Club
  • Branch Manager's Club

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SCOPE OF GROWTH WITH LIC AGENCY

MARKET POTENTIAL
 Out of total insurable population only 40% are covered till today.
 These 40% also are also not adequately covered.
 •    Only 20% of total agency force is working as Professionals, and these 20% brings 80% of total life Insurance business.

GROWTH OPPORTUNITIES

  •  Low Insurance Penetration.
  •  Low Insurance Density.
  •  Low Volume of Life Insurance Premium.
  •  High per capita Savings.
  •  Increase in working population.
  •  Growth in personal Income.
  •  High Consumer Awareness.
  •  Strong LIC brand.

INCREASE IN WORKING POPULATION

India has about 40% of young population at present i.e. age group 20 to 49 years. This is expected to grow to 45% by the year 2020. The income level of this group is rising and with increasing life expectancy and concept of nuclear family the need for life insurance will also increase.
Research by Morgan Stanley shows that India’s working-age population will increase by 136 million by 2020. (China’s working-age population, by comparison, will grow by 23 million.)

GROWTH IN PERSONAL INCOME
As per report of National Council of Applied Economic Research (NCAER) 2009-10
There are 28.4 million families with incomes between Rs. 2 lakh and Rs. 10 lakh per annum. (This is as per the World Bank definition of middle class.)
The number of such households was 4.5 million in 1995-96 and 10.7 million in 2001-02.
These households are expected to grow 4 times in next 10 years.
NOTE : THE REPORT SAID THAT TWO THIRDS OF THE INDIAN MIDDLE CLASS IS TO BE FOUND IN URBAN INDIA.

Report on the savings pattern states that

  •  83% save for emergencies
  •  81% for Children’s education,
  •  69% for old age,
  •  63% to meet future expenses towards marriages, birth and social ceremonies.
  •  THE ABOVE PATTERN INDICATES TREMENDOUS SCOPE FOR LIFE INSURANCE PRODUCTS.