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Job Profile of LIC Agent:

The main job of LIC Agent involves:

  • Prospecting: Identifying the prospective customers and fixing appointment.
  • Need Analysis: Identifying the needs and getting the prospect agree that need exists. (i.e. Family Income Provision, Children Education and Marriage Provision or Retirement Income Provision.)
  • Plan Presentation: Suggesting suitable plans that fulfill the needs as agreed by the prospect.
  • Closing the Sale: Convincing the prospect that you have suggested the best possible solution for his needs and ask for the order.
  • After Sales Service: Provide efficient after sales service and claims settlement.

Your work as a LIC agent will be to:

  • Secure names of people who are likely to need life insurance.
  • Meet those people at times convenient to them and during the interview, realise their insurance needs.
  • Awaken them to their needs and present life insurance plans that will satisfy these needs within their capacity to pay the premium.
  • Make all reasonable enquiries regarding their health, habits, family history, moral hazard etc. and satisfy yourself about their insurability before recommending their proposals.

Your responsibility as a LIC agent will be to:

Get the proposal form properly filled in by the proposer.

Get payment towards proposal deposit and get medical and other tests, whenever needed, properly completed.

Ensure that premiums are paid regularly by the policyholder.

See that age of the life assured is admitted in all policies.

Advise and help policyholders in effecting nomination/ assignment.

Try to prevent lapsation of policies.

Render all assistance to policyholders in effecting change of address, to revive their policies, to claimants in complying with all the requirements for settlement of claims.

Your code of conduct as a LIC agent should be:

Fully realise the noble service rendered by life insurance and hold this business in high esteem.

Give correct information about physical and financial aspects of the proposer, as the grass root level under-writer.

Strictly adhere to the rules and regulations of LIC and IRDA and procure proposals only on lives of people conforming to the physical, moral and financial standards prescribed by the Corporation and IRDA.

Use only the right methods for persuading clients to provide financial security for their families and make accurate and truthful presentation to them.

To work consistently and according to a programme with the aim of extending the benefits of life insurance to as many people as possible.

Improve your knowledge of life insurance through constant study.

Render prompt and sincere service to your clients and be fair in your relations with colleagues.

Be loyal to the Corporation and truly represent its viewpoint to the insuring public.

Comply with guidelines issued by Insurance Regulatory and Development Authority (IRDA).

Fully realise the noble service rendered by life insurance and hold this business in high esteem.

Attributes to become Successful LIC Agent:
  • You should be outgoing and love to meet people.
  • You should be ambitious to start your own Business.
  • You should have Good Communication Skills.
  • You should have lot of Perseverance.
  • You should be willing to work hard with lot of Dedication and Devotion.
  • You should be prepared to accept rejections as stepping stone.
Remuneration: Best In Class Trail Income
  • The remuneration will be paid to you 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 made by you.
  • It provides you the royalty income through out the term of policy.
  • As long as policy holder pays the Premium you will get the commission.
  • Moreover this commission is hereditary i.e. it will be paid to your nominees even after your death.

The Commission rates on regular premium policies are as under:

First year Commission : 4% to 25% depending up on the type & term of the policy.
Bonus Commission : 40% of first year commission.

Renewal Commission:

2nd and 3rd Year of Policy   : 2% to 7.5% depending up on the type & term of the policy.
4th year onwards                  : 2% to 5% depending up on the type & term of the policy.

Example of Commission on Endowment type of policy of Term 15 years and above:

1st Year Commission         : 25% of Premium.
Bonus Commission            : 40% of first year Commission (i.e. 10% of Premium)
Total 1st Year Commission : 35% of Premium

Renewal Commission:

2nd & 3rd Year of policy : 7.5% of Premium
4th Year onwards: 5% of Premium

Your Expected Commission for Next 5 years:

Expected Premium

(in Rs.)

Expected Commission(in Rs.)
1st year 2nd  year 3rd year 4th year 5th year
12,00,000 4,20,000 90,000 90,000 60,000 60,000
24,00,000   8,40,000 1,80,000 1,80,000 1,20,000
36,00,000     12,60,000 2,70,000 2,70,000
48,00,000       16,80,000 3,60,000
60,00,000         21,00,000
TOTAL 4,20,000 9,30,000 15,30,000 21,90,000 29,10,000

As Years pass by your Renewal Commission keeps on increasing thereby assuring you a pension for the next 20 to 25 years when you stop working or to your family on your death.

We will make sure through our meticulous training that your earnings should be as per above chart, but that requires willingness on your part to take lot of physical pain.