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   Other Additional Benefits,    
   Awards and Recognitions
 
                                            Claim analysis of all life insurers
                                            Government gurantee
                                            Strong LIC brand
 
Club Memberships:

Club Membership is the recognition bestowed upon the agents to increase their status in the society and in the Corporation.

Following are the levels of club membership depending up on the Business performance:

  • Distinguished Club Member.
  • Branch Manager’s Club Member.
  • Divisional Manager’s Club Member.
  • Zonal Manager’s Club Member.
  • Chairman’s Club Member.
  • Corporate Club Member.

Following additional benefits are given over and above the commissions’ payable:

  • Office Allowance to maintain your own office.
  • Telephone/Mobile bill reimbursement.
  • Reimbursement of Sales Promotional Gift items.
  • Interest free advance for purchase of Car/Motorbike.
  • Interest free advance for purchase of office equipments.
  • Interest free advance for Training.
  • Interest free Festival Advance.
  • Housing loan at concessional rate of interest.
  • Term Insurance and Mediclaim benefits.
  • Guest house facility throughout India at concessional rates as applicable to employees.
  • Annual Convention.
  • Attestation authority. 

The total monetary equivalent of all above benefits ranges from Rs. 5,500 to Rs. 5,50,000, depending up on level of Club Membership.

 

Gratuity:

Agents are entitled to get the gratuity at age 60/65 years after serving for minimum 15 years. At present the Maximum Gratuity amount payable is Rs. 2,00,000/- depending up on the amount of renewal commission paid during last 15 years before age 60.

 

International Recognition from MDRT:

What is MDRT:
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 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. 
Total 6114 agents from LIC of India qualified for MDRT 2011.

MDRT Levels:
There are following three levels of Membership with criteria for MDRT 2012:

Sr. No. Membership Criteria First Year Commission(in Rs.)

First Year Premium

(in Rs.)

1. MDRT Basic 8,18,600 32,74,400
2. Court of the Table- COT 3 Times MDRT 24,55,800 98,23,200
3. Top of the Table -TOT 6 Times MDRT 49,11,600 1,96,46,400

Through our training process we will make sure that you will qualify for Basic MDRT by the end of 3rd year of your agency.

First Year Commission of TOP 10 TOT qualifiers from LIC of India:

Rank Name Branch

First Year Commission Excluding Bonus Commission

(in Rs.)

1. Smt SANGITA MAHESHWARI Indore 1,39,08,873
2. Shri RAVINDAR JETHANI Mumbai 1,12,32,336
3. Smt HEENA HITESH SHAH Mumbai 1,00,80,553
4. Shri BHARAT.V.PAREKH. Nagpur 89,63,842
5. Shri SHAILESHKUMAR S PATEL Ahmedabad 63,89,630
6. Smt JAYA KISHORE NAGARMAT Mumbai 52,65,208
7. Shri HITESH M SHAH Mumbai 48,48,036
8. Shri DILEEP KUMAR GUPTA Bhopal 48,45,431
9. Shri SATISH SHIVPRAKASHJI ZANWAR Parbhani 48,45,327
10. Shri DEEPAK JAYANTILAL DHABALIA Mumbai 48,17,661

Out of TOP 10 TOT - 2011 qualifiers, five are from Mumbai. This shows that Insurance Awareness is more in Mumbai and people have TRUST in LIC.

 

Procedure to become LIC Agent:
  • Education Qualification    :   Graduate ( HSC pass will be considered for exceptional Candidates)
  • Appear for Aptitude Test
  • Personal Interview after passing Aptitude Test.
  • Mandatory Class room Training for 50 hours. ( About 10 days)
  • Passing of IRDA Examination.
  • Issue of License by IRDA.  

Fees:

  • Fee for Aptitude Test.
  • Fee Training Fees.
  • Fee IRDA Examination Fee.
  • Fee IRDA License Fee for 3 years.
Support from our side:

After getting IRDA license you will be trained by Shri. P.K.Goel, Chief Life Insurance Advisor.

He is a well reccognised personality and awarded by LIC india with acolaeds and awards, also he is awrded with title of "Wealth Manager" by L.I.C. Of India. Training of agents is his main forte.

  • He is on a mission to “Pay Back to LIC” and decided to develop a community of Competent and Committed LIC Agents of international repute. To begin with he will train only 10 selected agents. 
  • You will be trained at our own training facilities, after which you will be equipped with knowledge on insurance sector as a whole and along with the producs and why you should be proud to be associated with LIC Of India and self development.
  • You will be trained on Need Based Selling techniques.
  • Your activities will be monitored regularly to insure that you achieve your desired target on time.

Our training program is designed in such a way that you will qualify for MDRT and Chairman Club Membership within 3 years of your agency. That means your income will be at least Rs.1,00,000 per month within 3 years time.

 


P/L and Death Claim Analysis of all Life Insurers

 

Profit/Loss (in Crores) Company Name Death Claims
For the year
2009-10
Total Carried forward as on 31/03/2010 % of  Claim Amount Paid % of  Claim Amount Rejected % of  Claim Amount Pending
3.82 -19.97 Aegon Religare 41.86 43.80 14.34
-344.72 -1507.26 Aviva 80.01 14.41 5.58
542.29 -18.30 Bajaj Allianz 83.52 7.30 9.18
-478.17 -1218.07 Bharati AXA 68.44 31.56 0.00
-435.50 -2027.50 Birla Sunlife 78.92 20.32 0.51
-246.16 -477.03 Canara HSBC 24.21 10.11 65.68
-93.29 -137.75 DLF Pramerica 68.57 1.43 30.00
-356.86 -646.42 Future Generali 30.78 34.53 34.70
-275.18 -1466.50 HDFC Standard 83.49 7.39 9.13
257.97 -3518.49 ICICI Prudential 87.74 4.42 7.85
-104.95 -240.71 IDBI Federal 31.11 18.55 50.35
-44.79 -52.04 India First 41.18 5.88 52.94
-136.76 -1048.92 ING Vysya 83.93 5.32 9.74
69.22 -255.12 Kotak Mahindra 82.26 5.31 12.43
-20.91 -1023.67 Max New York 61.69 14.35 23.96
25.06 -104.62 Met Life 52.85 24.12 22.90
-283.79 -2673.87 Reliance Life 76.94 15.27 7.75
36.21 7.47 Sahara 66.62 3.52 29.86
276.46 254.87 SBI Life 89.44 5.74 4.82
-18.06 7.30 Shriram 31.40 23.54 45.06
-21.40 -41.06 Star Union Dai-ichi 67.03 0.00 32.97
-400.01 -1609.86 Tata AIG 68.82 15.92 15.26
-2049.52 -17817.50 Private Total 77.67 11.02 11.25
20618.45 * LIC of India 95.05 1.59 2.35

Source: IRDA's Annual Report 2009-2010
Available at www.irda.gov.in

* Out of total surplus generated 95% (Rs. 19,588 crores) is distributed among the policyholders and balance 5% (Rs.1030 crores) is Govt of India share.

Barring three companies all other 19 private life Insurance companies are in losses as on 31.03.2010. The death claim settlement of private companies is also now where near the standards of LIC of India.

 

Policies to be Guaranteed by The Central Government

The sum assured of all policies issued by LIC of India including any bonuses declared in respect thereof and, subject to the provisions contained in section 14 the amounts assured by all policies issued by any insurer the liabilities of which have vested in the LIC of India under this Act, and all bonuses declared in respect thereof, whether before of after the appointed day, shall be guaranteed as to payment in cash by the Central Government. Under   -Section 37 of LIC ACT, 1956

You will be associated with number one life Insurance of India and one of the leading life Insurance companies of the world. With above financial position and Govt Guarantee you will be way ahead of all the competitor companies.

 

Strong LIC Brand:

You will be associated with one of the leading Life Insurance Company of the world. The brand image of LIC of India is huge, people in India identifies life Insurance as LIC only. Thus selling life Insurance policies for LIC of India is much easier.

Market Share of LIC of India as on 31/03/2011 is as under:

  First Year Premium
in Crores
Market Share Number of Policies Market Share
LIC of India 86,445 68.70% 3,70,12,277 76.91%
All 22 Private Companies 39,381 31.30% 1,11,09,013 23.09%
Total 1,25,826

 

4,81,21,291

 

The above figures shows dominance of LIC of India even after 10 years of opening of the Insurance sector to private companies. For the current year LIC market share under First Year Premium has increased to 76%.

POLICIES TO BE GUARANTEED BY THE CENTRAL GOVERNMENT
The sum assured of all policies issued by LIC of India including any bonuses declared in respect thereof and, subject to the provisions contained in section 14 the amounts assured by all policies issued by any insurer the liabilities of which have vested in the LIC of India under this Act, and all bonuses declared in respect thereof, whether before of after the appointed day, shall be guaranteed as to payment in cash by the Central Government. Under-Section 37 of LIC ACT, 1956