What are the Benefits of becoming a LIC Agent?
A Brief Introduction
Are you looking to get independent in your life by working at your own pace? Then, you can aspire to become a LIC (Life Insurance Corporation of India) agent and be your own boss. In short, this career would not only help you earn as much money as you want but also let you help others.
You would be able to motivate people to make good financial decisions in their lives by opting for the most appropriate LIC policies for them. Now, you may wonder what perks you can expect to receive after becoming a LIC agent. The next segment is ready with that information.
Become a LIC agent: What Benefits can you expect to get?
You already know how becoming a LIC agent is both a monetarily rewarding and soul-fulfilling experience. You are not going to sell a day-to-day commodity to a person, rather you are about to help someone ensure financial security with your services.
However, this significant responsibility would be awarded proper remuneration. To put it differently, the profession of a LIC agent is considered the “best paid hard work”, so you would just need to focus on your work without worrying about the value of your commission.
The more dedication you would provide the more success you can expect to achieve, which would be translated into more earnings to secure your life. One of the best aspects of being a LIC agent is that one sale would provide you with repeated commission payments. It holds true even after the death or resignation of the respective LIC agent considering compliance with all applicable rules. Are you ready to take a peek at some of the key benefits of becoming a LIC agent? It is time to talk about that only.
Incredible Commission on the Sales of LIC Policies:
Becoming a LIC agent has many perks, and one of the most obvious ones is an attractive commission on the sales of policies. Every sale would make you eligible to achieve 35% of the premium value in the very first year of the respective LIC policy.
Next, the second and third years of the policy would bring 7.5% of the premium amount for you. And last but not least, you would keep receiving 5% every year until the policy tenure gets completed.
Another worth-noting perk of being a LIC agent is the convenience of receiving interest-free loans from Life Insurance Corporation of India to cater to financial requirements or to fulfill financial obligations, such as home loans, car loans, festival loans, and so on. Is there any more convenience in this regard? A LIC agent is also eligible to get furniture allowance, office maintenance allowance, and many other provisions based on their membership in various clubs.
Note that a LIC agent receives a commission when it comes to the lifetime pension. Whenever a policy sold by the agent gets renewed (regardless of the renewer or the place of renewal), they would be awarded an attractive retirement benefit, which is a gratuity up to INR 3,00,000/-. Remember that gratuity would be paid to a LIC agent, according to the applicable rules.
For instance, a LIC agent needs to be actively associated with the organization for 15 years, which is also called the “qualifying tenure,” to receive this gratuity benefit.
Limitless Earning Potential:
The simple formula is that the earnings of a LIC agent depend on the number of LIC policies they have sold to customers. Moreover, if you would like to continue your profession even after the general age of retirement, you are free to do that, as this career does not come with any retirement age.
That means you can keep earning as much as you want and as long as you like. One of the most worth-noting benefits of being a LIC agent lies in its attractive earning potential with a substantial commission on all previous sales of policies. Can you guess the annual income of a best-in-class LIC agent in India? It is around 11 Crore.
You can be a part of Life Insurance Corporation by Joining LIC As Agent. Visit careerinlic.in and submit your details.
You might be well aware of the famous slogan of the Life Insurance Corporation of India, which is ‘Jindagi ke sath bhi, jindagi ke bad bhi.’ However, did you know this slogan is not only applicable to the LIC customers but also to the LIC agents?
In case a LIC agent dies after working for two or more years with a track record of selling policies of over INR 1.00 Lakh, their nominee would keep receiving commission depending on the premium submission by policyholders until the policy maturity.
Did you know the Life Insurance Corporation of India sets up various competitive events to help take the performance of the agents to the next level? In addition, LIC organizes various competitions for agents on a monthly or bi-monthly, or weekly basis with cash or other exciting rewards for winners. Moreover, upon the selling of four policies or 1 lakh Premium, an agent receives incentives of Rs.200 and Rs.1000 respectively.
Moreover, other rewards, such as various household items or tour packages are also provided to the eligible agents. Do you wonder what the aforementioned competition is based on? In short, a specific number of policies need to be sold or a specific amount of premium needs to be paid by policyholders within a deadline in order to get qualified as winners.
Reach Your Dreams:
Only sky’s the limit if you wonder about the extent of the potential of a LIC agent’s career. Moreover, the Life Insurance Corporation of India leaves no stone unturned to fulfill the aspirations of LIC agents as well as their dependents.
The career of a LIC agent comes with all the conveniences needed by an individual to lead a peaceful and happy life, such as unlimited earning scopes, pension, a social network of like- minded people, posthumous benefits, international recognition, and so on.
Above all, if you want to do something for society, you can leverage the power of your profession. You can help, support, and guide people to choose the most appropriate LIC policies for them to make an informed financial decisions and secure their lives. That means the career would bring unmatchable job satisfaction for you.
Do you know eligible LIC agents also receive exciting rewards from the global insurance industry? Of course, competent agents can be from any company in the insurance industry. Some of these rewards include:
MDRT (Million Dollar Round Table), which attracts a commission of up to around INR 9.50 Lakh
COT (Court of The Table), which attracts a commission of up to around INR 22.50 Lakh
TOT (Top of the Table), which comes with a commission of up to around INR 45.50 Lakh
It is now easy to comprehend how the career of a LIC agent can attract loads of rewards, recognition, and respect from all over the world.
LIC agents get the membership of seven renowned clubs with monetary rewards and other benefits based on their performance. For instance, if you have started your journey as a LIC agent a while ago and have already shown commendable performance, you would get entry to the Branch Manager’s Club. You can check the criteria for becoming a member of the Branch Manager’s Club of LIC. Other clubs for distinguished LIC agents include Divisional Manager 's Club, Chairman's Club, Distinguished Club, Galaxy Club, Zonal Manager's Club, and Corporate Club.
As a LIC agent, you can also expect to receive reimbursement for your landline telephone as well as mobile bills. Moreover, the visiting or ID card issued by the Life Insurance Corporation of India would be considered a valid government-issued identity proof.