Do LIC agents pay first premium?

Asked by: Mathias Sanford  |  Last update: February 11, 2022
Score: 4.4/5 (75 votes)

Though, Agents earn the commission for the policies they sale. LIC offers 25% to 35% commission on the policy premium for the first year, then 7.5% for 2nd & 3rd Year + 5% till the policy maturity.

How do LIC agents get paid?

LIC agent can earn unlimited since there is no specified salary. They get a commission from the policy they sell and they can earn more than their capacity. ... LIC agents' earning depends on the commission which is paid by LIC, more premium paid by the people implies more will be the agent's commission.

Is LIC first premium free?

LIC offers premium rebates on all regular premium policies of 2% in the yearly mode and 1% in the half yly. mode. there are rebates called 'high sum assured rebates' given in policies of more than five lakhs. There is no special discount in Jeevan Labh policies nor is it stipulated for the first year only.

What are the benefits of LIC agents?

3 LIC Agents Benefits
  • Zonal Manager's Club.
  • Chairman's Club.
  • Corporate Club.
  • Interest-free vehicle loan.
  • Low-interest home loan.
  • Office maintenance allowance and financial benefits.
  • Furniture allowance.
  • Advance or bonus for festival celebrations.

What is the minimum target for LIC agent?

An LIC agent is required to sell minimum 12 policies per year, and if he fails to achieve this, he has an option to complete the target in another one year. But in the third year, if he fails to get 36 policies, his registration gets cancelled.

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36 related questions found

How much commission does an LIC agent earn?

Though, Agents earn the commission for the policies they sale. LIC offers 25% to 35% commission on the policy premium for the first year, then 7.5% for 2nd & 3rd Year + 5% till the policy maturity.

Can I get a commission after the termination of an LIC agent?

would not be sufficient to deny renewal of commission unless it was established that he was also involved in soliciting and procuring customers for the rival company in which he had taken up a job. ...

Do LIC agents get pension?

Group pension

Group pension is also available under Lic Agent Benefits.

Is LIC agent an employee?

Regulation 29(2) proviso provides that no employee of the Corporation shall be permitted to act as an insurance agent and no employee shall allow any member of his family to act as an insurance agent.

Is LIC agent a good career?

2] Attractive Remuneration: LIC offers one of the best remuneration systems in the industry that not only takes care of your current earnings, but also guarantees an earning for the future. As LIC agent, you can set your own income targets with a potential to earn as much as you want for the rest of your life.

What happens if LIC premium is not paid?

Revival Of Lapsed Policies

If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy. Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.

Can LIC premium be paid by Google pay?

Login to Google Pay (G Pay) mobile app and pay your LIC premium within 3 steps to avoid the rush for payment of insurance premium at online counters or bill pay portal on registration, Just link your Life Insurance Corporation of India policy number to Google Pay and complete your payment at any time…

Can I pay LIC premium in EMI?

In a statement the life insurer stated, "From December 1, 2019, any credit-card originated payments towards renewal premium, new premium, or repayment of loan and interest on loans against the policies will not attract any additional charges or convenience fee its parlance." ... You can also pay using 'LIC PayDirect'.

Who is the highest paid LIC agent?

Bharath Parekh. Parekh, who missed out on watching matinee shows and playing cricket during his youth, is now a millionaire who can afford most luxuries of life. As an agent, his annual income is over Rs 4 crore, around five times more than the Rs 87 lakhs that LIC chairman DK Mehrotra took home last year.

Why do insurance agents quit?

Most agents quit because they can't get enough sales to support themselves and their families. The only way to change that is to learn how to get more leads, better leads, and follow up on them. People go on fact-finding missions online. They don't care who answers their question, as long as they get answers.

Can I change my LIC agent?

There is no need and no provision to change your LIC agent, as there is no contract between you and an LIC agent. As far as a policyholder is concerned, the contract is with insurance company. The agent is just a facilitator. ... You have to contact concerned LIC office or nearby LIC office for specific details.

Is LIC agent a government job?

Generally any Govt. Employee barred from doing LIC agency. But I think if you get no objection certificate from your employer then LIC may agree to continue your Lic agency.

Can govt employee take LIC agency?

LIC's letter stated that the corporation can now recruit "qualified agents from among the spouses of employees of central government, state government and PSUs subject to compliance with IRDA agents' regulations, LIC agents' regulations and relevant CCS (conduct) rules".

Can a government teacher be a LIC agent?

NO. You can not work as a LIC agent if you are a Government employee.

What happens if LIC agent dies?

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.

What is the retirement age of LIC agent?

The government has extended the superannuation age of IPO-bound LIC Chairman to up to 62 years by making amendment to the Life Insurance Corporation of India (Staff) Regulations, 1960.

Can LIC agents sell online?

LIC advisor usually use the offline method of selling insurance. You can, however, sell LIC policies by the online mode through the LIC website as well.

How can I quit my LIC policy?

1) In case an insurance agent appointed by an insurer wishes to surrender his agency with his/her insurer, he/she shall surrender his appointment letter and identity card to the designated official of the insurer with whom he/she is currently holding agency.

How can I close my LIC agency?

Meet the Branch Manager who got you the license. Just give a written application to them that you want to cancel your IRDA license. Get the letter signed and stamped by the concerned authority . Keep the original with you and send the photocopy to the IRDA office.

Who can take LIC agency?

To be a LIC agent, your educational qualification should be at least 10th pass and the age should be minimum 18 years. Earlier, it was necessary to have 12th pass certificate to become an agent. - Contact your nearest LIC branch office and meet the development officer there.