How much commission does a LIC agent get?

Asked by: Shirley Erdman  |  Last update: February 11, 2022
Score: 5/5 (46 votes)

A Life Insurance Agent's Commission
1 Every company differs, but for term insurance policies, agents may make 40% to 90% of the first year premium as a commission. A term life policy lasts for a specific time such as five, 10, or 20 years.

What is the commission for LIC agent?

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.

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.

What is the commission of LIC agent on single premium policy?

For single-premium plans, commission is 2%. For a regular premium policy, commission limits are unchanged. Commission payable in the first year is capped at 7.5%; and in subsequent years, 2%.

LIC Agent Bonus Commission Rules | LIC bonus commission criteria | LIC Bonus commission amount

35 related questions found

Do LIC agents get pension?

Group pension

Group pension is also available under Lic Agent Benefits.

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.

Who is the richest insurance agent in India?

Lachman Das Mittal is among 828 individuals with wealth of over Rs. 1,000 crore: IIFL Wealth Hurun India Rich List 2020.

How can I become a LIC agent?

To become an LIC agent, follow these steps:
  1. Contact the right individuals. Get in touch with the nearest LIC branch in your city and contact the Development Officer. ...
  2. Participate in an interview. ...
  3. Complete training. ...
  4. Pass the examination. ...
  5. Obtain licensing. ...
  6. Complete reporting.

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.

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.

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.

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 girls become LIC agent?

We talk about women empowerment but those ladies who are over aged and not eligible for government job they can join LIC as Lic agent. ... Housewives, self employed ladies, beauticians etc can join LIC OF INDIA. and utilize their knowledge to increase their income.

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 much do insurance agents make per policy?

Annual commissions for auto insurance range from 10 to 12.5 per cent, although a few firms pay up to 13.5 per cent. Property insurance offers commissions of 20 to 23 per cent. So if you use an insurance broker and pay $1,000 annually to insure your home, upward of $200 a year would be going to the broker.

Can insurance agents make millions?

Insurance agents can make more than a million dollars per year, but most don't because they focus on marketing to people they know and rely heavily on referrals. Insurance agents that obtain online insurance leads open the door to becoming financially free.

Is OTL exam easy?

It is an easier exam than most university level exams, and yes, totally doable in 2 weeks. This is my third time rewrite the otl exam.

What is the future of LIC agent?

In Future, LIC Agents who are expected to stay longer would join the insurance agent pool. In 1956, all life insurance companies were nationalized to form LIC to increase penetration and protect policy holders from mismanagement. Fast forward to today, LIC continues to dominate life insurance segment in India.

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. ...

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.

How many types of LIC agents are there?

This shows the difference between the two types of insurance agents. They are known as Captive and Independent agents. Insurance is sold by two types of agents. Independent agents are self-employed.

Is insurance agent a good job?

According to the U.S. Bureau of Labor Statistics, the job outlook for insurance sales agents is positive, with an estimated growth rate of 5% between 2019 and 2029. This number amounts to 27,500 new jobs, marking a higher growth estimate than average for all occupations.