How much commission does an LIC agent get?
Asked by: Prof. Immanuel Pagac | Last update: April 29, 2023Score: 4.4/5 (67 votes)
Whole-life premiums generally have the highest commissions; usually, more than 100% of the first-year premium and the exact percentage may change depending on the age of the insured.
Who is the highest paid LIC agent?
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.
How much commission does LIC agent get on Jeevan Labh?
The commission will be 15% for the first 5 years. This commission will be 35% over 12 years. There is also a renewal premium of 7.5% per annum. Hence from 12th year onwards, the commission will be 42.5% per annum.
Do LIC agents pay first premium?
Generally, the commissions start from around 10% to 15% of your premium. This is for the first premium. So if you are paying a premium of Rs 40,000, your agent will pocket Rs 16,000.
Do LIC agents have targets?
A minimum target is just a number for agents who are working as full-time professional agents. This is really not a big task to achieve these targets. LIC does not want to terminate any agent, but every marketing company has to set some target this is good for their employees also.
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What is monthly income of LIC agent?
The highest salary for a LIC AGENT in India is ₹32,894 per month. What is the lowest salary for a LIC AGENT in India? The lowest salary for a LIC AGENT in India is ₹10,200 per month.
Is being LIC agent a good career?
Yes, becoming an LIC agent is a good career. Life Insurance Company offers best remuneration systems which takes care of your current earnings and also guarantees an earning for the future. By becoming 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 is the benefit of a LIC agent?
The agent gets 35 percent of premiums paid during the first year by life insurance policyholders. If the agent works harder and gets more people to buy LIC life insurance, he and she can get up to a 40 percent bonus on first-year commission.
Do LIC agents get pension?
Group pension
Group pension is also available under Lic Agent Benefits.
Are LIC agents govt employees?
NO. You can not work as a LIC agent if you are a Government employee.
Can I become part time LIC agent?
LIC agent scheme: If you are Class 10th pass and want to increase your earnings by working part-time, or full-time, then there is an opportunity for you with the Life Insurance Corporation (LIC). You can join the LIC as an agent. You can work at your pace and time. There are no fixed duty hours.
What is the process of LIC agent?
Clear the Pre-Recruitment Examination (IC38) conducted by IRDAI (with a minimum of 35% score or at least 18 correct answers of the total 50). Obtain licensing. Obtain the appointment letter and agent licence from LIC to start working. Complete reporting.
What is the maximum age to become LIC agent?
Minimum age : 18 years. Maximum age : No upper age limit. Minimum Educational Qualification : 10th standard / SSLC / Any equivalent exam. Existing Private Insurance Company Agents / Advisors can also apply.
Can a LIC agent become development officer?
Yes, any LIC agent can become a LIC development officer in LIC and the qualification required is a candidate should be graduate in any stream from a recognized university. The candidate will have to appear and succeed in an examination conducted by the company for the post.
Can I buy LIC policy without agent?
Can I buy LIC without an agent? A. An agent's commission is included in your premium in an insurance policy sold through an agent. At the same time, buying insurance from the LIC website directly, you can buy LIC policy online without an agent as well as without added commission of the agent.
Can LIC agent do another job?
NO. In Government service, any busibess, trade or profession is treated as misconduct in the part of the employee for which punishment up to the level of dismissal from service can be awarded.
How can I sell my LIC policy?
- You have to register for an agency with LIC directly under a DO (development officer)
- Attend a classroom training for 25 hours at a LIC training institute.
- There would be an exam conducted by the Insurance Regulatory and Development Authority (IRDA)
Can I sell my term life insurance policy for cash?
You can sell a term life insurance policy for cash, but your policy will usually have much more value on the market if it is the type that can be converted to a whole or universal life policy. The provision in a term life policy that allows for this change is called a conversion rider.
Can I sell my life insurance policy for cash?
For many life insurance policyowners, the answer is yes, you can sell your life insurance policy for cash. It's known as a life settlement, and it's a great way to get money for your unwanted policy, much more money than if you were to surrender it back to the insurance company.
How do life insurance policies make money?
“The most common ways people take money out of policies are: taking a loan from the policy, converting the cash value to an annuity [a series of regular payments], surrendering the policy, or leveraging riders such as enhanced long-term care benefits.”
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.
Can NRI become LIC agent?
NRIs can apply for a LIC policy during their visit of stay in India. NRIs may also take their LIC insurance cover during their stay abroad. All formalities are completed in their present country of residence through the Mail Order Business.
Is LIC a government job?
Ans. Yes, LIC recruitment are classified under government job.