What is the monthly salary of LIC agent?
Asked by: Prof. Chris Ruecker | Last update: July 31, 2023Score: 4.6/5 (12 votes)
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.
How much do LIC agents make?
Career as a LIC agent is considered one of the highest paid profession in the country. Top performers in LIC are earning nearly 3 to 4 Crores per year. 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.
Who is the richest 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 benefit for 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.
Is LIC agent a good profession?
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.
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Is there any fees to become LIC agent?
The registration fee is Rs. 150. The online training fee is Rs. 150.
Who Is Highest Paid LIC agent in India?
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 can I become LIC agent?
Process: Contact your nearest Branch Office and meet the Development Officer there. The Branch Manager (I/C) will conduct an interview, and if found suitable, you will be sent to training at Divisional/Agency Training Centre. The training is for 25 hours and covers all aspects of Life Insurance Business.
What is the target for LIC agent?
LIC Agent Target to getting Renewal Commission
The agent is eligible for Renewal commission after termination if. minimum of 10 years since their appointment.
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.
What is the age limit for LIC agent?
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.
Is LIC agent a government employee?
NO. You can not work as a LIC agent if you are a Government employee.
Do LIC agents get fixed salary?
There isn't any fix salary from the LIC for the agents. 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 insurance agents earn?
When a policy is sold to you, an insurance agent earns a commission. Also, there are promised rewards that are paid over the commissions for the sales targets achieved by them. The new rule by Irdai could work in the interest of policyholders.
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.
Can a banker be LIC agent?
All these years, Banks were allowed to be as Corporate Agents only (Since 2000 as per Section 6(1)(o) of the Banking Regulation Act-1949, banks can undertake insurance business as agents on fee basis) . That means Banks can be associated with just 'one' life insurance company and 'one' non-life insurance company.
What is LIC agency Year?
LIC India's Minimum Business Guarantee (MBG) norms for an LIC agent, during the agency year are : An agent has to achieve – EITHER 6 different lives AND Rs. 50,000/- First Year Premium Income (FYPI) OR 12 different lives.
What is LIC qualification?
Education Qualifications: A Graduate degree in any discipline from any Government recognized University. LIC AAO Age Limit: The minimum age of the candidate must be not less than 21 years and should not be more than 30 years of age. However, there is age relaxation for candidates belonging to different categories.
Is LIC commission taxable?
If the commission earned is less than Rs 60,000, the deduction on the first year's commission is 50% of the commission. In case of renewal commission, the deduction available is 15%. However, the maximum deduction allowed shall be limited to Rs 20,000.
Can LIC agent change his branch?
No, LIC agents cannot change their Development Officers till they retire. The only option available us they can resign the current agency and start as a fresh agent.
How many agents are there in LIC?
Overall, there are 25 lakh life insurance agents in the country as on March 2021. The total number of agents increased by 8% from 23 lakh in March 2020.
Is LIC a Government job?
Ans. Yes, LIC recruitment are classified under government job.
Can LIC agent become development officer?
If you are an LIC agent already or the one applying for and wondering if an agent can also become a Development Officer in the company, the answer is 'yes you can.