Why Career as an LIC Agent-Self Employed

Introduction:

• LIC agent is the person who provides advice on Life Insurance Planning to people to protect their family from unexpected events of death, disability and retirement of the bread winner.It is a noble profession indeed.
• LIC agent also contributes to economic development of the country. As the money collected towards life insurance premium goes towards Nation Building Activities e.g: Roads, Railways, Ports, Bridges, Water supply, Electricity, Housing etc.
• Top LIC agents earn between ₹3 crores to ₹4 crores per annum.
• The average gross income of top 20% of LIC agents is above ₹12 lakhs per annum.

You will be trained in such a way that you will be among top 20% of agents within 3 years’ time, the only pre-requisites are Passion and Hard work.

Job Profile of LIC Agent:

The main job of LIC Agent involves:

• Prospecting: Identifying the prospective customers and fixing appointment.
• Need Analysis: Identifying the needs and getting the prospect agree that need exists. (i.e. Family Income Provision, Children Education and Marriage Provision or Retirement Income Provision.)
• Plan Presentation: Suggesting suitable plans that fulfill the needs as agreed by the prospect.
• Closing the Sale: Convincing the prospect that you have suggested the best possible solution for his needs and ask for the order.
• After Sales Service: Provide efficient after sales service and claims settlement. 

Attributes to become Successful LIC Agent:

• You should be outgoing and love to meet people.
• You should be ambitious to start your own Business.
• You should have Good Communication Skills.
• You should have lot of Perseverance.
• You should be willing to work hard with lot of Dedication and Devotion.
• You should be prepared to accept rejections as stepping stone. 

Benefits of LIC Agency as a Career:

• LIC agency is considered today as the highest paid profession in the world.
• It also provides you with the Royalty Income.
• You can start your own Business with less Capital Investment.
• You have freedom to set your own working hours.
• You have the opportunity to earn as per your potential.
• Your work gets easier and less demanding as your business grows.

Market Potential:

Indian Insurance Market

• It is one of the least Insured Market in the world.
• Out of total insurable population only 40% are covered till today.
• These 40% also are also not adequately covered.
• Only 20% of total agency force is working as Professionals, and these 20% brings 80% of total life Insurance business.
• We will help build your career as a professional agent and make sure that you will be among these top 20% agents.

Growth Opportunities:

• Low Insurance Penetration.
• Low Insurance Density.
• Low Volume of Life Insurance Premium.
• High per capita Savings.
• Increase in working population.
• Growth in personal Income.
• High Consumer Awareness.
• Strong LIC brand. 

Club Memberships:

Club Membership is the recognition bestowed upon the agents to increase their status in the society and in the Corporation.
Following are the levels of club membership depending up on the Business performance:

• Distinguished Club Member.
• Branch Manager’s Club Member.
• Divisional Manager’s Club Member.
• Zonal Manager’s Club Member.
• Chairman’s Club Member.
• Corporate Club Member.

Following additional benefits are given over and above the commissions’ payable:

• Office Allowance to maintain your own office.
• Telephone/Mobile bill reimbursement.
• Reimbursement of Sales Promotional Gift items.
• Interest free advance for purchase of Car/Motorbike.
• Interest free advance for purchase of office equipments.
• Interest free advance for Training.
• Interest free Festival Advance.
• Housing loan at concessional rate of interest.
• Term Insurance and Mediclaim benefits.
• Guest house facility throughout India at concessional rates as applicable to employees.
• Annual Convention.
• Attestation authority.

The total monetary equivalent of all above benefits ranges from ₹5,500 to ₹5,50,000, depending up on level of Club Membership.

Gratuity:

Agents are entitled to get the gratuity at age 60/65 years after serving for minimum 15 years. At present the Maximum Gratuity amount payable is ₹ 2,00,000/- depending up on the amount of renewal commission paid during last 15 years before age 60.

International Recognition from MDRT:

What is MDRT:
Founded in 1927, the Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals, is an international, independent association of nearly 36,000 of the world's leading life insurance and financial services professionals from more than 430 companies in 78 countries. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service.
MDRT membership is recognized internationally as the standard of sales excellence in the life insurance and financial services business.
To qualify for the membership of MDRT agents have to earn the prescribed First Year Commission excluding the Bonus Commission OR brings prescribed First Year Premium during the Calendar year.
Total 6114 agents from LIC of India qualified for MDRT 2012..
MDRT Levels:
Total 6800 agents from LIC of India qualified for MDRT 2014 – No. 1 in World

Sr. No.	Membership	Criteria	First Year Commission	First Year Premium
1.	MDRT	Basic	₹` 8,45,300	₹`33,81,200
2.	Court of the Table- COT	3 Times MDRT	₹`25,35,900	₹` 1,01,43,600
3.	Top of the Table -TOT	6 Times MDRT	₹` 50,71,800	₹` 2,02,87,200

Through our training process we will make sure that you will qualify for Basic MDRT by the end of 3rd year of your agency.

First year Commission of TOP 10 TOT 2014 qualifiers from LIC of India:

Rank	Name	Branch	First Year Commission Excluding Bonus Commission
1.	Shri V VENKATESWARA RAO	Vishakhapatnam	₹2,05,09,585
2.	Smt SANGITA MAHESHWARI	Indore	₹1,77,58,368
3.	Shri BHARAT V PAREKH	Nagpur	₹1,09,52,152
4.	Shri RAVINDAR JETHANI	Mumbai	₹1,01,24,090
5.	DR.BALWANT SINGH CHIRANA	Delhi	₹88,11,908
6.	Shri AUTI DATTATRAY JAYRAM	Mumbai	₹86,46,357
7.	Shri PULKIT KHANDELWAL	Delhi	₹70,71,261
8.	Shri BHIMAN DAS	Kolkata	₹67,92,431
9.	Shri DEEPAK DHABALIA	Mumbai	₹66,31,879
10.	Smt HEENA HITESH SHAH	Mumbai	₹66,01,442

Out of Top 10 TOT-2014 qualifiers four are from Mumbai. This shows that insurance Awareness and Potential is more in Mumbai and People have more Trust in LIC.

 

Profile of LIC of India:

a. Reach and Range of Products: Reach:

• Central Office: Mumbai
• 8 Zonal Offices: Mumbai, Delhi, Kolkatta, Chennai, Bhopal, Kanpur, Hyderabad and Patna.
• 113 Divisional Offices throughout country.
• 2048 Branch Offices at various places.
• 1346 Satellite Sampark Branches.
• 1242 Mini Offices.
• 1,20,388 Employees.
• 11,95,916 Agents.

Range of Products:
We have wide range of products catering to different segments of Individuals and Group Insurance products for companies.

Procedure to become LIC Agent:

• Education Qualification : Graduate (HSC pass will be considered for exceptional Candidates)
• Mandatory Class room Training for 50 hours. ( About 10 days) OR Online Training.
• Passing of IRDA Examination.
• Issue of License by IRDA.

Fees:

• ₹ 150 Registration Fees.
• ₹ 250 Online Training Fees. No Charges for Classroom training.
• ₹ 150 IC -33 Study Material.
• ₹ 350 IRDA Examination Fee.
• ₹ 125 IRDA License Fee for 3 years.
Total :₹1250 for Online Training OR ₹775 for Classroom Training. 

 

Support from our side:

After getting IRDA license you will be trained by Shri Kamlesh Gurbuxani, Development officer, popularly known as GURU in LIC of India. He is Associate of Insurance Institute of India and first Development officer in the country to complete Certified Financial Planner (CFP) certification. Training of agents is his main forte. He has compiled two books namely “PRERANA” and “DISHA” exclusively for LIC agents.

• He is on a mission to “Pay Back to LIC” and decided to develop a community of Competent and Committed LIC Agents of international repute. To begin with he will train only 20 selected agents.
• You will be trained at our own training facilities at Corporate Centre, Nirmal Lifestyle, Mulund (w), equipped with well stocked library of Books, Audio and Video CDs on life Insurance and self development.
• You will be trained on Need Based Selling techniques.
• Your activities will be monitored regularly to insure that you achieve your desired target on time.

Our training program is designed in such a way that you will qualify for MDRT and Chairman Club Membership within 3 years of your agency. That means your income will be at least ₹ 1,00,000 per month within 3 years time. 

Best of Luck from JOBAYO !

 

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