Career As LIC Agent

LIFE INSURANCE CORPORATION OF INDIA
IS ITSELF A BRAND AND EVERYONE KNOWS
ABOUT THE GROWTH AND ITS VARIOUS
ASPECTS BUT HERE ARE SOME OF THE
FACTS EVERYONE NEEDS TO KNOW ABOUT
LIC.
http://www.fromheretowhere.in/ Rajeev Sood : 9855528767

Introduction
Rajeev Sood started his career in 1999 as Development Officer in
Parwanoo (Himachal Pradesh) branch, he did tremendously great
work there and then he took on Request transfer to Chandigarh in
2007 started from scratch. Within 3 years he got qualified for SBA
(Senior Business Associate) and has a team of 200+ agents till now.

Rajeev Sood and his team's achievements
 Produced First MDRT agent of branch
 Has two MDRT Qualifiers since last 4 years
 Two Zonal Manager Club Members
 Two Divisional Manager Club Members
 One Branch Manager Club Member

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.http://www.fromheretowhere.in/ Rajeev Sood : 9855528767

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:
• The LIC products that you are going to market are the necessity of
every individual, as they are important part in financial planning.
• There exists a huge untapped potential in India in insurance market.
This is YOUNG India. Career of youths will gain employment in
next decade or so. According to a international source report on
Indian insurance industry, a 7 times increase in the premium is
expected within next 10 yrs. & there is a need of Lakhs of new
financial advisors (agents).
• Agent earns attractive 1st year commission and a renewal
commission till the end of the tenure of a policy.
• Besides commissions, agent becomes eligible for gratuity & group
insurance.

 There are Club memberships, allowances, car-housing loan
facilities available for deserving agents. Agent gets a chance to
tour nationally and internationally.
 LIC agency gives freedom to agent to work full time or part time.
Agent can meet anybody, he can work anywhere and earn at
anytime of the day.
 There is no financial capital required to start this profession.
There are no hard-pressed targets to achieve. Thus any body who
wants to try his luck can enter & test the water.
 Agent becomes public personality, earns fame for himself, creates
unique identity in society. This profession improves your skills,
public speaking, human relations & attitude.

 Agent can use his relations, his intellect, education, position
to his advantage.
 LIC uses advanced technology across all it's offices. This
makes agent's job very easy. (LIC has a reach all across
country with more than 3000 offices, centers. LIC is one of
the top IT users in India. Thus, even if any of your clients
gets transferred to other place, he gets service near his door.)
 Above all, this profession is a service to mankind as agent's
job ensures welfare of the individuals, families, children of
our society. Thus, besides creation of sustained wealth for
himself, job satisfaction & respect in the public eye are
evident in the agent's

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.

Market Potential
 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.

Remuneration
 The remuneration will be paid to you in the form of Commission
as percentage of premium collected through the policies sold by
you.
 It is not a one time commission on a sale made by you.
 It provides you the royalty income through out the term of policy.
 As long as policy holder pays the Premium you will get the
commission.
 Moreover this commission is hereditary i.e. it will be paid to your
nominees even after your death.

Remuneration
 The Commission rates on regular premium policies are as under:
 First year Commission : 4% to 25% depending up on the type &
term of the policy.
Bonus Commission : 40% of first year commission.
 Renewal Commission:
 2nd and 3rd year of policy: 2% to 7.50% depending up on the
type and term of policy.
4th year onwards : 2% to 5% depending up on the type and term
of policy.
 Example of Commission on Endowment type of policy of Term
15 years and above:
 1st Year Commission : 25% of Premium.
Bonus Commission : 40% of first year Commission (i.e. 10% of
Premium)
Total 1st Year Commission : 35% of Premium

Remuneration
 Renewal Commission:
 2nd & 3rd Year of policy : 7.5% of Premium
4th Year onwards: 5% of Premium

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.

 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 equipment's.
 Interest free advance for Training.
 Interest free Festival Advance.
 Housing loan at concessional rate of interest.
 Term Insurance and Medical benefits.
 Guest house facility throughout India at concessional rates as
applicable to employees.
 Annual Convention.
 Attestation authority.
Additional Benefits

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.

Reach and Range
 Central Office: Mumbai
 8 Zonal Offices: Mumbai, Delhi, Kolkata, Chennai, Bhopal,
Kanpur, Hyderabad and Patna.
 113 Divisional Offices throughout country.
 2048 Branch Offices at various places.
 1346 Satellite Sam park 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.

Social Responsibility
 LIC offers life insurance protection under group policies to
various groups such as employer-employee, co-operatives,
weaker sections of society etc. and insurance coverage to people
below poverty line at subsidized rates under social security group
schemes like ‘Janashree Bima Yojana’ & ‘Aam Aadmi Bima
Yojana’ .
 The scheme ‘Shiksha Sahayog Yojana’ is a free add-on
scholarship benefit that is available for the children of the
members who are covered under Janashree Bima Yojana.

Policies to be Guaranteed by The Central
Government
 The sum assured of all policies issued by LIC of India including
any bonuses declared in respect thereof and, subject to the
provisions contained in section 14 the amounts assured by all
policies issued by any insurer the liabilities of which have vested
in the LIC of India under this Act, and all bonuses declared in
respect thereof, whether before of after the appointed day, shall
be guaranteed as to payment in cash by the Central Government.
Under -Section 37 of LIC ACT, 1956

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

Contact Us
 Mr. Rajeev Sood
(Senior Business Associate)
Mobile:+91-9855528767
email: rajeevsood2000@gmail.com

Career As LIC Agent

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