LIC Insurance Company of India makes its agents to promote its business and to make its insurance related plans accessible to the common people. These agents act as an intermediary between the company and the client. At the same time, if any person wants to become an agent, then he can become and earn money. But for this first you have to prove your eligibility in front of the company, only after which LIC gives you a license to become an agent of the company. After getting the license, you officially become an agent of the LIC company.
LIC Means
LIC of India is known as Life Insurance Corporation of India. At the same time, the full name of LIC in English language is Life Insurance Corporation of India.
Qualification Required To Becoming LIC Agent
- If we talk about qualification, then along with education, you should have the power to talk to people and change their thinking with your words. Because due to this you can move forward in this business. So first of all check yourself whether you find it easy to talk with other people or not and how well you can speak in front of others. Along with this, how soon you are able to persuade someone to get insurance.
- The limit of education of the applicant has been kept minimum 12th, but it is necessary for the applicant that he has studied his twelfth only from a board certified by the government. At the same time there is no restriction on higher education for qualification, meaning a student or person from any stream (class) after class XII can apply to become an LIC agent.
- At the same time, there is no rule on the maximum age limit but the minimum age should be 18 years. That is, only after completing 18 years, a person can apply to become an LIC agent.
- Along with these, it is also beneficial to have patience and positive thinking, LIC becomes its agent to those people who want to make their future in the field of marketing.
Procedure to become a LIC agent
- LIC agent registration process
After online registration, you will have to go to any of your nearest LIC office and contact the officials. Where your documents will be verified. After which an interview will be taken by the manager of the branch there. However, after applying through any process online or offline, this process has to be done. In offline you can do both the registration and verification process simultaneously.
- LIC agent recruitment online registration
For online registration, you can register directly by visiting this link https://agencycareer.licindia.in/agt_req/. After clicking on it, a page will open and on this page you will be asked your email, name and address, mobile number and date of birth. After this, the LIC employees make a phone call or email to you. Further procedure and terms and conditions will be explained to you during this contact. After doing the online registration process, you get only the initial information through online. After which you have to go to LIC’s office to get other information.
- LIC Agent Online Training
Your aptitude and ability will be tested in the next step. After that, if you pass the interview conducted by the branch manager, you will be sent for training at a nearby agency training center. However, you can also take this training online. The duration of this training is only 25 hours.
- IRDA (Insurance regulatory end development authority) Online test
IRDA (Insurance Regulatory Development Authority) online test will be conducted to test what you learned during training and what you know about insurance and policies. You will be included in the further process only if you have secured at least 35 percent marks in this exam.
- LIC Agent License
After completing all these procedures, you will be declared as an insurance agent by IRDA. After which you will be given license and login ID. After getting the license you will officially become an agent of LIC.
Necessary Required Documents To Become LIC Agent
- To become an LIC agent, you will have to submit some documents, in which first you will be asked for 3 small passport size photographs. Out of which one photo will be used to make your ID card.
- To check your date of birth, you may be asked for a photocopy of your birth certificate or your 10th class mark sheet. Along with this, you will also be asked for a photocopy of your 12th class mark sheet. Through which your education level will be confirmed. If someone is a graduate then he can apply for his degree also.
- As an identity proof, you can attach a photocopy of Voter ID, Passport, Driving License or Aadhar Card. Whereas for proof of residence, you can also submit a ration card, electricity bill, bank statement or a government-certified residence certificate. If you want to give a proof of residence and identity, then submit a copy of the passport or driving license deposit.
- It is often seen that when you go to work in any company, PAN card is definitely asked, similarly PAN card is demanded in the documents required to become an LIC agent.
Benefits of becoming a LIC agent
- Excessive revenue Of Like
If you are able to earn less money from your one job, then becoming an agent of LIC can become a good source of additional income for you. For this you do not need to leave your current job. You can do this by giving time according to your own, because you decide the time to work in it yourself.
- Permanent job Of form Feather
On the other hand, if you think that you can earn or work in this field only, so that all your necessary expenses can be met. Then you can keep it running like your permanent job also. The biggest advantage of this is that you work whenever you want, when you do not want to do it, no one will question you.
- How much commission does a LIC agent get?
If a customer insures himself through you, then you get a commission ranging from 2 percent to 25 percent in the first year. However, this amount varies according to the terms and conditions of the policy. Not only this, you keep getting this commission till the maturity of the insurance. But the commission percentage keeps on decreasing little by little. Which decreases to about 2 to 7.5 percent in the second year. According to the rules, the percentage of commission decreases a little every year.
- LIC agent salary
There is no salary after becoming an LIC agent, but you can earn countless money through commission. According to statistics, many top LIC agents earn up to Rs crore within a year. Simply put, the more insurance clients you get the company, the more your income increases, which is received in the form of commissions and bonuses.
- Dialogue to do In Improvement
Through this job, you also get a chance to groom your personality, because you get to meet different types of people in a short time. Not only this, you also get a good knowledge of financial intelligence. Due to which you become able to deal easily with your and family’s financial problems.
- Gratuity come on pension of the gain
Once you become an agent of LIC then the company starts thinking about you in every way. The benefit of which you get in the form of pension after retirement. You get this gratuity only when you attain the age of 60 or 65 years, this amount is received through Swavalamban and Support Scheme. But to be eligible for Gratuity, you have to work continuously for an insurance company for at least 15 years. Not only this, the maximum limit of this amount has been kept at Rs 2 lakh.
Disadvantages of becoming a LIC agent
Need To Meet Required Target
For example, to do every marketing job, you have to achieve a target. Similarly, LIC also has MBG i.e. Minimum Business Guarantee, under which you have to meet a minimum target of 6 lives with a premium of 50 thousand, or a premium of 1 lakh in total. With this you have to save 12 lives in the third way. Lives means that the insurance that you have taken has to be saved from closure. Meaning it will be your responsibility to deposit money from your customer on time and this goal is for only one year of the insurance agency. It is simple if you want to save your license, then you have to fulfill the given target of the company, otherwise you will be considered as an inactive agent.
Vulnerable career
Even after becoming an LIC agent, you do not get any fixed salary, due to which you will always be worried about not getting new customers. Because the company’s target has to be fulfilled every year. Along with this, the chances of getting a good position in the career are less, there is no confidence when your income from above becomes zero.
What happens after becoming an LIC agent?
- If you become its agent, then you have to meet new people and give them complete details of your company’s policies and plans, for example, you have to explain to people about health insurance, life insurance and savings scheme. Along with this, it has to be tried that the customer gets to know all the terms of the company in a good way. So that there will never be any problem in the further process and the client does not have to face any problem in any way.
- After becoming an agent, you have to find people who want to get insurance, in other words, you have to go to the people and convince them to get them insured. After this, you are also responsible for their documents and other works.
- Not only this, you also have to keep an account of the money and installments deposited by the insured customer. Apart from this, the money of the customers has to be deposited in the office of LIC. You will have to do this every month or yearly, although it depends on the insured that he will pay his installments in the month or in the yearly.
Life Insurance Corporation of India is a good company, so there is a lot to learn from working in it. There is no doubt that stepping into this career is not free from danger. But it is also true that the greater the danger, the greater the achievements. Simply put, before becoming an LIC agent, it is important for you to know that how good is your power to convince and convince others. Because this is where talent can make you a successful agent. Not only this, this job gives you an opportunity to become financially and mentally strong and you become capable of winning by fighting the challenges in your life easily. If you talk about its target, then you can easily accomplish it with a little hard work. Because Life Insurance Corporation of India is India’s most trusted insurance policy selling company, which was established by the Government of India on September 1, 1956.
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