LIC Agent Commission - LIC Mumbai (2024)

FAQs

How much commission does a LIC agent get? ›

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.

The estimated take home salary of a LIC Agent at Life Insurance Corporation of India ranges between ₹ 15,455 per month to ₹ 17,062 per month in India.

An agent has to procure - EITHER OR OR 6 lives AND Rs. 50,000/- First Year Premium Income 12 lives Rs. 1 Lac First Year Premium Income.

The statistical data suggest the average income of an LIC agent to be Rs. 39,200/- to Rs. 67,000/- per month. The figure varies depending upon the number of policies an agent sells and amount of premiums paid by the policy holders.

Highest salary that a LIC Agent can earn is ₹3.7 Lakhs per year (₹30.8k per month).

An LIC agent is not a Government employee. He works merely on commission basis that is allowed to him only on number of effective insurance proposals. Devibala, This depends on the company policy.

LIC has reduced the educational qualification required for becoming an agent from 12th class to 10th. Among advantages of joining LIC as an agent include the option of working either full or part-time and unlimited earning. What is the process of becoming a LIC agent?

There are minimal barriers to becoming an LIC agent. If you have completed your 10th standard examination (secondary school) and are 18 years of age, you can apply to become an LIC agent.

The normal age of retirement shall be 60. But the Corporation may require any employee who has attained the age of 55 to retire if his efficiency is found to have been impaired."

Is LIC policy good through agent? ›

There are many advantages of buying an LIC policy through an agent. For example, the agent could enlighten you on the policy and its many benefits. Of course, at the same time you have to be careful as you could also be misled at times by the agent. It is better to read the terms of the policy carefully before buying.

The agent is paid 7.5 per cent of the amount paid by the policy holders (under standard tables and terms) as the second as well as the third year's premiums and continues to be paid renewal commission of 5% on every year's premium paid from the fourth year onwards. Renewal commission is payable on renewal premium.

Premium can be paid at the cash counter of any LIC Branch Office. Premium can be paid by CASH/CHEQUE/DD.

Agency commission is always a business and comes under the purview of the Head "Income from Business of Profession". Therefore commission that you earned as insurance agent will be treated as business income in ITR-4.

Ankur Agarwal, 19, earns Rs 40 lakh hawking insurance. He has sold life insurance business worth Rs 2.2 crore in terms of premium income and is the youngest highest-selling insurance agent in the world.

Am I eligible to become a LIC Agent? Basic eligibility qualification for the LIC Agent is 10th Pass. If you have SSC passing certificate and the necessary documents then you are eligible to become a LIC Agent.

LIC Agency is not a job . You become an agent to sell Insurance Policies of LIC . It is your own business where LIC provides you training and a Development officer mentors you . If you can give approx 25 hours per week and meet atleast 10 new prospects each week then you can earn approx Rs 50000 per month .

While an LIC agent automatically becomes eligible for a life-time pension in the form of commission she/he receives each and every time when any of the policies sold by him gets renewed by anyone from anywhere, the company also offers another equally lucrative retirement benefit to the LIC agents.

“If the policyholder is not satisfied with the service of an agent, he/she can change the agent and can select a new agent. In case of change in agent, the commission received on the premium will then be paid to the new agent,” Shah informed.

Is LIC agent self employed? ›

For Individual LIC Agents:

You can become an entreprenur with the freedom to be your own boss. You can choose your clients. No initial capital investment is required. LIC provides support to its agents in the form of sales and marketing tools.

It is stated that in view of Regulation 19 of the Life Insurance Corporation of India Agents Policy, an Agent is entitled to the commission even after the discontinuation of the agency if he has continuously worked as an Agent for at least 10 years.

Online insurance is cheaper than offline as no intermediary is involved during the process. For instance, a 30 year old individual wants to buy a term life insurance plan for 40 years policy term for Rs 1 crore cover.

You can also surrender it if you need cash and get a loan against it. However, the internal rate of return for most endowment plans, or traditional life insurance plans is only in the range of 4-5 per cent That is a return that does not even beat the rate of inflation. Hence LIC policies are a bad investment.

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.

Any one can Join LIC of India As An Insurance Advisor on Part Time or Full Time Basis.

To sum up, the LIC maturity amount is fully tax-exempt under Section 10(10D) unless the premium exceeds 10% (20% in case of policies issued after April 1, 2003) of the sum assured.

Although there is no age of retirement for an LIC agent, it rewards its agents with a gratuity of upto Rs. 3.00 Lakh on completion of qualifying tenure i.e. 15 years.

(5) In the event of the death of the agent while his agency subsists, any commission payable to him had he been alive, shall be paid to his nominee or, if no nomination is made or if subsisting to his heirs, so long as such commission would have been payable had the agent been alive, provided he had continually worked ...