Do LIC Agents Get Salary?

Who can be 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 selling insurance hard?

So yes, it is a difficult job, but it can be tremendously lucrative if you get out daily, treat it as an opportunity not to sell but to HELP as many individuals and their families as possible, and HAVE FUN.

Why do insurance agents quit?

The number one secondary reason agents quit selling insurance was that they ran out of money. The second most common secondary reason agents failed selling insurance was that they ran out of prospects to sell to. The third reason was the agency wasn’t a good fit. And the fourth was personal issues.

How can I become a LIC officer?

Candidates with a bachelor’s degree in any discipline can apply for LIC ADO exam. Not less than 4 years as an agent or other than agent(such as DSE/FSE) and has brought a net First Year Premium Income of not less than 1,00,000/- on 50 lives per year in any 3 of the immediately preceding 4 financial years.

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. … So the higher the premium you pay, the more the agent benefits.

What is the income of LIC agent?

LIC AGENT SalariesJob TitleSalaryLife Insurance Corporation of India LIC AGENT salaries – 2 salaries reported₹ 20,819/moLife Insurance Corporation of India LIC AGENT salaries – 1 salaries reported₹ 13,654/moLife Insurance Corporation of India LIC Development Officer salaries – 14 salaries reported₹ 49,631/mo7 more rows

Do insurance agents make a base salary?

The salaries of insurance agents are often made up of base salary plus commissions and/or bonuses. Independent insurance agents are usually paid commission only, while captive insurance agents are usually offered a base salary and smaller commissions or bonuses.

Is it good to become LIC agent?

2] Attractive Remuneration: LIC offers one of the best remuneration systems in the industry that not only takes care of your current earnings, but also guarantees an earning for the future. As 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.

Can I buy LIC without agent?

Can I buy LIC without an agent? A. An agent’s commission is included in your premium in an insurance policy sold through an agent. At the same time, buying insurance from the LIC website directly, you can buy LIC policy online without an agent as well as without added commission of the agent.

Can a govt employee become LIC agent?

It’s not possible. According to the rule of LIC no state or central govt. Employee or one who works in govt. Sponsored institution like schools, permanent panchayat or municipality staff can’t join LIC as an agent.

Can a government employee do private job?

No, A government employee is not allowed to run a private business, neither is he allowed to work anywhere else as a part-time or full-time employee. This is against government rule and hence person who is found can be charged for breaking the law.

Can government employee do trading?

Service rules say no government servant shall speculate in any stock, share or other investment. It has also been explained in the service rules that frequent purchase or sale or both, of share, securities or others investments shall be deemed to be speculation.

Who is the highest paid insurance agent?

Gideon du PlessisGideon du Plessis failed in the 10th standard and never went to college. He is today the highest earning insurance agent in the world, with annual commissions amounting to Rs 7 crore (Rs 70 million) plus.

How do I start selling insurance?

How to Become an Insurance AgentStep 1: Decide What Kind of Insurance You Want to Sell. … Step 2: Understand the General Requirements. … Step 3: Decide on a State and Find Out Its Requirements. … Step 4: Research Agencies. … Step 5: Pass Your State Exam and Apply at Insurance Agencies.

Do LIC agents get pension?

The special pension plan for its agents who earn commissions of more than 1 lakh per year may benefit about five lakh-odd agents who could be the main target of private companies, many of whom are struggling to profit. … “LIC has about 14 lakh agents of which about 30-40% earn commissions of more than a lakh.

What if my LIC agent dies?

In case of agent’s death while his agency subsists, after agency was in force for two years or over, renewal commission will continue to be payable to his heirs or nominee provided there was a business of not less than Rs. 1 lakh in force at the time of death.

Is there any target for LIC agent?

An LIC agent is required to sell minimum 12 policies per year, and if he fails to achieve this, he has an option to complete the target in another one year. But in the third year, if he fails to get 36 policies, his registration gets cancelled.

Can bank employee become LIC agent?

No, A Bank Employee can’t! If it is a Pvt Bank, obtain the permission from Bank Authority then only he can apply! Any Employee If Interested he can take on his Spouse Name! Provided His Spouse with SSc or Intermediate Qualification! … Afterwards She will get LICENCE to act/work as LIC Agent!