Everybody knows what happens when a random individual comes up to us trying to sell insurance coverage. These people work as agents employed by LIC. For their labor, they receive a specific amount of commission. However, are you aware of the commission these guys receive? If you don’t know then keep on reading this article to know LIC Agent Commission Chart 2024.
What Is LIC Agent Commission?
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A LIC agent receives a number of additional benefits. The general public is sold insurance plans by LIC agents. They get paid a specific amount for each policy you buy from them in exchange.
The money they get is known as a commission, and it is earned after each premium that the individual insurance policy buyer pays. Additionally, the commission ratio changes depending on the type of insurance the agent sells.
LIC Agent Commission Percentage:
When we get any kind of policy done, then we have to get it done through an agent and the agent has to buy the policy for us. Because LIC agents know which policy will suit your requirements the best.
During the first phase, a lot of these insurance agents offer you prizes or the first and second installments on their behalf.
The larger your insurance, the greater the reward or prize you will receive. It also greatly helps the agent, and many of these agents also provide you cashback when you purchase a larger policy.
wherein a 20–30% payback offer is made to you on the first premium. You may have wondered somewhere along the line, “How much commission would a LIC agent get if we got this much offer?”
Commission Calculation For Reference For 1st Year:
Calculated using a 35% Commission rate, 2000Rs monthly premium for a policy.
If you sell 2 policies of rs.2000/- premium per month,
24 policies a year you will earn rs. 2,01,600/- commission for 1st year.
If you sell 4 policies of rs.2000/- premium per month,
48 policies a year you will earn rs 4,03,200/- commission for the 1st year.
If you sell 6 policies of rs.2000/- premium per month,
72 policies a year you will earn rs. 6,04,800/- commission for 1st year.
If you sell 8 policies of rs.2000/- premium per month,
96 policies a year you will earn rs. 806400/- commission for 1st year.
If you sell 10 policies of rs.2000/- premium per month,
120 policies a year you will earn rs. 10,08,000 commission for 1st year.
Conclusion:
As a LIC agent, you can earn a very nice living in many different ways. Selling insurance on your own time allows you to work reasonable hours and supplement your income.
It makes sense why so many people want to make insurance sales their full-time career when you compare it to working for someone else. To succeed, you also don’t need a lot of experience.