LIC Jeevan Labh’s policy comes with two benefits. The first is the Vested Simple Revisionary Bonus and the second is the Final Additional Bonus. That is, the policyholder gets the benefit of two bonuses with this insurance. The minimum age to take this policy is 8 years. That is, children who have completed 8 years of age are considered eligible to take this policy.
This policy is sold with three types of periods. An individual can take this policy for 16 years, 21 years, and 25 years. People from 50 years to 59 years old can take this policy. This policy has a minimum limit of 2 lakhs and no maximum limit. You can take a plan above 2 lakhs in multiples of 10 thousand.
Let us know about the LIC’s Jeevan Labh policy one of the best-selling plans of LIC and also the LIC agent commission for Jeevan Utsav rate. To know the benefits of this policy, you can know about the sum assured or insurance of 2 lakhs. With this, you will get to know how much money you will receive at the time of maturity on insuring 2 lakhs and how much money will have to be paid as a monthly premium.
LIC’s Jeevan Labh Policy
Table of Contents
This is a non-linked policy called Jeevan Labh जीवन बीमा (LIC’s Jeevan Labh, 936). Because of this, this policy has nothing to do with the share market.
Whether the market goes up or down, it will not affect your money at all. That is, your money is completely safe in this scheme.
This is a Limited Premium Plan. This plan has been made keeping in mind the marriage of children, education, and purchase of property.
Features Of The Insurance Policy
1. People between the age group of 8 to 59 years can easily take this policy.
2. The policy term can be taken from 16 to 25 years.
3. A minimum sum assured of INR 2 lakh has to be taken.
4. There is no limit on the maximum amount.
5. Loan facility is also available on payment of a premium for 3 years.
6. Tax exemption on premium and the death of the policyholder, the nominee gets the benefits of Sum Assured and Bonus.
NOTE:
If the policyholder dies during the policy term and has paid all premiums till death, then his nominee gets Death Sum Assured, Simple Reversionary Bonus and Final Addition Bonus as Death Benefit. That is, the nominee will get additional sum insured.
Benefits Of LIC’s Jeevan Labh Insurance Policy
LIC’s Jeevan Labh plan offers several benefits to the policy holder as mentioned below:
Death Benefit
In case of the death of the insured, the nominee will be liable to receive the benefit in the form of a sum assured. In addition, any Simple Reversionary Bonus, as well as Final Additional Bonus, are paid to the nominee.
Maturity Benefit
This will happen if the policyholder survives the policy term. In such a scenario, the Sum Assured will be paid to the Life Assured as Maturity Benefit along with any Simple Reversionary Bonus as well as Final Additional Bonus.
Loan
It comes with a loan facility that you will able to complete the initial 3 years of the policy term and pay the premium regularly. The policy must also acquire a surrender value to be eligible for the loan facility.
Discount
It offers a discount of 2% on annual premiums and 1% on half-yearly premium payments. In addition, a rebate of 1.25% is given on the total sum assured if the sum insured is between INR 5 lakh to INR 9.9 lakh. A 1.50% discount on Basic Sum Assured is offered if Sum Assured is from INR 10 Lakh to INR 14.9 Lakh. If the sum insured is 15 lakhs and above, then a discount of 1.75% on the amount to be offered.
Tax Benefits
Premiums paid for LIC’s Jeevan Labh policy are exempted from income tax under section 80C of the Income Tax Act, 1961. In addition, the maturity amount received is also tax-free under section 10(10D).
Ideal Plan
LIC’s Jeevan Labh is a perfect plan if you want to plan your child’s education or marriage.
LIC Jeevan Labh Agent Commission Details
The commission earned by a LIC agent varies from insurance company to insurance company. We will learn about the LIC agent commission structure in India and how LIC agent commission is defined by companies. Know how you can become a LIC agent in India.
Insurance agents are the intermediaries between the insurance companies and the insurance policy takers. Keep reading Insurance Agents in India. These LIC agents may sell one type of policy or several types of insurance policies to customers.
Be sure to read up on the Guide to Tax Returns at LIC Agents. There are several types of insurance policies: health, life, property, disability, etc. But it’s better: to buy an insurance policy online or offline through an agent.
Commission Structure of Life Insurance Agents | LIC Agent Commission Details
Insurance agents earn a commission that is earned from the corporation. The commission that is earned depends on various factors:
It varies from insurance policy to insurance policy
It also depends on the term of the policy
The term of the policy and the type of policy (endowment, money back, etc.) will first determine the agent commission. You can also read How You Can Sell Insurance Policy Online. We will provide the information about the commission to be received by the Insurance Consultant.
But what are the steps you need to take to set up your insurance agency? The commission of the insurance agent is also based on the type of policy which is available on the website of the insurer.
The commission is adjusted by the following conditions:
For 15 years, the maximum commission an agent can get is around 25%
And the commission deducts around 5% after the 4th year.
For endowment natural policies of 15 years or more, the first year’s commission of 25% and a bonus commission to the extent of 10% on the first year’s premium is the same.
Keep yourself informed on Life Insurance vs Mutual Funds.
35% is payable if the agent is eligible for the bonus.
Otherwise, a maximum of 25% is payable on the first-year premium.
In addition, LIC pays repeated LIC commissions for the sale of insurance plans.
LIC Agent Commission
1. LIC’s Jeevan Labh Plan feature policy gives both profit and protection.
For a single premium category
An agent will get 2% for a personal life product from LIC policies
7.5% for products with personal net risk
2% for individual immediate and deferred annuity products
5% for group net risk products
Pure Risk Regular Premium Products
The first-year commission will be 40%
10% for each renewal premium
Regular premium products bundled with investment
The commission will be 15% for the first 5 years. This commission will be 35% over 12 years.
There is also a renewal premium of 7.5% per annum.
Hence from the 12th year onwards, the commission will be 42.5% per annum.
ENDOWMENT PLAN TYPE LIC AGENT COMMISSION CHART
1st year:10000 X 25% – 2500
Bonus : 2500 X 40% – 1000
2nd Year: 10000 X 7.5% – 750
3rd Year: 10000 X 7.5% – 750
4th Year: 10000 X 5% – 500
5th Year: 10000 X 5% – 500
6th Year: 10000 X 5% – 500
7th Year: 10000 X 5% – 500
8th Year: 10000 X 5% – 500
9th Year: 10000 X 5% – 500
10th Year: 10000 X 5% – 500
11th year:10000 X 5% – 500
12th Year: 10000 X 5% – 500
13th Year: 10000 X 5% – 500
14th year:10000 X 5% – 500
15th year:10000 X 5% – 500
16th Year: 10000 X 5% – 500
17th Year: 10000 X 5% – 500
18th Year: 10000 X 5% – 500
19th year:10000 X 5% – 500
20th year:10000 X 5% – 500
Total:- 13500
MONEY BACK TYPE LIC AGENT COMMISSION CHAR
1st year:10000 X 15% – 1500
Bonus : 1500 X 40% – 600
2nd year: 10000 X 10% – 1000
3rd Year: 10000 X 10% – 1000
4th Year: 10000 X 6% – 600
5th Year: 10000 X 6% – 600
6th Year: 10000 X 6% – 600
7th year:10000 X 6% – 600
8th Year: 10000 X 6% – 600
9th year:10000 X 6% – 600
10th Year: 10000 X 6% – 600
11th year:10000 X 6% – 600
12th Year: 10000 X 6% – 600
13th year:10000 X 6% – 600
14th year: 10000 X 6% – 600
15th year:10000 X 6% – 600
16th Year: 10000 X 6% – 600
17th year:10000 X 6% – 600
18th Year: 10000 X 6% – 600
19th year:10000 X 6% – 600
20th year:10000 X 6% – 600
Total:- 14300
LIC Agent Eligibility Requirement to Become An Agent
If we talk about qualifications, 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 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 can persuade someone to get insurance?
The education limit 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 a 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.
How To Become An LIC Agent?
Life Insurance Corporation of India is an institution, by joining which people are protecting their lives as well as the lives of other people. This organization is being run for the last 50 years. You can also join this organization and do a part-time job by becoming an agent, but for this, you will have to apply online.
1. To become a LIC agent, you should go to the nearest branch of your area and contact the development officer of your area.
2. After this you submit your application form to the Development Officer and then wait for your interview when called by them.
3. Then a date is fixed for the interview by the branch manager under which the applicants are invited.
4. After this the applicants who are successful in the interview, are selected for the training.
5. After the process of training is over, the applicant has to pass an examination, after achieving success, the applicant is handed over the agent’s license, after which you start working under the development officer of your area.
Required Documents to Become LIC Agent
To become a 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 this, your education level will be confirmed. If someone is a graduate then he can apply for his degree also.
As identity proof, you can attach a photocopy of your 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 government-certified residence certificate. If you want to give 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 insurance company, a PAN card is asked for, similarly, a PAN card is demanded in the documents required to become a LIC agent.
Procedure To Become A LIC Agent
Here we are providing the different procedures to become a LIC agent and get a LIC agent commission by selling policies from LIC of India like term insurance, endowment plans, money-back insurance plan, accidental insurance,
LIC Agent Code Offline Process
After online registration, you will have to go to any of your nearest LIC offices 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 to get an agency code, 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 for 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 procedures and terms and conditions will be explained to you during this contact. After doing the online registration process, you get only the initial information online. After which you have to go to LIC’s office to get other information.
LIC Agent Training Online
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 and Development Authority) online exam (LIC agent online exam registration)
IRDA (Insurance Regulatory Development Authority) online exam will be conducted to test what you learned during the 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 an insurance agent by IRDA. After which you will be given a license and login ID. After getting the license you will officially become an agent of LIC.
What to do after becoming a 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, efforts have to be made 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 work.
Not only this, but 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 yearly.
Tips To Be A Successful LIC Agent
Life Insurance Corporation of India has an attractive LIC agent commission chart over endowment plans, life cover, all the premiums, and LIC plans. But not everyone succeeds to get higher LIC agents commission. Below we are providing a list of tips to become a successful Life Insurance Corporation of India or LIC Agent.
Always Keep Learning:
A LIC agent must be up to date with changes in tax and insurance laws. This can be achieved by attending conferences and seminars sponsored by various insurance organizations.
Then the agent will have to be a one-stop destination where one can get detailed information about financial services and insurance products.
Gain Some Competitive Edge:
With the advent of the Internet, every business is now expanding only through online services. Therefore, an insurance agent has to create an online platform where customers can stay in touch with their agents and get daily updates/information about investments. An effective insurance agent can have an advertising policy to market the offer.
Provide Good Customer Service:
Last but not least, most customers do not trust offline agents. Therefore, it is important to have effective communication and build a good level of trust with customers in the pre-sales and after-sales of insurance products.
For this, you can appoint a customer service executive who will handle the customer’s requests and any queries for the same.
BOTTOM LINE:
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 a LIC agent, you need to know 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 allows you 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.
FAQ:
Q. What Services does a LIC agent provide?
A. Insurance agents can provide services like risk management, claims counseling, risk mitigation, risk advisory, risk audit, etc.
Q. Do I Have To Pay To Become An LIC Agent?
A. There is no such cost associated with becoming an insurance agent, although there are some expenses involved if one wishes to sell insurance.
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