LIC Agent Commission Chart 2023Nowadays everyone gets LIC policy done for their safe future and for the future of their family. You too must have heard about LIC policies sometime. There must be life insurance plans for someone in your house.

You can easily buy LIC insurance policies for yourself and your family from any agent (एलआईसी एजेंट) who is always there selling policies to people.

Then at that time, a question would always come to your mind how much commission does a LIC agent get? Or if you want to become an agent yourself and there is a question in your mind how much commission does a LIC agent get from the LIC office?

Then you must read this article till the end because today I am going to tell you in full detail about LIC Agent Commission Chart 2023 here. Today I will also inform you how much commission will be available in the first installment and second installments as per the LIC agent commission calculator.

What is Life Insurance?

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Before knowing about LIC Commission calculator, first of all, we need to know what is LIC insurance or life insurance because there are still many people who do not know what life insurance means.

So, first of all, we know life insurance and it is very important for us because life insurance can be very useful for us in the coming times. If we talk about what is life insurance then life insurance is such a means which will be very useful in the future.

In life insurance, insurance is done to meet the loss that a person suffers due to the occurrence of bad events. All the big insurance companies promise to provide a very good amount to the insurance holder or the nominee.

If we understand it in very simple language, then life insurance is paperwork that is done between the insurance holder and the insurance company, it is very safe, and in this, your money does not sink at all.

All the companies with life insurance, help the insurance holder completely on the death of the insurance holder or the accident that happens to the insurance holder, and the amount is also given.

To get this benefit, the insurance holder has to deposit a specified amount in the life insurance company at a specified time. It can be a single premium or you can choose a monthly, quarterly, half-yearly, or yearly premium paying term.

Also Read: MDRT India – Complete Information On LIC MDRT

LIC Agent Commission Percentage

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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 our requirements the best. You must have noticed that whenever you take any major insurance policy, LIC agents come and help you out with their proper knowledge and previous experience.

So in the initial phase, many such insurance agents offer you the first and second installments on their behalf or offer many prizes.

The bigger your policy is, the bigger the reward or prize you will get, it also benefits the agent a lot and along with this, many such agents also offer you cashback on buying a bigger policy.

In which you get an offer of getting a cashback of 20 to 30% on the first premium. Somewhere this question must have come into your mind when we get this much offer then how much commission a LIC agent would get?

Let us then understand through the table how much commission a LIC agent gets. Note one thing, the commission received by any LIC agent depends on the type of the policy.

This is the lic agent commission chart 2023 which he receives every year through a policy.

Also Read: LIC Jeevan Labh Agent Commission Details

LIC Agent Commission Rates For FIRST Year:

  1. New Endowment Policy: 25%
  2. Money Back Policy: 20%
  3. Pension Policy: 2%
  4. Term Policy: 25%
  5. Health Insurance Policy: 25%
  6. Child Policies: 25%

Commission Calculation For Reference for FIRST Year:

Calculated using a 35% Commission rate, INR 2000/- monthly premium for a policy.

  • In case an agent sells 2 plans of INR 2000/- premium each month, meaning 24 plans per year, then the agent will get INR 2,01,600/- commission for the FIRST year.
  • In case an agent sells 4 plans of INR 2000/- premium each month, meaning 48 plans per year, then the agent will get INR 4,03,200/- commission for the FIRST year.
  • In case an agent sells 6 plans of INR 2000/- premium each month, meaning 72 plans per year, then the agent will get INR 6,04,800/- commission for the FIRST year.
  • In case an agent sells 8 plans of INR 2000/- premium each month, meaning 96 plans per year, then the agent will get INR 806400/- commission for the FIRST year.
  • In case an agent sells 10 plans of INR 2000/- premium each month, meaning 120 plans per year, then the agent will get INR 10,08,000 commission for the FIRST year.

Also Read: How To Become an LIC Agent

Endowment Plan LIC Agent Commission Chart For 2023

Premium Paying Term 1st Year After 1st Year
2-4 years 5% 2.25%

5-9 years 10% 5%

10-14 years 20% 7.5% (2 & 3 years), 5% (4th year onwards)

15 yrs and above 25% 7.5% (2 & 3 years), 5% (4th year onwards)

LIC Agent Commissions on Money Back Plan

Premium Paying Term 1st Year After 1st Year

As per Policy 15% 10% (2 & 3 years), 6% (4th year onwards)

12 years 15% 8% (2 & 3 years), 6% (4th year onwards)

LIC Agent Commissions on Children Plan

Premium Paying Term 1st Year After 1st Year

2-4 years 5% 2%

5-9 years 7.5% 5%

Over 9 years 10% 5%

Commission on Pension Plan

Single-Premium Plans – 2% of the total single premium amount

Other than a single premium plan

Premium Paying Term 1st Year After 1st Year

2-4 years 5% 2%

Over 4 years 7.5% 2%

Also Read: 5 Best LIC Policy

Benefits for LIC Agents

As a LIC Agent, you’ll be a real entrepreneur. You’ve got the space to become your boss: simply work on your time for yourself, select your customers, and earn your own money as commission. And you get all of these, without investing any initial capital. Let’s see other benefits of becoming a LIC agent. You can also get an LIC agent benefits pdf online to check the commission chart.

35% Commissions on FIRST-Year Premium Paid

Profit greatly from the insurance coverage. You will receive a commission of 35% on the first year’s premium, 7.5% for the second and third years, and 5% until the policy expires.

Lowest Interest Loan Just for LIC Agents

You’ll be given an interest-free loan (0% interest) for buying a laptop, a home loan with interest ranging from 5% to 7.5%, and an alluring loan for two and four-wheelers.

Flexible Working Times

You can choose to work full- or part-time as a LIC agent, depending on your schedule. With your current position, you can even work as an agent, providing you with complete work flexibility.

Gratuity Around 2 Lacks & Complete Mediclaim Cover

You are eligible for gratuity and complete medical coverage from LIC as an agent.

Full Training And Awards from The LIC Company

The LIC Training Officer or LIC development officer will provide you with comprehensive training so you can work better and succeed in your career. Awarded annually are the finest performing agents as well.

Unlimited Revenue Chances

As an LIC agent, you have no income limit and can be paid based on performance. Top performers join the Million Dollar Round Table, a global organization that honors the most prosperous insurance agents in the world.

Also Read: Honest Review of Bima Kiran Policy no 111

LIC Agent Target New Rules

The MBG Criteria (Minimum Business Guarantee norms) to be performed by agents now:

An agent needs to procure –

EITHER 50,000/- FYPI AND 6 lives OR 1 Lac FYPI. AND  12 lives.

Despite the foregoing, an agent shall be free from drawing in the business expected of him if he has continuously served as an agent for the Corporation for a period of:

  • Not younger than 21; or
  • The person must be alive for at least 15 years and be at least 55 years old; or
  • There is a business operating in the Corporation’s books under his agency for the next fifteen years and any time after that, producing a renewal premium revenue of at least Rs. 2,000,000 annually.

FINAL WORDS

As a LIC agent, there are numerous ways to make a very good income. You get to work manageable hours and earn extra income by selling insurance on your own time.

When you contrast that with working for someone else, it makes sense why so many people decide to make insurance sales their full-time profession. It also doesn’t require a lot of expertise to succeed.

The majority of agents accomplish their first milestones in a matter of months, and some have even been known to earn 6-figures before their third year has even begun. If you work hard and have the freedom to select where and when you work, you can succeed for yourself.

FAQ
Q. How much commission does a LIC agent get?

A. The earnings have no restrictions. LIC agents are paid based on how well they perform. For example, LIC Bima Jyoti agent commission is around 25% to 35%.

Q. What is the yearly target for LIC agents?

A. 1.50 Lakhs in new policy premiums are collected annually with a minimum of 12 policies.

Q. When do I get the commission?

A. Following 15 days from the policy transaction, you will receive your commission. Your bank account will receive the commission deposit.

Q. Is there any fixed salary for the Agents?

A. The LIC does not pay its agents a fixed remuneration. However, agents receive a commission for the insurance they sell. For the first year, LIC offers a commission of 25% to 35% on the policy premium, followed by 7.5% for the second and third years, and 5% till the policy’s maturity.

Q. How much LIC agents are compensated?

A. In India, the beginning salary for a LIC agent is approximately INR 0.2 Lakh ($1.7 K) annually. Being a LIC Agent doesn’t require any prior experience. What is the LIC Agent’s maximum annual income in India? The maximum yearly salary for LIC agents is 5.9 lakhs rupees or 49.2 thousand rupees per month.

Q. What is the retirement age for a life insurance agent?

A. In India, 55 to 60 years old is considered to be the ideal retirement age. A LIC agent does not have a pensionable age, but upon completing their 15-year acceptable length of service, they are eligible for a gratuity of up to 3 lacks.

Q. Is an LIC Agent a full-time job?

A. People who work as LIC agents have greater control over their work schedules than those who hold a typical full-time position. As long as they achieve their goals, LIC agents are free to work according to their desired timetable.

Q. What’s the Role of An Agent in LIC?

A. A substantial source of revenue for the business is a LIC agent. The LIC representatives build, maintain, and update customers who invest in the company by purchasing different policies. Because of this, hiring companies take great care when selecting their agents.

Q. Does the LIC agent target a real thing?

A. Of course, to get a commission, LIC (Life Insurance Corporation) agents need to fulfill a certain target. Whether the agent wants to get a general insurance agent commission or a LIC housing finance agent commission chart, he should fulfill the target first. 

Q. What is the post office agent commission chart 2023?

A. Here is the chart for post office agent commission 2023

Post Office Agent Commission Chart 2023 (पोस्ट ऑफिस एजेंट कमीशन चार्ट 2023)
Scheme NameCommission Rate
Savings DepositNA
FD (Fixed Deposit)0.5 Percent
TD (Time Deposit)0.5 Percent
Senior Citizen’s Savings SchemeNA
RD (Recurring deposits)4 Percent
MIS (Monthly Income Scheme)0.5 Percent
NSC (National Savings Certificate) (5 years)0.5 Percent
KVP (Kisan Vikas Patra)0.5 Percent
PPF (Public Provident Fund)NA
Sukanya Samriddhi Account SchemeNA
Q. Can I Get the LIC Jeevan Umang Commission Chart?

A. Yes, of course, you can get any commission chart online. You can also find the SIIP LIC Agent Commission Chart, SBI Life Agent Commission Chart 2023, and even the contact list of LIC Agents pdf online, LIC agent fees, and LIC agent average income.

Q. Is There Any LIC MDRT target 2023?

A. Yes, based on 2022’s income, premium, and commission, LIC MDRT has a fixed target for this year.

Q. Can I get the MDRT Agent List PDF Online?

A. Yes, from the official website of MDRT, you can get the PDF. However, if you see an error establishing while downloading the PDF then you might ask for the PDF from an agent.

Q. How to Calculate LIC Agent Gratuity?

A. For the first 15 eligible years, gratuity will be available at the qualified rate for each eligible year; for the following 10, it will be receivable at half the eligible rate. The maximum gratuity that may be received is INR 300,000.

Q. Is there any chart for the HDFC life insurance company agent commission?

A. From roughly 1.0 lakhs per year for an Agency Partner to 88.6 lakhs per year for a Senior Vice President, that is the range of the typical HDFC Life income.

Q. Can I get the LIC agent list in Kolkata PDF?

A. There is no official PDF available for the life insurance agents’ list. Nevertheless, you can easily get the contact details of LIC agents with proper service details.

Q. How to avoid LIC agent commission?

A. To avoid LIC agent commission, you can buy your policy directly from the company online.

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