LIC Jeevan Labh Agent Commission Chart offered by LIC Jeevan Labh has two advantages. The Vested Simple Revisionary Bonus is the first, and the Final Additional Bonus is the second. In other words, this insurance provides the policyholder with two bonuses. It takes eight years to be eligible for this policy. In other words, children who turn 8 years old this year are deemed eligible to enroll in this policy. So, let’s know about the LIC Jeevan Labh agent commission chart.
Benefits of LIC Jeevan Labh:
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LIC Jeevan Labh plan offers several benefits as mentioned below:
Death Benefit: In case of death of the insured person, the nominee will be liable to receive the following benefits:
Sum Assured (not less than 105% of all premiums paid)
Any Simple Revolutionary Bonus (which is 10 times the annual premium, or basic sum assured).
A final Additional Bonus, if any, will be paid to the nominee.
Maturity Benefit: When the policyholder survives the policy term, the insured person will get the following benefits:
Sum Assured on Maturity
Any Simple Revolutionary Bonus (declared based on LIC’s experience)
Final Additional Bonus (if any).
Discount: LIC is popular for serving several perks to its customers in the form of discounts.
Discount based on premium payment mode:
Annual Mode: 2% of the table premium.
Half-Yearly Mode: 1% of the table premium.
Discount based on higher Basic Sum Assured chosen:
Rs 5 lakh to Rs 9.9 lakh: 1.25% of Basic Sum Assured 1.25% of Basic Sum Assured will be provided per Rs 10,000.
Rs 5 lakh to Rs 9.95 lakh: 1.50% of the basic sum assured per Rs 10,000 will be provided.
Rs 15 lakh and above: 1.75% of the basic sum assured per Rs 10,000 will be provided.
Loan: LIC Jeevan Labh Plan comes with a loan facility.
A loan can be taken against the policy if the policy premiums have been paid regularly for the first 3 years.
For in-force policies, the maximum loan that can be taken is 90% of the surrender value.
For paid-up policies, the maximum loan that can be taken is 80% of the surrender value.
The interest rate for the loan will be decided by LIC on a case-by-case basis.
LIC Jeevan Labh Agent Commission Chart:
According to the company’s website, if a customer takes a 20-year policy and deposits a premium of Rs 10,000 every year, then after 20 years, the agent gets Rs 1.35 lakh in an endowment policy and Rs 1.43 lakh in a moneyback policy. This is the income from just one customer. The more policies an agent gets, the more his income increases.
LIC gives its agents up to 25% of the policy installment as a commission. This applies only to the first installment of the policy (first year’s premium), after which the commission keeps decreasing. The agent will get a commission as many times as the policyholder deposits the installment. In a way, the agent has to buy the policy only once. After that, his commission is fixed on every installment.
According to the LIC website, the commission is given differently under endowment and moneyback policies. The commission rates are different in both policies. On the endowment policy, the commission is up to 35% of the total installment and on money back, the commission is up to 25% of the total installment. After this, the commission starts decreasing.
LIC decides the commission of the agent according to the policy. On endowment policy, the agent gets up to 25% of the first installment commission. Apart from this, the agent gets an additional 40% of the commission.
If a client made by an agent has deposited the first installment of the policy of Rs 10,000, then the agent will get Rs 2500 as commission. Apart from this, Rs 1000 is 40% of the commission. In this way, the agent will get about Rs 3500 commission on the first installment. The longer the policy, the more the agent will earn.