LIC Jeevan Lab is a limited premium-paying company that is non-linked with a benefit endowment plan that comes with various benefits to serve its customers. It offers a combination of security and savings which means you will be safe and save your money efficiently. It also provides financial assistance to needy families in case of the unfortunate demise of the insured. So, see below the LIC Jeevan Labh agent commission rate.
Key Features of LIC Jeevan Labh:
Table of Contents
This is a basic endowment plan, in which you have to pay the premium for a limited time, and at the end of the policy term, you will get the maturity benefit. In case of death of the policyholder at any time during the policy term, get death benefit in the form of nominee sum assured and bonus.
- Plan Type Non-linked Endowment Plan with Limited Premium Payment Term
- Plan Basis Individual
- Policy Coverage Maturity Benefit, Death Benefit, Simple Reversionary Bonus, and Final (Additional) Bonus (if any)
- Policy Term 16 years (10 years PPT)
- 21 years (15 years PPT)
- 25 years (16 years PPT)
- Premium Payment Term (PPT) 10 years 15 years 16 years
- Loan Loans can be availed against this policy. Loans are available if premiums for at least 3 years have been paid and the policy has acquired surrender value.
- Free-look Period 15 days from the date of receipt of the policy document. The premium amount already deposited will be refunded after deducting proportionate risk premium for the cover period, medical examination expenses, reports, stamp duty, etc.
- Nomination Nomination facility provided as per the Insurance Act
- Basic Sum Assured Minimum – Rs. 2 Lakh
- Maximum – No limit
- Basic Sum Assured (multiples of Rs. 10,000 only)
- Frequency of Premium Payment Yearly, Half-yearly/Quarterly, Monthly (payment through ECS mode only), SSS (Salary Savings Scheme) Mode
- Revival The policy can be revived at any time within 2 years from the date of the first unpaid premium by paying all premium dues along with interest and other expenses
LIC Agent Commission Chart:
- New Endowment Policy: 25%
- Money Back Policy: 20%
- Pension Policy: 2%
- Term Policy: 25%
- Health Insurance Policy: 25%
- 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.