LIC Agent

How to Become LIC Agent: Know Exam, Salary, Commission

Imagine a scene where you can't find a job or you don't want to work but you need money too much. Or, you want to make extra money for your family while saving for the future.

This is a common situation faced by millions of Indians. But really nothing to worry about. Thanks to Life Insurance Corporation of India or LIC, you can only work as an LIC agent and make money.

How to Become LIC Agent: Know Exam, Salary, Commission



And making money is not only the attraction of being an LIC agent: you also get attractive salaries, commissions and lifetime pensions, and allowances like membership in exclusive clubs.

You can take out loans at very low-interest rates to buy that dream house. And you enjoy the prestige that comes with working for a reputable agency of the Government of India.

Yes. Working as an LIC agent makes all this possible. Want to be one? Continue reading.

Who is the LIC agent?

An LIC agent is a very prestigious position. As an LIC agent, you are a member of the selected community working in the huge banking financial services and insurance (BFSI) industry in India.

An LIC agent is a woman or man who promotes life insurance and other insurance policies introduced by the Insurance Corporation of India (LIC).

Currently, LIC offers a wide variety of life insurance plans. That is, you will promote these social products in and out of your social circle from LIC.

LIC agents are not employees: it is a form of self-employment or business that was made possible by the largest public sector insurer in India.

If you are interested in this, go ahead and find out how to become an LIC agent from this article.

How to be an LIC agent

Being an LIC agent is both tough and easy. It depends on your personal skills and abilities. I will now describe the various steps on how to become an LIC agent.

In addition, anyone over the age of 18 and who has successfully completed the Secondary School Certificate (SSC) may be the equivalent or higher LIC agent.

Step-1: LIC Portal

The most important and first step to becoming an LIC agent is to register a corporation through the LIC portal.

You will need to provide basic information, including your name, village, town, city or address where you live, contact number and email ID, and educational qualifications.

Although the LIC portal does not say so, I suggest you include a brief summary - two or three sentences - about the reasons you might want to become an LIC agent. This can prove to be very helpful for your registration processing LIC officer.

However, the easiest way is to go to your nearest LIC office or meet with your local LIC development manager.

Step-2: Pass the interview

The local development officer or branch manager of the LIC office will interview you. Now, remember, it is very important to pass this interview. If you do not complete this step successfully, there is no chance of you moving forward with your ambition to become an LIC agent.

There are no special questions to prepare you for this interview. The officer will ask questions about himself, test your general knowledge and ask you a few questions related to money and finances.

At the same time, your stranger, the officer will judge your personality, the way you present yourself, the clarity of manners and speech, among others.

Step-3: Free training

After you successfully complete this interview, the officer will ask you to sign up for a free training course. Typically, this will be conducted at an LIC office in your city. If you live in a town or village, you need to travel to the nearest place where this training course is held.

The training course lasts for 25 hours. It spreads in three to four days. Throughout the course, you will learn everything about the life insurance business and what it involves.

You can also learn about the Insurance Regulatory and Development Authority of India (IRDAI) and its rules governing life insurance.

IRDAI, as the name implies, is an agency of the Government of India that regulates the insurance business in this country. Therefore, it is very important to know about this body in order to act as an LIC agent.


Step-4: Register for the test

After successfully completing your interview and training, the next step is registering for the LIC Agent Test (PRT). There are two ways to register with LIC Agent PRT.

Online: Register yourself on the IRDAI portal.
Offline: Register yourself at the nearest LIC branch office.
You can enlist the help of LIC Development Officer to register for the pre-recruitment recruitment test. You will need certain documents to register.

Four passport-size color photographs.

Photocopy of your SSC or its equivalent or higher education degree mark sheet.

Photocopy of Permanent Account Number (PAN) Card.

Canceled check.

If you do not have a bank account, I suggest you open one before applying for the LIC Agent Pre-Recruitment Examination (PRT). Get a checkbook from the bank.

Following the judgment of the Supreme Court of India, you do not need an Aadhaar card to open an account.

Your PAN card will suffice. However, you will need to provide proof of a valid address, such as a ration card, driving license or any document from the state or central government.

It is mandatory to have PAN card. So get one from the Income Tax Department before applying for the pre-employment appointment of LIC agent.

Fees for LIC Agent Examination

According to the IRDAI portal, the fees for online registration are higher than for offline registration.

Online registration and testing

Registration fee: 150 rupees.
Online training fee: 150 rupees.
Study material/book: Rs.
Pre-Recruitment Examination (Online) Fee: Rs.
Total: Rs.
When you register online with IRDAI, you will receive a unique reference number and password. Keep the URN safe. You can change the password for better remembering.


Date of LIC examination

There is no set date for IRDAI to conduct a pre-recruitment recruitment test for aspiring LIC agents. However, once you register for the pre-recruitment recruitment exam, LIC will inform you about the exam dates and locations.

Remember, it is better to get regular IRDAI test if you are registered online. The LIC portal carries important news regarding test dates.

If you are registered offline through the LIC Development Officer or at the LIC Branch Office, contact them to know about the upcoming pre-recruitment recruitment test.

Tickets are the LIC exam

Offline applicants for LIC Agent Pre-Recruitment Test can collect their exam hall tickets from the nearest LIC office. The ticket must be attested by a senior LIC official.

For online applicants, LIC Agent Pre-Recruitment Recruitment Exam Hall tickets will be available for download on the IRDAI portal.


LIC agents are being studied for the exam

In fact, studying for LIC Agent Entrance Test - it is also very easy to say LIC Agent Pre-Recruitment Test

Just visit the Insurance Institute of India (III) website and download the study material. Also, you have IRDAI / LIC books.

Also, read lots of newspapers and magazines to sharpen general knowledge.

LIC Agent Exam Syllabus

The LIC syllabus includes English and Hindi as well as some basic mathematics and general knowledge.

It also covers the various rules, regulations, and regulations governing the life insurance business in India. These laws were made by IRDAI.

You must complete at least 100 hours of study before taking the LIC Agent Exam or the Pre-Recruitment Exam.

LIC agent test

Now we come to the test ourselves. As mentioned earlier, this test is called the pre-recruitment test. Others call it an LIC agent test.

This test lasts for 60 minutes.

You will be given 50 questions.

These questions are objective in nature - which means you have to choose the right one from the given choice.

Each question is worth a mark. Meaning, for the whole test number 50.

To qualify for the job you need to score at least 18 marks in the LIC Agent exam. The higher the score, the better.

Become an LIC agent

After successfully completing the pre-recruitment recruitment exam, you are ready to become an LIC agent. LIC will give you an appointment letter designated as their authorized agent. You will also receive an IRDAI license to perform your duties as an LIC agent.

Remember, you cannot be an LIC agent with just one appointment letter from the corporation. You also need an insurance agency license from IRDAI before you can start this business.

LIC Agent Salary and Commission
Now that you know how to become an LIC agent, let's find out how much money you can make

You get 35 percent of the premium paid by life insurance policyholders in the first year.
If you work harder and get more people to buy LIC life insurance, you can get 40 percent bonus on first year commission. There are other conditions as well.

If you complete a business guarantee of at least 15 years, you will be given a retirement benefit of up to Rs 200,000. This means you will receive premiums from people who have sold LIC life insurance for the next 15 years after retirement.

Hereditary benefits are available to the family if the LIC agent dies for any reason. To qualify for it, LIC agents should have sold life insurance policies worth Rs one lakh in premiums before death. Hereditary benefits are granted to nominated or legal heirs of LIC agents.

If you have generated a premium of Rs. 200,000 and for any reason stop working for LIC or losing the statement, the corporation will continue to pay its commission.

Selling more LIC life insurance policies while you are working as an LIC agent increases your income automatically es There is no higher limit to your income.

During the next two years (Year-2 and Year-3) of the sale of the policy, you will receive a commission at the rate of .5.5 percent of the total annual premium paid by the LIC life insurance policyholder.

From the 4th year of the policy, you will get five percent of the annual commission paid to LIC whose life you have insured by.

LIC provides reputable life insurance cover for its agents. Meaning, their family will pay insurance due to the untimely death of the LIC agent.

Parks for LIC agents

Once you become an LIC agent, there are a number of benefits available for the reward of hard work.

Entering the Branch Manager's Club: For newly hired LIC agents who perform exceptionally well.
Divisional Directors Club: When you perform very well as a branch member club member. The status of your club increases with your performance
You will also have access to:

Zonal Director's Club
Chairman Club
Corporate Club
More benefits for LIC agents
Additionally, you get several financial benefits for saving money.

Interest-free loan.

Low-interest home loan.

Office Maintenance Allowance.

Furniture allowance.

In advance for the celebration of the festival,

Compensation for mobile and landline telephone bills.

LIC City Carrier Agent

In metropolitan cities, LIC employs life insurance agents under a special division. They are called City Carrier Agents or CCAs.

In addition to the benefits I have presented above, CCAs also receive a monthly sti, Rs.000 stipend from LIC. This is due to the high cost of living in a metro city in India

The main feature of LIC's agency

Did you know that there are many more benefits to being an LIC agent than just earning money?

Lifetime Income: LIC pays you a premium commission for a long-term retirement policy.

Some LIC agents earn between Rs 1.2 million and Rs 1.5 million per month, which is more than the best-paid jobs in India.

You can also sell LIC policies by opening an online agency.

The ID card issued for agents by LIC is considered valid, the government issues a proof of identity.

Provides all support for LIC's agents.

However, there are some flipsides to being a LIC agent.

Flipsides as LIC agent

Since September 1956, the Life Insurance Corporation of India (LIC) has enjoyed complete monopoly rights in the life insurance sector of India.

However, the Indian government took away this monopoly in 2000, opening up the life insurance market for domestic and foreign players, as well as a joint venture between India and international insurers.

As a result, LIC agents may face a number of problems.

Tough competition from JV holders with private insurance providers, especially foreign companies.

Advanced investment options are available to ‘middle class’ Indians who were once the main customers of LIC’s life insurances.

Loss of confidence in insurance products due to high premiums and relatively low returns.
Fear of rejection of claims by insurance providers for any reason. No one spreads stories of fine print and rejection quickly.

LIC's inability to provide customized products for private and JV in the life insurance sector.
Advanced treatment facilities that prolong life.

Private sector and JV insurers raise the age limit for life insurance policyholders. Some insurers go up to 99 years - something that LIC can’t easily beat.

Private and JV insurers are planning to provide life, health and other unit, insurance policies for all purposes where LIC lags behind.

Tough competition from insurance companies' websites that allow direct, online purchases to effectively eliminate the need for agents.

Reluctance among Indians to deal with agents for fear of deception.

Mutual fund companies are offering their Systematic Investment Plan (SIP) free life insurance or higher subsidized life cover for their clients.

Cheap life insurance schemes like Ayushman Bharat and Post Life Insurance (PLI) by Bharat Post are available at very low premiums.

Conclusion

Regardless of the flipside, there are very strong reasons to be an LIC agent. In FY2019, a new life insurance business premium increased 6.20 percent from April 1, 2018, to August 31, 2018, to 5 755.88 billion (US 11 11.28 billion).

According to market sources, India's life insurance industry will cross US 30 30.330 billion by 2020. This means that there are ample opportunities to earn money and live a happy life as an LIC agent. Now that you know how to be an LIC agent, give it a try. It can open the door to wealth.


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