What are the conditions for LIC agent?

What are the conditions for LIC agent?

To be a LIC agent, your educational qualification should be at least 10th pass and the age should be minimum 18 years. Earlier, it was necessary to have 12th pass certificate to become an agent. – Contact your nearest LIC branch office and meet the development officer there.

How much commission do LIC agents get?

There isn’t any fix salary from the LIC for the agents. Though, Agents earn the commission for the policies they sale. LIC offers 25% to 35% commission on the policy premium for the first year, then 7.5% for 2nd & 3rd Year + 5% till the policy maturity.

How long does LIC agent get commission?

750) and for remaining year 5% (Rs. 500) till maturity of the plan. So, in 15 years LIC agent will get roughly Rs. 10000 as an insurance commission….LIC Agent Commission Rate.

Premium Paying Term Commission 1st Year Commission From 2nd year onwards
5 to 9 year 8% 5%
More than 9 year 10% 5.00%

How do LIC agents get paid?

LIC agents’ earning depends on the commission which is paid by LIC, more premium paid by the people implies more will be the agent’s commission. Top performers in LIC are earning nearly 3 to 4 Crores per year. New Delhi: Life Insurance Corporation is India’s only public sector life insurance company.

Do LIC agents get gratuity?

Under the existing rules, an LIC agent gets Rs 1 lakh as gratuity on leaving the service after 15 years. On an average, an agent gets 35 per cent commission on the premium sold and 2 per cent on single premium policies.

Can LIC agent become rich?

Earning and other benefits: Career as a LIC agent is considered one of the highest paid profession in the country. Top performers in LIC are earning nearly 3 to 4 Crores per year. LIC agent can earn unlimited since there is no specified salary.

Does LIC agents get pension?

Group pension Group pension is also available under Lic Agent Benefits.