LIC is the biggest insurance company in India has maintained its top position for several years with thousands of policies holders and safeguarding every appearance of an individual’s life cover.
LIC agents, who are caring to secure the lives of the customer base, by encouraging the customer to purchase the policy. Does the question arise as to how to become a LIC agent? Alternatively, how to become LIC advisor? Or what’s New Procedure to become LIC agent?
How to become LIC agent?
Every job has eligibility criteria, same with LIC. The LIC eligibility are follow as
- you must be passed 10th class
- Age must be above 18 years.
Procedure to became LIC agent
- Contact your nearest LIC Office to fill the form and meet the Development Officer there.
- The Branch Manager, he/she will conduct an interview, and if you found the right fit for the role, you will be sent to training at Divisional/Agency Training Centre to learn more.
- The training covers all aspects of Life Insurance Business and is for 25 hours. After successful completion of training, you will have to appear for Pre Recruitment examination conducted by the Insurance Regulatory and Development Authority of India (IRDAI).
- After completion of this examination, you will be offered Identity Card and an Appointment Letter to function as an insurance broker. The Branch Officer will appoint you as an agent, and you will be part of the team under the Development Officer.
To whom the LIC agent role is Suitable?
- The one who like outing and meet different peoples
- He/she who are ambitious to own a business.
- The one who wants their client to be their bosses.
- And the one who want to decide their working hours.
LIC agent exam (IRDAI exam)
LIC agents are selected through IRDA Exam. which full form as Insurance Regulatory and Development Authority exam is also known as LIC Representative or agent Exam. Insurance Institute of India conducts it Annually an all India Foundations for recruitment or hiring of Insurance agents or representatives in insurance Firms
- IRDA Exam Passing Marks
It has decreased the mark for insurance agents’ pre-recruitment examination from 50 percent to 35 percent. IRDA said, “It is noticed that the number of candidates looking for pre-recruitment agent’s evaluation is gradually reducing for a variety of reasons.
Among other reasons, the mandated higher benchmark of marks is identified as a significant reason that’s currently contributing to a reduction in agency force in the nation. Therefore, it has been decided to reduce the pass percentage benchmark to 35%.”
- IRDA Exam Syllabus
The Syllabus of IRDA Exam covers topics related to loans, regulations, Insurance, and their typical application. However, there can be some problems of numerical like a discount, percentage, and loan calculation, etc.
- IRDA Exam 2019 Fee
IRDA Exam fee for per admission form is Rs.200/- (Rs.400/- for Life & General Insurance)you should submit fee along with two photos. To the Insurance Institute of India, Universal Insurance Building, 6th Floor, Sir P.M.Road, Fort, Mumbai-400001l, through the sponsoring Insurance Company.
Online IRDA MOCK Practice and Preparation Tests
tcyonline an online website and app provides free online IRDA mock practice and preparation tips. you can also buy their subscription pack to know in detail visit https://targetstudy.com/exams/irda-exam/
LIC agent Benefits
- Start Earning after high school
After finishing your 10th right, you can become an LIC agent. All you need is love for the thrill of the hunt, the rush of a sale.
- Build a Stable Income and Control the Growth
The best part is your attempt can build a stream of cash flows, which can be maintained with minimal service efforts. The earning will not limit to first year only, once you sell the coverage. You will earn on the policy renewal. Thus, your income stabilizes, and your income is only increased by every effort that is extra.
As an Agent, you will be a real entrepreneur. You have the freedom to choose your clients, to be your boss: work for yourself and create your money. All this, without your having to make any initial capital investment.
- Make a Difference in People’s Lives
The insurance industry offers a golden chance to create a difference in society and people’s lives to you. Insurance is that economic instrument which saves businesses and households from falling into the vicious cycle of poverty.
As an insurance broker, you can change lives, and this atmosphere is hugely satisfying and should keep you in high spirits.
- Learn from Industry Experts
The industry is keen to impart training and development support to their representatives, and they provide training, organise seminar/workshops to help them learn more and network with other men and women.
As an insurance agent, you have a choice keep yourself updated with the most recent events and to learn from the very best in the industry.
LIC agent salary
LIC agency provides a commission. There’s no salary. There are LIC agents that are earning Rs.80 Lakhs per month as commission in India. LIC agency profession offers you unlimited income and freedom of working hours.
No one will give you this much of monthly income and freedom of working hours by any job with a salary. If you are successful, you can attend the seminar in the USA each year.
LIC agent commission
Depends on the term and the plan of policy It is just 2% if it is a single premium policy and in some policies like endowment policies he gets 25% of the first-year premium plus 40% on commission.
LIC Agent Commission Chart