How to Become a LIC Agent, the application process, eligibility requirements, and perks

How to Become a LIC Agent, the application process, eligibility requirements, and perks How to Become a LIC Agent 

What is a LIC Agent? (Who is LIC Agent)

The LIC Insurance Company of India employs agents to help promote its business and make insurance-related products more accessible to the general public. These agents serve as a liaison between the business and the customer. Simultaneously, anybody interested in becoming an agent may do so and make money. However, you must first establish your eligibility in front of the business, and only then can LIC provide you a license to act as an agent for the company. After obtaining the license, you become an official representative of the LIC business. 

IT  STAND FOR  LIC  Life Insurance Corporation 

 The LIC of India is referred to as the Life Insurance Corporation of India. Similarly, LIC's full name in English is Life Insurance Corporation of India.

To become a LIC agent, you must meet certain qualifying requirements.

If we're talking about qualifications, along with education, you should have the ability to communicate with others and influence their thinking via your words. Because this enables you to progress in this company. Therefore, determine if you find it easy to communicate with others and how effectively you communicate in front of others. Additionally, how quickly you can convince someone to get insurance.

The applicant's education restriction has been set at a minimum of 12th grade, but he must have completed his twelfth grade via a government-certified board. At the same time, there are no educational requirements for being a LIC agent, which means that any student or anyone from any stream (class) after class XII may apply.

Simultaneously, there is no restriction on the maximum age, but the minimum age should be 18 years. That is, an individual may seek to become a LIC agent only after attaining the age of 18.

Along with this, it is essential to have patience and an optimistic outlook; LIC acts as an agent for individuals interested in pursuing a career in marketing.

How to apply to become a LIC agent

Offline LIC agent procedure

Following online registration, you must visit any LIC office in your area and speak with the authorities. This is the location where your papers will be validated. Following that, the manager of the branch will conduct an interview. However, this procedure must be completed after any application, whether online or offline. You may complete both the registration and verification processes concurrently while offline.

Online registration for LIC agent recruitment

To register online, please visit this URL https://agencycareer.licindia.in/agt req/. After clicking it, a screen will appear in which you will be prompted to enter your email address, name and address, mobile phone number, and date of birth. Following that, LIC staff will contact you through phone or email. Additionally, you will be informed of the process and terms and conditions during this interaction. After completing the online registration procedure, you will get just the introductory information. Following that, you must visit the LIC office to get more information.

Online training for LIC agents

The next stage will assess your aptitude and competence. Following that, if you pass the branch manager's interview, you will be sent to a local agency training facility for training. However, this course is also available online. This course is just 25 hours long.

Online examination for the IRDA (Insurance Regulatory and Development Authority) (LIC agent online exam registration)

An IRDA (Insurance Regulatory Development Authority) online exam will be administered to assess your knowledge of insurance and policies, as well as what you learned throughout the course. You will be considered for the next step only if you earned at least 35% on this test.

Agent license for LIC

After you have completed all of these steps, the Insurance Regulatory and Development Authority (IRDA) will declare you an insurance agent. Following that, you will be issued a license and a login ID. After obtaining the license, you will become an official agent of LIC.

Documents Required to Become a LIC Agent

To become a LIC agent, you must submit many papers, the first of which is three tiny passport-sized photos. One of these photographs will be used to create your ID card.

To verify your date of birth, you may be requested to provide a photocopy of your birth certificate or a copy of your tenth-grade report card. Additionally, you will be required to provide a photocopy of your 12th class mark sheet. Which will validate your educational level. If someone is a graduate, he or she may also apply for a degree.

Attach a photocopy of your voter identification card, passport, driver's license, or Aadhar card as identification. You may also present a ration card, an energy bill, a bank statement, or a government-certified residency certificate as evidence of residence. If you want to provide evidence of residency and identification, you may deposit a copy of your passport or driver's license.

A PAN card is often requested while applying for jobs in any business; similarly, a PAN card is needed in the papers necessary to become a LIC agent.

The advantages of being a life insurance company agent

As supplemental income

If you can make less money from your current work, being a LIC agent may be an excellent source of extra income. This does not need you to quit your present employment. This may be accomplished by allocating time according to your own schedule, as you choose when to work in it.

Permanent employed in the capacity 

On the other hand, if you believe that you can make enough money or job in this area to cover all of your essential expenditures. Then you may maintain it as a full-time career as well. The primary benefit is that you can work whenever you want and no one will question you.

Bonuses and Commissions (how much commission does a LIC agent get)

If a client insures themselves via you, you get a commission of between 2% and 25% on the first year's premium. This amount, however, fluctuates according to the policy's terms and conditions. Not only that, you continue to get this income until the policy matures. However, the commission % continues to decrease gradually. Which reduces to about 2% to 7% in the second year. According to the regulations, the commission % falls somewhat each year.

Salary of LIC agents

While there is no salary associated with being a LIC agent, you may make an unlimited amount of money via commission. Numerous top LIC brokers make up to Rs crore in a single year, according to data. Simply stated, the more insurance customers you bring to the business, the more money you earn via commissions and incentives.

Enhancing communication

Additionally, this work provides an opportunity to develop your personality, since you will encounter a variety of individuals in a short period of time. Not only that, but you also get an understanding of financial intelligence. As a result, you become more capable of dealing with your own and your family's financial difficulties.

Benefits from gratuity or pension

Once you join LIC as an agent, the business begins to think about you in every aspect. After retirement, you get the benefit in the form of a pension. You get this gratuity money only after reaching the age of 60 or 65; it is acquired via the Swavalamban and Samvardhan Yojanas. However, in order to be eligible for gratuity, you must have worked for the insurance business consistently for at least 15 years. Additionally, the maximum sum payable under this scheme has been set at Rs 2 lakh.

Disadvantages of being a life insurance company representative

2021 LIC agent target

For instance, every marketing position requires you to accomplish a goal. Similarly, LIC offers MBG, or Minimum Business Guarantee, which requires you to achieve a minimum goal of six lives with a premium of $50,000 or a total premium of $1 lakh. This will need you to rescue 12 lives in the third method. Saving lives entails reviving the insurance policy you purchased. That is, you will be responsible for depositing money from your customers on schedule, and this objective will last for the duration of the insurance agency's first year. It's straightforward: if you want to keep your license, you must achieve the company's stated objective; otherwise, you will be deemed an inactive agent.

Unsteady career

Even after being a LIC agent, you will not get a guaranteed income, which means you will always be concerned about not acquiring new clients. Because the company's objective must be met each year. Additionally, the odds of obtaining a decent professional position decrease, and there is a lack of confidence when your income from above becomes nil.

What to do after becoming a licensed insurance agent

If you become an agent, you will be responsible for meeting new individuals and explaining your company's policies and programs in depth. For example, you would be responsible for explaining to them about health insurance, life insurance, and savings schemes. Additionally, efforts must be taken to ensure that the consumer understands all of the company's terms and conditions. Thus ensuring that no issues arise throughout the subsequent procedure and that the customer is never inconvenienced in any manner.

After becoming an agent, you must locate individuals seeking insurance; in other words, you must approach them and persuade them to get coverage. Following that, you will be accountable for their papers and other tasks.

Not only that, but you must also maintain track of the insured customer's money and payments. Apart from that, clients' funds must be placed at the LIC's office. You will need to do this monthly or annually, depending on whether the insured pays his payments monthly or annually.

Because Life Insurance Corporation of India is a reputable organization, there is plenty to learn from working there. There is no question that entering this profession is not without risk. However, the converse is also true: the higher the risk, the greater the accomplishments. Simply stated, before being a LIC agent, it is critical for you to understand your capacity for persuasion and persuasion. Because here is where your ability to succeed as an agent comes into play. Not only that, this profession enables you to develop financial and mental strength, as well as the ability to overcome obstacles in your life effortlessly. If you focus on the objective, you can easily achieve it with a little effort. Because Life Insurance Corporation of India is India's most reputable insurance policy seller, having been founded on September 1, 1956, by the Government of India.