FATCA Declaration Full Form in LIC

Posted on by avinashLeave a Comment on FATCA Declaration Full Form in LIC
FATCA stands for Foreign Account Tax Compliance Act. It is a U.S. federal law introduced to prevent tax evasion by U.S. taxpayers holding financial assets abroad. FATCA mandates financial institutions worldwide, including LIC, to report details of financial accounts held by U.S. citizens, residents, or entities.

Importance of FATCA Declaration for LIC Policyholders

  • Global Compliance: Ensures LIC complies with international tax laws.
  • Transparency: Helps track and disclose foreign financial accounts.
  • Applicability: Necessary for NRIs, U.S. citizens, and residents investing in LIC policies.
How to Submit FATCA Declaration to LIC

  1. Download the Form: Obtain the FATCA declaration form from the official LIC website or visit the nearest LIC branch.
  1. Fill in the Details: Provide accurate information such as your name, address, tax identification number (TIN), and citizenship status.
  1. Submit the Form: Submit the completed form at your LIC branch or upload it via the LIC portal.

Consequences of Not Submitting FATCA Declaration

Failure to submit the FATCA declaration may result in restrictions on policy transactions, withholding tax penalties, or compliance issues with international tax laws.

HLY Full Form,DLP Full Form,MHR Full Form,CFO Full Form in LIC

Posted on by avinashLeave a Comment on HLY Full Form,DLP Full Form,MHR Full Form,CFO Full Form in LIC
HLY in LIC stands for Half-Yearly Premium Payment Mode. It allows policyholders to pay their premiums every six months, providing flexibility and ease of payment.

DLP Full Form in LIC

DLP stands for Due Date of Last Premium. It indicates the date when the final premium payment is due for a policy to complete its term.
MHR Full Form in LIC
MHR stands for Medical and Health Report. It is a document required during the issuance of certain LIC policies, particularly for higher sum assured plans or for applicants with pre-existing health conditions.

CFO Full Form in Hindi

In Hindi, CFO stands for मुख्य वित्त अधिकारी (Mukhy Vitt Adhikari). The CFO is responsible for overseeing the financial operations of LIC, including budgeting, accounting, and financial reporting.

LIC WhatsApp Number and LIC Customer Care Number

Posted on by avinashLeave a Comment on LIC WhatsApp Number and LIC Customer Care Number
LIC has introduced a WhatsApp service for policyholders to access their policy details and other services easily. You can send a “Hi” to LIC WhatsApp number: 8976862090. Through this service, you can:

 

    1. Check policy status

    1. Download premium receipts

    1. Access policy-specific information

LIC Customer Care Number

LIC’s customer care team is available to assist policyholders with queries and concerns. 
The LIC Customer Care Number is 022-68276827, operational 24×7. 
Services are available in multiple languages, ensuring accessibility for everyone.

LIC of India Branch office Dadar 897

Posted on by avinashLeave a Comment on LIC of India Branch office Dadar 897

LIC of India – Branch No. 897 is located in Dadar West, Mumbai. Here are the details:

Address: Laxmi Commercial Centre
Senapati Bapat Marg
Dadar West
Mumbai, Maharashtra 400028

Contact Information:

Operating Hours: Monday to Saturday: 10:00 AM – 5:30 PM
Sunday: Closed

For more information or to locate other branches, you can visit the official LIC Branch Locator: 

LIC India

Please note that contact details and operating hours are subject to change. It’s advisable to verify the information through official channels before visiting or making contact.

Sources

Best LIC Agent Job Vacancies Near

Posted on by avinashLeave a Comment on Best LIC Agent Job Vacancies Near

Best LIC Agent Job Vacancies Near Me at Dadar Mumbai

Mumbai, being a bustling metropolitan city, offers numerous opportunities for aspiring LIC agents. To find the best LIC agent job vacancies:

  1. Visit LIC Branches: Contact your nearest LIC office to inquire about openings. You can consider Dadar 897 branch also ,which is in the heart of Mumbai .

  2. Check the LIC Website: Regularly check the official LIC website for updates on agent recruitment drives.

  3. Networking: Reach out to e Development Officers who can guide you.You can fill the contact form also from this website. 

Steps to Become an LIC Agent in India

Follow these steps to kickstart your journey as an LIC agent:

Step 1: Connect with a Development Officer

Approach Main LIC branch at Dadar, Mumbai location and meet the Development Officer or fill contact form. 

They will provide guidance on the registration process and training requirements.

Step 2: Complete the Pre-Licensing Training

Attend a mandatory 25-hour training program conducted by LIC. This training covers:

  • Basics of insurance

  • LIC policies

  • Sales techniques

  • Legal and regulatory aspects

Step 3: Pass the IRDAI Exam

After completing the training, you need to pass the Insurance Regulatory and Development Authority of India (IRDAI) exam. The exam consists of multiple-choice questions, and the passing score is 35%.

Step 4: Obtain the LIC Agent License

Once you pass the exam, you’ll receive your license, allowing you to officially work as an LIC agent.

Step 5: Start Selling Policies

With your license in hand, you can start meeting potential clients, understanding their needs, and selling LIC policies.

LIC Agent Job Requirements and Salary Details

Job Requirements:

  1. Communication Skills: Ability to explain policy details clearly to clients.

  2. Customer Service: Building trust and maintaining long-term relationships with policyholders.

  3. Self-Motivation: Drive to achieve sales targets.

  4. Networking: Expanding your client base through referrals and networking.

Salary Details:

  • Commission-Based Income: LIC agents earn a percentage of the premium for every policy sold.

  • First-Year Commission: 25-35% of the premium amount.

  • Renewal Commission: A percentage of the premium for policies renewed in subsequent years.

  • Additional Perks: Bonuses, performance incentives, and gratuity upon completing a certain number of years in service.

Conclusion

Becoming an LIC agent in Mumbai is a promising career path offering financial independence and professional growth. By meeting the eligibility criteria, completing the necessary training, and obtaining your license, you can start a rewarding journey with LIC. Whether you’re looking for flexibility, unlimited earning potential, or a chance to help people secure their future, a career as an LIC agent has it all.

KYC requirement In LIC of India

Posted on by avinashLeave a Comment on KYC requirement In LIC of India

KYC Required for LIC AGENCY

KYC (Know your client) is a documentation part for LIC Agency ,when you are going to be LIC agent.
Basically three types of proof is required and there supportive documents have to provide in LIC of India.
  • Age Proof
  • Photo ID
  • Address Proof
Conclusion:
If you have PAN card it will be considered as Photo Id as well as Age proof.
Because there is your PIC and date of birth both are mentioned there.
So ,if you provide passport ,where your DOB,PIC and address all are there, so it is a complete document.
Note: Now Aadhar Card is not a valid document in LIC of India.

LIC Launched MOBILE APP for LIC Agent

Posted on by avinashLeave a Comment on LIC Launched MOBILE APP for LIC Agent

LIC introduces Very Innovative Mobile App for Agents . Where U Can get Very Imp information with Just one Click. This APP is completely for LIC agent to grow business ,set self target and give proper service to their customer .Now LIC agent can get details 

 like – 

  • Booked Business – Policies, S.A. & Premium C.Y. & L.Y.

  • U Can Set Ur Target on Above three Counts & Track them time to time.

  • U can Create Ur Appointments & Various Reminders

  • Policy Persistency & Portfolio of Ur Policies Sold

  • Commission Earned and goining to earn

  • Notification about Lapsed, Renewal & Maturity of Ur Policies

How to get Password for LIC Agent Mob APP

  • LIC agent can Mail /application to concern Branch .

  • Agency code ,email and mobile number should be mention in the application.

  • LOG would be LIC agency Code ,but Password will be sent through email.

  • LIC Agency website Portal Password Not Useful for This.

What Is ERC for LIC agent?

Posted on by avinashLeave a Comment on What Is ERC for LIC agent?

ERC -Eligible For Renewal Commission for LIC agent

LIC Agent have to do  Minimum business every year to save his LIC Agency other wise LIC agency code will be terminated and renewal commission of previous policy commission will be stopped,just because LIC agent was not  eligible for renewal commission.
Minimum target of LIC agent in a year is like below
  • 6 Lives with Rs 50,000 premium

Or

  • 1 lac premium with any number of lives

Or

  • 12 lives with any amount of premium
but if LIC agent will be associated  with LIC of India minimum 5 year or more he may be elligible for renewal commission of his previous done policy.

Agent eligible for Renewal commission after termination if.

Agent has fulfilled MBG for at least 5 years since joining and 25 lives are in force as on the date one year prior of his termination (at the end of previous agency year)
( or )
Agent fulfilled MBG for minimum 10 years since their appointment.
( or )
Agent , Who has been terminated under clause regulation 16. ( Physically or mentally in capacity for carrying function of agent) has fulfilled MBG for at least 2 years since appointment and 12 different lives in force on date immediate prior to termination.