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.

LIC Agency as Free Pension

Posted on by avinashLeave a Comment on LIC Agency as Free Pension

LIC Agency as Free Pension

Pension for what? Its for old age financial need, a financial stability even a financial freedom .Be A LIC agent you will get all the stuff without any cost. Normally pension   is a type of retirement plan which gives monthly income at retirement age. Now a day’s employers offer pensions very rarely. Now Government organizations also offer   pension but taking employees contribution. Government  pension scheme, the employer contributes some money to the annuity  plan while employees are working. The annuity will be paid , usually as a monthly check at retirement, after one reach a particular retirement age. If you are not taking LIC agency then as normal citizen few avenues are available for you in the market, where you have to invest money.

LIKE :
  • Government National Pension Scheme
  • LIC Plan Jeevan NIDHI
  • LIC Jeevan Akshay
  • Private insurance company’s Equity linked Annuity scheme etc
As a LIC agent, if you are working for 5years minimum, you will secure good amount renewal commission, you may treat it as pension. The amount of pension will depend on your choice or on your labour.

Take a Example ,Suppose  you are LIC Agent and selling  1 policy in 1 week minimum rs 50,00 monthly mode(yrly  collected Premium would be Rs 60,000).
 
Note: We are considering only 48 weeks in a year in spite of 52 weeks. We all knows that LIC gives 35% of premium for 1st year,7.5% of Premium for 2nd and 3rd year thereafter 5% of premium  till policy holder pays to LIC of INDIA.

It shows whatever amount of premium, you will decide to sell in a week that will be your monthly income after 5years till the policy holder pay premium to LIC of India.