KYC requirement In LIC of India

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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.

What Is ERC for LIC agent?

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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.