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.

LIC Launched MOBILE APP for LIC Agent

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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.

Helpful Books for Insurance Advisor

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 As an Insurance Advisors there are main problems are in the market is Prospecting and convincing the costumer. It’s a frustrating business as well as highly paid profession .Every day we have to keep ourselves Motivated and updated in the market.

We have to follow few books for

  • Updation of present market with new rules and regulations
  •  Present finance market scenario
  • Motivation
  • Sales Training 
If you are going to be LIC advisor or you are already LIC agent ,you have to sharpen your knowledge every time.

Training is very important to be successful in insurance market. One can trained and motivated himself through books also.

Its a complete induction training book for new as well as old LIC advisor.

This book is written by very senior and  a Great  Development Officer Sri Kamleshguru

The 7 Habits of Highly Effective People:

A Managerial book ,that will help to be professional through self improvement. This book will help to be self discipline .

 

How to Win Friends and Influence People
by Dale Carnegie (Author)

Its a Motivational books to mainten customer relation and retention.

 

Zig Ziglal and Brian Tracy is the world famous Sales Trainer and motivator.

If you have just joined in insurance sales but do not have much time ,just take a look ,this book is very helpful .Its better to read books and get motivated all the time rather to waste time with other sales guy ,one who is struggling to make sales. I have listed few of them ,it should at your table and read few pages every day. 

The Digital Life Insurance Agent: How To Market Life Insurance Online And Sell Over The Phone:

The Digital Life Insurance Agent is the essential guide for life insurance agents of all skill levels to transition into the digital age. This book outlines the steps new agents need to take in order to get their business up and running, and will also help experienced agents who want to transition their business online.
The Digital Life Insurance Agent provides a roadmap to building a predictable lead flow using online prospecting techniques, training on how to sell over the phone and basic training to get newer agents set up.
If agents have the desire to change and the discipline to make it happen, the end result of executing the strategies outlined in this book will leave agents with a marketing machine that generates leads at all hours of the day, regardless of if the agent is sitting at the office, or on a beach!

Few Important book to be successful in Insurance Sales CLICK Here

LIC MDRT 2019-20

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What is MDRT

MDRT full form is Million Dollar Round Table. A Normal Insurance Agent  gets international recognition and huge wealth by qualifying for MDRT. Its a recognition given by Insurance Industry to their performer Insurance Adviser/Agent. MDRT LIC is the highest number of such performer Insurance advisor. 
MDRT Membership is recognized internationally as the standard of sales excellence in the life insurance industry. MDRT membership of the world provides a unique mix of resources and networking to inspire growth in your business.
If you are LIC agent or you are planning to become LIC Agent then it would be your first dream to be MDRT agent. Basically you will be selected for a international seminar,where all excellent insurance advisor from different insurance company will participate and share their innovative ideas .

New Eligibility Criteria for MDRT 2020-21

Eligibility Criteria  for MDRT 2020

To qualify for the membership of MDRT agents as LIC Advisor have to earn the prescribed First Year Commission excluding the Bonus Commission.
 
1 Membership Criteria

First Year Commission

Rs

 First Year Premium
2 MDRT Basic 9,98,900 39,95,600
3 COURT OF THE TABLE (COT) 3 TIMES MDRT 28,03,200 1,19,86,800
4

TOP OF THE TABLE-

TOT

 6 TIMES MDRT 56,06,400 2,39,73,600

NOTE:Above Eligibility Criteria  for MDRT 2021 is for 2020 Calendar Year Production.

Few Benefits  Of MDRT

  1. Reimbursement of MDRT participation fee who will the attend the meeting.
  2. Interest free advance of a maximum of Rs 80000 to all MDRT agents for attending the MDRT Annual Meet
  3. COT agents who attend the MDRT Annual Meet are eligible for a reimbursement of Rs 40,000 OR actual cost for air ticket and rs 25000 as pocket expense
  4. TOT agents who attend the MDRT Annual Meet are eligible for a reimbursement of Rs 80,000  OR actual cost for air ticket and rs 50000 as pocket expense.
  5. Galaxy Club Agents  agents who attend the MDRT Annual Meet are eligible for a reimbursement of Rs 60,000  OR actual cost for air ticket and and rs 10000 as pocket expense.

Procedure for registration of LIC MDRT Agent

If LIC agent qualifies with the eligibility criteria then he/she has to apply to MDRT in a given format for Id Card.
Once it is allotted he/she can easily download his/her ID card with given ID no.
Then Agent will send  directly to MDRT,USA before last date with a certifying letter issued by LIC competent authority (Sr. Divisional Managers) and fee .
Now MDRT will issue a certificate of registration to the LIC agent. LIC Agent can take guidance of the MDRT Help Desks at Divisional and Zonal levels for those purpose.
https://www.licagentportal.in/mdrt-cot-and-tot-lic-agent-recruitment-for-2019/
MDRT 2020
We have downloaded this MRDT details from the MDRT website regarding eligibility conditions and production requirements for the membership of the MDRT 2021 Table production. Website :www.mdrt.org under Membership Information.

How to Be MDRT in 2020?

I fully depends on your burning Desire to achieve it. No matters from which backgroung you have. Just you have  focus and believe in your self. You must have plan of action .
Steps to do daily:
  • Get regular training from any Trainer to keep motivated
  • Watch Insurance Sales related video on You tube
  • Keep yourself away from negative People
ALL THE BEST
 

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.