Becoming an LIC agent and advisor offers numerous benefits, including a fulfilling career path and the opportunity to earn high commission salaries with own fix time and while making a positive difference in people’s lives. From requiring less capital investment to providing royalty income and hereditary benefits, this profession work offers a wealth of opportunities and rewards. As your customer base grows, the job becomes less demanding, and additional financial and recognition rewards, including remuneration and organisation membership benefits, further enhance the appeal of this career choice.
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What are the Benefits of become a LIC Agent & Advisor?
There are many benefits of becoming an LIC agent, offering a fulfilling career path and high commission salary with both financial rewards and the opportunity to help others. The following are some of the key benefits
- Less Capital Investment: LIC Advisor profession provides you the opportunity to set up your Business without much Capital Investment.
- Royalty Income / Hereditary Income: Writers & Singers get Royalty income for a lifetime for job done only once. Similarly, LIC advisors and benefits of lic agent also gets Royalty Income for lifetime for Sales made once. This royalty income is payable to your legal heirs in the event of your death at any time.
- Job gets Easier & Less Demanding as Business Grows: As this is Business of Relationship and Good Customer Service. Once you have trusted customer base, you will get repeat Business and Referrals. but you must work very hard during initial years to create trusted customer base.
- You can Pass this Business to your next Generation as a legacy: With an established customer base, it will be smooth transition of Business for your children to continue your
Remuneration And Other Benefits of LIC Agent
- Remuneration will be paid to you in the form of a Commission as a percentage of the premium collected through the policies sold by you.
- It is not a one-time commission on a sale made by you.
- It provides you with the royalty income throughout the term of the policy. As long as the policyholder pays the Premium you will get the commission.
- Moreover, this commission is hereditary i.e. it will be paid to your nominees even after your death.
The Commission rates on the majority of regular premium policies are as under:
- First-year Commission: 25% of Premium
- Bonus Commission: 40% of first year
- Commission : (10% of Premium)
- Renewal Commission:
- 2nd and 3rd Year of Policy: 7.5% of Premium
- 4th year onwards: 5% of Premium
- Total Commission for 15-Year Policy: 110% of the annual premium
- Total Commission for 20-Year Policy: 135% of the annual premium
- Total Commission for 25-Year Policy: 160% of the annual premium
Club Membership Benefits of Lic Agent
Recognition through club memberships enhances your status and provides fringe benefits of LIC Agent and beyond commissions.
- Office Allowance
- Telephone/Mobile Bill Reimbursement
- Sales Promotional Gift Reimbursement
- Interest-free advances for Car Purchase, Office Equipment, and Festivals
- Concessional Housing Loans
- Term Insurance and Mediclaim Benefits
- Guest House Facilities Nationwide
- Annual Conventions
Fringe Benefit Values for LIC Agent –
Galaxy Club: Rs 4,30,000
Corporate Club: Rs 6,20,000
Club Membership is the recognition bestowed upon the agents to increase their status in society and the Corporation.
It also gives fringe benefits of lic agent over and above commissions.
Following fringe benefits are given over and above the commissions payable:
- Office Allowance to maintain your own office.
- Telephone/Mobile bill reimbursement.
- Reimbursement of Sales Promotional Gift items.
- Interest-free advance for purchase of Car – 6 lacs to 30 lacs.
- Interest-free advance for the purchase of office equipment.
Interest-free Festival Advance.
- Housing loan at concessional rate of interest – from 25 lacs to 60 lacs.
- Term Insurance and Mediclaim benefits.
- Guest house facility throughout India at concessional rates as applicable to employees.
- Annual Convention
- The total monetary equivalent of all the above benefits will be as under:
- Galaxy Club – Rs- 4,30,000
- Corporate Club – Rs- 6,20,000
Conclusion
Become benefits an LIC agent and advisor comes with a multiple from flexible capital investment to royalty income and hereditary benefits. As your trusted customer base grows, the job becomes less demanding, Moreover, the remuneration and club membership benefits offer additional financial and recognition rewards. This wealth of opportunities makes becoming an LIC agent and advisor a fulfilling career choice.
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