Benefits of being LIC Agent

Career as a LIC agent is one of the most reputable and respected career options. You have unlimited benefits and opportunities as a LIC agent and there is a huge scope for growth and development, both personally and financially. By choosing to be an agent as a career option, you will be entering a world of endless opportunities.

As a LIC agent, you can receive a high income based on your performance. There is no upper limit for

the income that you can generate. The career of a LIC Agent is considered one of the highest paying careers in the country with the top LIC agents earning nearly Rs. 3-4 crores per year. The average annual income of the top 20% LIC agents is above Rs. 12 lakhs per annum.

There is a fixed commission structure that all LIC agents will receive for every policy sold by them. A LIC agent gets 35% commission for the 1^st year when the policy is sold. After this, the commission for the 2^nd and 3^rd year is 7.5% each, and then from the 4^th year onwards, the agent receives 5% till the policyholder pays the premium.

Based on their performance, LIC agents are expected to receive awards and recognition from the central authority. Award ceremonies usually happen annually where the top-performing LIC agents are acknowledged and rewarded. Apart from this, you will also be eligible to enter various clubs after 3 years if you have a high performance.

You can be your own boss as a LIC agent! By being a LIC agent you can work full-time or part-time according to your convenience. There are no fixed timings in which you need to work. You can work as an agent along with your existing job, which gives you the freedom to choose your own working hours. This benefit gives you the flexibility that no other job can provide.

As a LIC agent, you are entitled to receive minimum interest loans. These include a subsidized housing loan and a minimum interest vehicle loan whenever you opt for it. Other benefits include an office allowance and laptop allowance as long as you are registered as a LIC agent. Apart from this, you may also receive reimbursement on your mobile/telephone bill.

Health might probably be a major concern in your mind just like several others. As a LIC agent, you will be guaranteed full Mediclaim cover under certain circumstances. This reduces the risk of additional expenditure in case of medical emergencies and gives you a sense of security.

LIC’s club memberships are an excellent opportunity to develop yourself and your career. As you keep performing better every year, you will become eligible for executive perks from LIC through the club memberships. The top-performing LIC agents hold a high status in society.

The commission received after every sale made by you is not just for one time. You keep receiving the commission as long as the policy remains active. As long as the policyholder pays the premium, you will receive a commission. This commission is hereditary, which means that it will be paid to your nominees even after your death

The career of a LIC agent is one of the few careers that guarantees a gratuity payment. At the age of 60, all agents who have served a minimum of 15 years are entitled to gratuity. The maximum amount payable currently is Rs.2,00,000/- depending upon the amount of renewal commission.