Benefits of LIC agency

FRINGE BENEFITS TO CLUB MEMBER AGENTS

  • Commission
    • Attractive commission on first premium and there after regular renewal commission till the policy term
    • Opportunity to earn Monthly income Rs.25000 to Rs.50000
    • Nomination-Any commission payable to the agent on his death shall be payable to his nominees.
    • Unlimited earning opportunity
  • Gratuity
    • Benefit of gratuity payable depending on conditions till maximum of Rs.300000/-.gratuity also payable to nominee of agent if his appointment is terminated on his becoming physically/mentally handicapped for carrying out his function.
  • Pension
    • Work one time and earn till the premium is paid as if a pension income is generated.
  • Club membership-conditions based
    • Interest free loan for 2 wheeler& 4 wheeler.
    • Housing Loan at interest of 5%.
    • 1-5 lacks free term insurance & group mediclaim with 50% rebated premium
    • Refund of expenses on office stationary, sales promotion, salaries to staff (actual), office rent paid (actual) & gift items
    • Interest free loan provided for purchase of Personal Computer, lap top, furniture etc.
  • MDRT/TOT/COT
    • National & International recognition among the worlds top best insurance agents in USA or Canada or any Foreign location
  • Bonus commission
    • Fix the income you want on your will, commitment & hard work to get commission at rate of 40% on total earned commission depending on conditions.
  • Advances to agent-condition based
    • For Purchase of four wheeler or two wheeler & office equipment’s like inverters, server, LCD etc.
    • Medical treatment of self & family
    • For Marriage of self, sons, daughter, dependent sisters.
    • Religious ceremonies e.g. thread, Turban/mundane, Navjote, sunnath etc
    • Flood/cyclones
    • Festival advance
  • Income Tax Benefits to LIC Agents-condition based
    • LIC agents are entitled to claim all expenses incurred for generating LIC commission such as:-Staff salary, office rent, office maintenance, car-bike maintenance & fuel cost, books periodicals & publications connected to business.
  • All people will know you in village,town,society& any work of yours will be easily done.
  • Contact, respect & relationship with role models of their respective fields.
  • Become a key & important person in taking any important decision for betterment of village ,society etc. where you live.
  • Society role model as a dreamer and achiever of your dream.
  • Do retirement planning for those who don’t have to help them in playing their second innings as SACHIN TENDULKAR.
  • Help to plan with their current income big expenses of future like child education, child marriage, etc.Provide financial Support and stability to deceased policy holder family.
  • Helping people to get their Survival benefit, maturity or death claim etc

It would be a great honour to be associated with a brand with is one of the most trusted brands of India this will enhance your name and give more fame in society and city.

  • Air fare reimbursement for national & international visits.
  • One tourist destination holiday tour with family reimbursed once during a year within India
  • Foreign tour for educational seminar reimbursement
  • On becoming MDRT/COT/TOT opportunity to go to America or Canada
  • No investment required but huge earning opportunity
  • Fir preference to LIC agents in LIC job openings
  • No fear of transfer or retirement
  • No restriction of work area for doing work whole India and world is open to do business.
  • To use your extra time in earning extra income for family
  • Family Business
  • Extra income through premium point & collection center
  • Be a professional expert in financial planning just as a lawyer or doctor.
  • Earn Royalty Income
  • Facility of gratuity, bonus & pension
  • Direct profit sharing in business done by you for LIC
  • Take any business, Profession & job for comparison on=> (Investment done/earning limit/profit margin/pressure/family time/humiliation/time restriction/skill, experience needed/relocate, transfer/senior mental harassment/tension of becoming job less/no buttering to seniors or boss/your earning directly proportional to your ability, skill & work/No leg pulling but support to grow & excel in career/No senior can hide your praise worthy work & recognition.
  • Once a year increment of 15 to 20 % & here monthly performance appraisals of 50 to 60% increment all depends on you.

All dreams of family like dream house, dream vacation, money, position, power, recognition, lots of time to spend with family on every family function & festivals a few to mention and a lot more to be felt yourself once you become agent and yourself compare with your current job, business, profession time engagement in it.

In terms of earning by deciding your pay check yourself, your work place, your work timing, etc.

  • Standard of living
  • Price tag.roti,kapda,makan
  • Ask a question why we work from morning to night * 365 days a year.
  • IRDA
  • Zonal level
  • Division Level
  • Branch level
  • Product training
  • On the field & off the field product & sales training
  • Presentation skills
  • Field support
  • Office Support
  • Sales process
  • Hand holding
  • Personality development.

Note:- in case of any confusion the LIC circular will be final

No

PARTICULARS

C.M.

Z.M.

D.M.

B.M.

1

Basic office allowance (50% of actual expenses or 7.5% of RC(+) FYC whichever is less subject to a maximum of:-

35000

22000

12000

-

2

Reimbursement of sales promotion gift items including calendars & diaries(maximum)

3000

2000

1000

500

3

Festival Advance Maximum

15000

15000

150000

12000

4

Letter heads with Envelopes (in nos.)

1000

750

500

300

5

Visiting Cards in No.

250

200

150

100

6

MHR with Authority(sum assured)

50 lakh

30 lakh

20 lakh

10 lakh

7

Travelling expenses(Rail way Fare)

Econ.Air Fare/

2nd tier AC/

3rd tier AC

1st Class/

2nd tier AC/

3rd tier AC

1 st class

1 st class

8

Daily allowance on tour A/B/C city #

800/700/600

700/600/500

500/375/300

375/275/225

9

Out of pocket expenses for annual convention(out station)

3000

1100

400

200

10

Housing Loan at interest of 5% till membership continues extended loan at 9.5%

8.50lak/9.50lak

7.45lak/8.55lak

6.45lak/7.55lak

NO

11

Interest free vehicle advance (subject to rules) = C=Car/B=Bike/S=scooter

C/B/S

C/B/S

B/S

B/S

12

Computer advance

YES

NO

NO

NO

13

Additional office allowance for maintaining Personal Computer @ 5% of total commission in excess of Rs.185000/-(Rs.10,000/-Max per annum)

YES

NO

NO

NO

14

Group  Insurance

240000

120000

60000

30000

15

Telephone Land Line/Mobile-Rental/Call charges-Max

6000

4000

2400

1800

16

Interest Free Advance for purchase of office Equipment (budget=Furniture/palmtop/printer/scanner/ etc.)

YES

YES

YES

YES

17

Table Diary, Pictorial calendars

1,1

1,1

1,1

1,1

18

Yogakshema complimentary copy

YES

YES

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19

Samvardhan Pension Scheme - A defined contributory pension plan for all LIC agents where agent can contribute monthly amount according to his capacity. LIC will make contribution considering agents annual business performance. Pension starts at age 60

20

Medical treatment of self/family.

YES

YES

YES

YES

21

Repairs to car/Purchase of tyre/Batteries

YES

YES

YES

YES

22

Repair to scooter/bike purchase of Tyre Batteries.

YES

YES

YES

YES

23

Purchase of house/site/Repairs to house/purchase of flat/renovation of office

YES

YES

YES

YES

24

Flood/cyclone & drought advance

YES

YES

YES

YES

25

Contributory Mediclaim Up to 80 years age.

125000

75000

55000

40000

26

Additional office allowance on account of lesser lapsation  (in addition to basic office allowance) will be paid if % age lapsation is 10% or less in each of the last 3 financial years  preceding the qualifying year. The additional office allowance payable from 5% to 30% of basic allowance. Depending upon the % of average lapsastion of last 3years preceding the Qualifying year.

N.A

27

Marriage of self, daughter, son or wholly dependent sister.

All club YES

28

Nomination=Any Commission payable to the agent on his death shall be payable to his nominees.

All club YES

29

Gratuity=An agent is eligible for gratuity & also to his nominee if agent dies while agency is in force or his becoming physically/mentally handicap(Rs.200000/-agent must have completed 60 years of age & had a continuous service of 15 years in LIC

All club YES

30

LIC Guest house facility for each club member at the same rate & conditions as to LIC employee.

All club YES

31

Office allowance payed to potential CM club member who satisfy the condition in one/two consecutive years would be paid office  as :-

(a) Rs.12000 or Office Allowance is payable whichever is higher (b) Rs.20,000 or office Allowance is payable whichever is higher

All club YES

32

Bonus Comission-40% of 1st years commission

All club YES

DISTINGUISHED AGENTS CLUB:-Qualifying condition:-(a) Minimum 1 agency year & should be a confirmed agent (b) Net No. of lives=40  (c)1st year commission=Rs.5000

(a) Sales promotional gift items –up to Rs 400/- (b) Supply of letterheads, envelops & visiting card – 100 No. (c) Reimbursement of stationary expenses – Up to Rs 500

FOR BM CLUB===TOTAL APPROXIMATE  ANNUAL MONETARY BENEFITS CLAIMED WOULD BE AT LEAST= Rs 18645/-

FOR DM CLUB===TOTAL APPROXIMATE  ANNUAL MONETARY BENEFITS CLAIMED WOULD BE AT LEAST= Rs 87025/-

FOR ZM CLUB===TOTAL APPROXIMATE  ANNUAL MONETARY BENEFITS CLAIMED WOULD BE AT LEAST= Rs 166710/-

FOR CM CLUB===TOTAL APPROXIMATE  ANNUAL MONETARY BENEFITS CLAIMED WOULD BE AT LEAST= Rs 236660/-

FOR GALAXY CLUB===TOTAL APPROXIMATE  ANNUAL MONETARY BENEFITS CLAIMED WOULD BE AT LEAST= Rs 369160/-

FOR CORPORATE  CLUB===TOTAL APPROXIMATE  ANNUAL MONETARY BENEFITS CLAIMED WOULD BE AT LEAST= Rs 590970/-

GRADED BENEFITS FOR HIGHER PERFORMANCE TO CHAIRMANS CLUB MEMBERS

Mandatory Criteria

Optional Condition

Office Allowance

Telephone

Sales Promotion & Gift items

No. of lives in force

RC paid     OR   RC+FYC Paid

750

5.0 lac       OR       7.5  lac

40,000

7000

4000

1000

6.0 lac       OR       10.0  lac

45,000

8000

5000

1250

7.5 lac       OR       12.5  lac

50,000

9000

6250

1500

9.0 lac       OR       15.0  lac

60,000

10,000

7500

1750

10.5 lac     OR       17.5 lac

70,000

11,000

8750

2000

12.0  lac    OR       20.0  lac

85,000

12,000

10000

MDRT

COT

TOT

YEARLY BENEFIT FOR EACH CLUB

BM CLUB

OFFICE ALLOWANCE

RS.1000

TELEPHONE/MOBILE

RS.1800

SALES PROPORTIONAL GIFT

RS.500

INTEREST SAVED ON 2 WHEELER LOAN  RS.4500

TOTAL

RS.7800

DM CLUB

OFFICE ALLOWANCE

RS.12000

TELEPHONE/MOBILE

RS.2400

INTEREST SAVED ON SUBSCRIBED HOUSING LOANOF 6.4 LACKS   RS.32250

INTEREST SAVED ON 2 WHEELER LOAN RS.4500

TOTAL  

RS.69,250

SALES PROMOTION GIFT RS.1000

ADDITIONAL OFFICE ALLOWANCE

ON LOWER LAPSATION ;- RS.3600

INTEREST SAVED ON OFFICE EQUIPMENT ADVANCE ;-RS.13500

 

ZM CLUB

OFFICE ALLOWANCE

RS.22000

TELEPHONE/MOBILE

RS.4000

INTEREST SAVED ON SUBSCRIBED HOUSING LOANOF 6.4 LACKS   RS.37250

INTEREST SAVED ON CAR  LOAN OF RS.500000 IS RS.50000

TOTAL  

RS.144350

SALES PROMOTION GIFT RS.2000

ADDITIONAL OFFICE ALLOWANCE

 ON LOWER LAPSATION ;- RS.6600

INTEREST SAVED ON OFFICE EQUIPMENT ADVANCE ;-RS.22500

 

CM CLUB

OFFICE ALLOWANCE

RS.35000

TELEPHONE/MOBILE

RS.6000

INTEREST SAVED ON SUBSCRIBED HOUSING LOAN OF RS.42500

INTEREST SAVED ON CAR  LOAN OF RS.60000

TOTAL  

RS.188500

SALES PROMOTION GIFT RS.3000

ADDITIONAL OFFICE ALLOWANCE ON LOWER LAPSATION ;- RS.10500

INTEREST SAVED ON OFFICE EQUIPMENT ADVANCE ;-RS.31500

 

CLUB

GALAXY

OFFICE ALLOWANCE

RS35000.

TELEPHONE EXCHANCE

RS.12000.

AIRFARE REIMBURSEMENT

RS.60000

REGISTRATION FEE FOR MDRT

RS.25000

TOTAL

RS.247000

POCKET EXPENSES FOR MDRT RS.10000.

INTEREST SAVED ON CAR LOAN

RS.100000

CLUB BLAZER

RS.5000

 

CORPORATE

GALAXY

OFFICE ALLOWANCE

RS.125000

TELEPHONE EXPENSES

RS.15000

INTEREST SAVED ON CAR LOAN RS.200000

TOTAL

RS.392500

INTEREST SAVED ON COMPUTER ADVANCE

RS.10000

INTEREST SAVED ON HOUSING LOANRS.RS.42500