Income Potential & Role

 

The income potential of an LIC agent is directly proportionate to the amount of hard work one puts in. You are the business, so how much ever time and effort you put in, is what you get. Compared to other businesses, where there is an initial investment, along with regular overheads, such as rent, salary, maintenance, etc; as an LIC agent you will not have to worry about these things. For many businesses, success is not guaranteed, as the cost of setup is heavy, and therefore they are susceptible to failure at the beginning. For them, the stakes of failure are high.

As an LIC agent, let’s assume that in a year, you bring in a premium worth 1,00,000; on average you will earn 35,000 in the first year of the policy, 7,500 in the second and third year and 5,000 every year till the maturity of the policy. The renewal commissions will form a steady stream of income. Sounds like a good plan, right? On the other hand, if we were to look at it from the Life Time Value (LTV), from the customers’ lifecycle point of view, the total earnings, if paid regularly for 21 years, would be 1,40,000. Moreover, while the client has a steady income, will generally take policies 3 times for various needs and might refer 3 people. Because of the repeat and referral business, the LTV of the customer grows exponentially. It becomes a passive royalty income and permanent income for generations to come. This is the USP of LIC, it is a business with zero risk and very high rewards. There is absolutely nothing to lose, and only everything to gain.

Once you have established your customer base, as an experienced LIC advisor, you will run on auto-pilot mode, where you will be gaining the most from repeat business and referrals. Selling to an existing client is more time efficient and requires less effort, as they have already formed a bond with you. Therefore, this is more effictive than working with new prospective clients.

Role of an LIC Advisor

As an LIC advisor, your role will include, but will not be limited to prospecting people who might be looking to do financial planning, understanding their requirements, advising them on various available options, following up with them and closing the sale. Attractive commissions can be expected, not only at the time of sale but as long as the policy is active. This renewal income or royalty income becomes a good source of passive income.

Prospecting a potential client can be done in the following ways:

Through mobile phone contacts listing, segregation, and/or classification

Social media – Using attractive creatives, through Whatsapp marketing, Facebook marketing, or Joining relevant Facebook groups, and/or Sending out bulk emails, etc.

Corporate Stall activity
Apartment activity
Tele-calling
Developing a referral network
Center of Influence
Steps after prospecting–
Presentations
Objection Handling
Closing
Documentation
Servicing

The income potential as a LIC agent is massive. The job never gets boring because prospecting clients can be done through various means. Moreover, once a bond is formed with the customer and they rely on your expertise for their insurance needs, your commission, royalty income, and renewal income become a constant source of passive income.

 

The Importance of Second Income

• by Dinesh Randive

We are all living in a world where we are constantly trying to chase our dreams, one day at a time. Improving our standard of living is something we all want for ourselves. We would much rather think of traveling to foreign countries, the latest car, luxurious homes to live in, quality education for our kids, etc. The list is frighteningly never-ending! We want to achieve all of these things and more, without really paying attention to affordability and our future financial goals. This often causes a disconnect between our present living conditions and our future planning. To sustain ourselves, we rely on EMIs (Car EMI, Home EMI, Personal loan EMI, etc.), we have multiple credit cards with various banks just to stay afloat.

Instead of making our lives easier, EMIs end up making it more complicated and they take away our peace of mind too. We become financially crippled and lose our resilience to face shocks in our financial life. For example, losing a job can be traumatic at any age, but with added family responsibilities it can be even harsher. We face the uncertainty of paying outstanding bills and keeping food on the table. In such a case, an additional Income, would cushion our lives and provide much-needed succor.

When times get tough and the responsibilities and liabilities keep piling up, I’m sure most of us must have thought of escaping into the mountains to find solace. Although escaping the reality of the situation is an option most us wish we had, it is not a practical one. Many people are entrepreneurs at heart and have many ideas that they are passionate about turning into plausible business ideas.

However, as with any new venture, it takes time, energy, and capital to be successful, and sadly most of this doesn’t have the liberty to take the plunge. The fear of how the house will run while you follow your dreams makes you stop dreaming altogether.

Quality education is a necessity in today’s day and age. You shouldn’t have to dread the day when it’s time for your children to attain a widely reputed degree from a higher education institution because you are financially unprepared. Most people in this scenario use their retirement corpus to fund these education expenses. This is a classic example of a lack of financial planning and foresight.

One solution to overcome all these obstacles and be financially Independent is to have a permanent and regular secondary income!

How to become LIC Agent

 

Now that you’ve decided to join LIC as an agent, here’s how you should go about it.

The first step to begin this process is to fill up a sponsorship application form and submit self-attested Xerox copies of the following documents:

LIC Agent Eligibility

10th Standard marks sheet
Certificate of Highest Qualification achieved
PAN card
Aadhaar Card
2 Passport sized photos

After processing your LIC registration sponsorship application form and the above documents, we will call you for an informal meeting with the Branch Head to check your eligibility and suitability for the role.

If we think you are a good fit, you will be required to take the IC38 training program, which is for 25 hours. This course covers the basics of life insurance, health insurance, documentation, financial planning, regulatory aspects, customer service, etc.

You have the option of either doing this online or in-class. The advantage of the online option is that you can do this from the comfort of your own home since it is location independent. The classroom training is a 4-day program, from 10:30 AM – 5:30 PM. As with face-to-face training classes, you will have the advantage of clearing any of your doubts as you interact with the trainer and you will also have the chance to meet and interact with other aspiring people who want to join LIC as an agent.

Once you have completed the IC38 training program, you will have to take a 1-hour online test. If you have completed the 25 hours, you will find this test to be relatively simple. To do well on this test, make sure to study the training material thoroughly. Although the actual IC 38 is quite a voluminous document, with 450 pages and would take you a couple of weeks to study it; there is an abridged version which is 135, including 5 mock tests. The mock tests help you gauge your understanding of the subject and whether or not you are prepared to sit for the actual exam. Other than mock tests, there are many apps that can also help you prepare for your exam, A lot of support and training material can be found online, which will help you pass the test with flying colors.

The Test is a computer based test, which will be held at the NSEIT ltd Test Centre. It is a multiple choice test where the candidate will have to select the right answer from a list of 4 to 5 options. There will be no negative marking, which means the candidate can attempt all the 50 questions, without the fear of losing any marks. To pass, the candidate has to get 18 answers correct out of 50; and 17 out of 50 is considered a grace pass. The score will be made available immediately after the test has been completed. Failed candidates can reapply again and there is no limit on the number of attempts; however, each attempt will cost Rs. 502/-

Tip for the Test:

Start with attempting questions that you are sure of; let’s say those are 10-12 questions. Next, since there is no negative marking, for the remaining questions, even if you answer them all as “c”, because of probability you will at least get an additional 8-10 marks.

For the above procedure and to become LIC agent, there will be a one time expense, which is as follows:

150/- fees payable at the LIC counter
250/- fees payable for the online training
502/- fees for online NSEIT Test

Once the test has been cleared, the candidate will then have to visit the concerned LIC office, along with 2-3 passport-sized photos and a canceled cheque for the online transfer of commission payments. Another application form will then need to be filled out. After this, LIC will be issuing an appointment letter and an agent ID card.

Your journey to become an LIC agent is ready to begin in the insurance world!

Role of an LIC Agent

 

Role of an LIC Insurance Agent

Life Insurance Corporation (LIC) is India’s largest and leading life insurance company. It is a state-owned company that was founded in 1956. Today, LIC is trusted by millions to guard their future and that of their families. Insurance policies have also become popular as a mode of investments lately and many more people join the LIC family every day.

Job of a LIC Life Insurance Agent

The job and life of a LIC insurance advisor/agent is never dull. The nature of the LIC agent job is free of a repetitive daily routine and requires the agent to interact with new people every day. For the people who are good at communication with associates and strangers alike, this job is very easy and full of opportunities. Not just do you get an exciting job, you can choose your hours of work. You can choose whether to be a full-time agent or do the job as a secondary one. You are free to do the job in your time and your own way, as long as you get results. Along with the flexible timings, the job offers good pay and a lot of perks.

Being a LIC agent is a matter of great responsibility. A life insurance agent has many roles to play; and acts on behalf of both, the company and the clients.

The following are the roles of a LIC insurance agent–

Informing potential clients about insurance policies and services and encouraging them to invest in them

Maintaining good relations with existing clients and establishing a good rapport with new prospects
Acting as a representative of the company to the public, promoting the policies and schemes of LIC
Providing customer support and financial advice to clients and help them pick the right policy suiting their needs

Solving customer grievances and answer queries related to policy purchasing, premium payment, and maturity, etc…

Be informed about the latest happenings of the market, and share the latest information with the customers

Setting realistic yet ambitious goals, and planning and implementing strategies to complete them
To be successful as a LIC insurance advisor/agent a person must have the following qualities-

Confidence- Confidence and composure is the most important quality required to work in any field. As an agent, a person must be confident about talking to new people and build a good rapport with them.

Perseverance- An insurance agent must be persistent in their job. Sometimes the situation might not seem favorable, but hard work and perseverance will help you close the deal.

Good Communication Skills- An agent’s job requires communicating with hundreds of people every day. Only if the person possesses good communication skills can they converse with clients and convince them. Even if you do not have excellent command over your communication skills, you must have the vigor to learn and must be open to meeting and talking to new people.

Social- To be an agent, you must be able to talk to strangers easily. You need to maintain good relations with people. It does not mean that introverts cannot be good LIC agents. If you are able to justify your value proposition in fewer words, there is no stopping you.

Ambition- Every job requires ambition and passion. The job of a LIC agent requires that a little extra. A person must be ambitious about their life and their job to be successful.

Dedication- Sometimes the job of an agent gets tough. If the person is dedicated to the job and motivated to do it, they will put their maximum effort and get things done. This is what being a LIC insurance agent is all about.

If you think you possess these qualities, join the LIC family today. Being a LIC agent is not just exciting and good-paying, it also has many perks. LIC offers its agents bonus commissions on completing certain targets.

If you wish to join to LIC as an insurance agent, given below are the minimum qualification you need to clear for LIC recruitment–

Age 18 and above.

Passed standard 10th from any recognized educational board.

If you clear these qualifications, you can contact us, and we will help you through everything from application till appointment. You will be asked to submit the documents. After verification, you will be expected to attend a preparatory training. You can opt either form classroom or online training. At the end of the training, you need to take the test for becoming an agent. Once you clear the test, you will be given your appointment letter and ID card and you can start your new job.

How to get a LIC agent Job

 

Enjoy Flexible Hours and Limitless Income as a LIC Agent

With the rising levels of income, people are now looking for better ways to secure their future by investing today. One of the most popular security investments is life insurance. By paying a small amount of money over the years, one can secure their future easily. Life Insurance Corporation (LIC) of India is the most popular and trusted insurance company, offering affordable and efficient insurance schemes to people of all income groups.

Due to this rising popularity of insurance policies amongst the people, a career as an LIC insurance agent and advisor can be highly rewarding. LIC offers a simple recruitment process that allows anyone to work as an LIC agent fulltime or as his or her second source of income. With the trust people have on LIC, it is very easy to make clients and deal with them over the years. There are endless LIC agent benefits, and many people are now taking up the opportunity to make a career in insurance.

Why Become an LIC Agent?

There is a lot of stigmas associated with being an LIC agent in our country. While some people think it is a very challenging and unrewarding job, a good LIC agent not only enjoys huge revenue but a great work-life balance as well. One of the most popular LIC agent benefits is the freedom to decide your own working hours. You can choose to work full time as an agent or dedicate a certain number of hours every week for this.

Not only does it give you flexible working hours, LIC agent benefits include a possibility to earn limitless income. Depending upon your drive to work, and your willingness to grow, you can easily surpass the paycheck that you are getting at your current job.

But in order to realize your true potential, you need to take up proper training and work under the guidance of an expert insurance agency professional. We, enable people to take up insurance agency as a profession and do more in life, financially and intellectually.

How to Get LIC Agent Job?

The requisites for beginning your LIC agent career as an insurance agent are not many. Anyone who clears the below-mentioned criteria is eligible for becoming an LIC agent:

You must have a passing certificate for standard 12th from any state level, national level or international board of education

You must live in a place that has a population of more than 5,000 people at least

The next step in how to get an LIC agent job is to apply for registration through an official insurance advisor or LIC professional. The qualification documents that you would be required to furnish at the time of application are:

10th standard “Pass” marks sheet from any board
Certificate of highest qualification achieved
PAN card
Aadhaar Card
4 Passport-sized photos
After submitting the required documents, you will have to undergo a training module. This module is aimed at equipping you with the required information and knowledge about insurance policies, and how you can effectively make long-term associations with your clients. This training can be done via classroom sessions or via online modules made available by LIC.

At the end of this training session, you are required to appear for the NSEIT test, which evaluates your learning from the training module. After clearing the test, you are given the registration certificate of being an LIC agent and an official ID card from Life Insurance Corporation of India.

The total fees required for the entire process is INR 852/-, which includes:

INR 150/- for application, payable at the LIC counter
INR 200/- for the online/classroom training, payable to your advisor
INR 502/- for the NSEIT test, payable at LIC/to your advisor

You can contact us for more information on how to get LIC agent job and the process to get registered with LIC.

With so many benefits of being an insurance agent, you can surely make the most of your efforts and time with this career. So start today and enjoy the opportunities and profitability that comes with being an LIC agent.

Process to become an LIC Agent

LIC Agent Jobs: A Rewarding yet Unexplored Career Choice

In our country, there is not much information available about the various career options people can opt for. While some celebrated professional streams like medical science, technology, management, etc… can be easily heard of in our society; most people do not even explore other employment opportunities. But if you are bold enough to venture into other career options, there are endless choices for you to pick from.

One of the highly rewarding career choices is to become a LIC agent. Life Insurance Corporation is India’s largest and popular insurance company. It offers a wide range of insurance schemes to people of India and employs a huge team of executives to make new customers and manage existing clients.

What does an LIC Agent do?

In order to serve to nationwide customers, LIC also appoints a number of insurance agents. The prime LIC agent jobs requisite is to interact with people around them and make them interested in the insurance policies offered by LIC. The more number of policies you are able to sell, the higher is your paycheck at the end of the month.

As an LIC agent, you are expected to:

Discuss the benefits of having a life insurance policy with people around you Promote the insurance policies that are offered by LIC, and introduce people to the benefits of having life insurance from LIC
Facilitating your clients in the process of buying an insurance policy, and giving them the necessary information for easy processing.

Maintaining customer relations and assisting your clients with all types of queries and future investments that they might want to do with LIC.

Since the company provides preliminary training to every LIC new registration agent, you can easily learn the tricks of the trade from the experts in the company. As an insurance agent, you work closely with permanent employees in a branch near you and are updated on all the latest offerings and services.

Benefits of being an LIC Agent

Set your own hours

What makes LIC agent a perfect job option for anyone, is the fact that you are free to decide your own working hours, and set your own routine. You can choose to work as an insurance agent full time or take on the role after your primary work hours for additional income. LIC does not require its agents to quit their full-time jobs in order to work as agents, given that your primary employer does not have any concerns.

This is also a fantastic option for housewives, college students, and alternative working professionals who want to make extra income without affecting their daily schedules. As the procedure to become LIC agent is very simple, anyone can make the most of their time in this profession.

No cap to earnings

Since you have the flexibility to decide your work involvement as an insurance agent, you can earn without any limitations. Depending upon the number of hours you dedicate, and the efficiency with which you work, you can easily surpass your existing paycheck. LIC pays you a commission for every client that you onboard and for every policy that is issued to your clients. This way, the more clients you make, the more money you earn.

How can you be an LIC Agent?

If you think that the job profile of an insurance agent excites you, then you can easily apply for registration. In order to get a LIC new registration, you need to meet certain eligibility criteria. An applicant for LIC agent must be a citizen of India and must have a “Pass” certificate in the 10th standard from any recognized state, national, or international educational board. If you have a “Pass” certificate in the 12th standard, it serves as an added advantage.

Once you apply for the registration, you are given a small training module, which equips you with the basic roles and responsibilities of an insurance agent. You can take this training in classroom sessions, or even study online using the module made available by LIC.

The next step in the procedure to become LIC agent is an online test. This test assesses your learning from the module with basic questions about insurance, LIC, and its offerings. Upon clearing this test, you are certified as an LIC agent and are given an official ID card from Life Insurance Corporation of India.

For more information about a career as an LIC agent, the possibilities of endless earnings, and how to become an agent, you can contact us. We have expertise in grooming and facilitating new agents, helping them acquire and maintain a large number of clients.