Customer Education

UNAUTHORIZED PEOPLE MAY TRY TO ENTICE YOU WITH ALLURING OFFERS ON YOUR LIC POLICIES

CAUTION

Beware of such calls from people posing as Officials or Agents of LIC or as any other officials.

DOs

Do verify the identity of the caller and the license issued to them by IRDA before concluding a sale.

DONTs

• Don't entertain calls from unverified sources.

• Don't part with your policy numbers/details to any unknown caller.

• Don't be tempted by exaggerated promises regarding benefits of certain life insurance policies.

• Don't entertain those who attempt to lure you with extra bonuses and higher benefits.

LIC  never encourages policy holders to discontinue / surrender their policies.

LIC premium online payment

Pay LIC Policy Premium online facility available on LIC Website. Customers can pay their premium online as registered user or direct user. Customer no need to register for pay premium. They can pay through direct link with the important information of policy details, DOB (date of birth), email id and phone number. In the home page click the online users link that lead into the online page. Registered and LIC PayDirect both links are connected to the payment gateway.

This facility is available for all non-ULIP policies.

Now the payments can be made using VISA/Master Credit Card (Domestic Only) with some convenience charges.

Unregistered customer Pay Premium through LIC PayDirect.

When using direct pay option, Please provide correct and valid mobile number and email id.

• A digitally signed receipt would be mailed to your e-mail id.
• Online premium payment should be made by the policyholder himself. No third party payment should be made using this mode of payment.
• If the premium amount is debited from your Bank Account but error page displayed, a digitally signed receipt will be sent to your email id in three working days after receiving the confirmation from your Bank. You can report such occurrence to bo_eps1@licindia.com.
• .If Re-trying: Please first check whether your bank account/card is already debited/charged with the amount of earlier transaction. If debited/charged please do not pay again. Receipt will be sent as stated above.

Registered User Pay Premium through Registered User.

Here’s a simple step-by-step guide on how you can go about using this facility:

• Once you have enrolled your policy(s), you can click on the link ‘Pay Premium Online’ to see a list of policies whose premium is due.
• You have a choice to select the policies for which you want to pay premium.
• You will be directed to a page where you can choose from multiple banks for payment and will be directed to the login page of the selected bank. It is essential that you have a net banking account with at least one of these banks.
• At the bank site you will need to login with your net banking username/password. On successful login, the total amount to be paid by you towards LIC will be displayed.
• Please verify your balance (displayed) and confirm the transaction to the bank. Simultaneously successful/unsuccessful transaction message will be flashed.
• On successful transaction, a digitally signed e-receipt will be generated and e-mailed to you. In case of an unsuccessful transaction you will be informed and the reason thereof.

LIC User Login

After completion of successful registration user can view all details of their policy. All about New user registration was stated in previous post or click the link. Customers can enroll their policies on their own life and pay premium online. Login facility is provided on the Home Page for the use of registered users.

After Successful login the policyholder will have access to information regarding status of policy/s, revival, premium due/ policy calendar, maturity calendar etc.

Customers can add any number of policy details using the menu of Enroll Policy if have.

The Policy Maturity links provides information about policies maturing in the next three months. 

If no details are appearing it might be that,

• You may not have enrolled any policies,
• The enrolled policies are yet to be verified, or.
• No policies are maturing in the next three months.

LIC India Login

The Life Insurance Corporation of India (LIC) allows their customers to view their policy details, policy status, and pay premium online.

The LIC online Portal is available for LIC Company Officials, Development Officers, LIC Agents and Customers. If any of them want to access the online portal they need to enroll information through the registration page.

New User Registration Link is available on the home page.

New Registration:

All new users are required to complete the Customer Verification Process to enroll your registration.

Customer Verification Process successful then proceed the New Registration Form.

• The username can be alpha, numeric, with characters dot and underscore.

• The password must be in between 8 to 30 characters.

• The information marked with (*) are mandatory fields and cannot be left blank.

• The pin-code cannot be more than 6-digits.

• The e-mail id entered should be a valid one for further correspondence.

• The user-id chosen should be unique.

• Password should be unique and be kept confidential.

An auto-responder mail would be sent to the policy holder as confirmation of successful registration.

On successful registration, the customer will have access to information regarding status of policy/s, loan, revival, premium due/ policy calendar, maturity calendar etc., 

What is the LIC Agent Commission

LIC Agent Commission

For Year 2015

LIC Agent commission is based on the LIC policy term and it may vary from policy to policy. Which means, higher the term, more the commission the LIC agent gets.

Maximum LIC Agent commission for the first year of the LIC policy is 25% (For 15 Years Term and above) The commission is reduced to 5% after the 4th year of the policy. In certain cases, LIC agents are paid out with first month premium to boost up them to drive more policies.

Primarily the LIC Agent commission is based on the policy term and the policy type such as Endowment, money back, term insurance, health insurance etc. Please find the below information about the LIC Agent commission, alternatively you can also get the LIC agent commission details from LIC Agent Portal.

First Commission / New Policy Commission

Depending on Term of the policy and type of the Policy like (Endowment, Money back, Term insurance etc.)

First Year Commission : Commission payable on the First year premium.

Bonus Commission : Subject to conditions.


Renewal commission : Depending on Term of the policy and the policy type

LIC Agent Commission Types

As I mentioned above, the maximum commission for any LIC Agent is, 25% on endowment policies and acquires 15% on Money back policies. LIC agent commission details are furnished below.

YEAR	1st Type (ENDOWMENT)	2nd Type (MONEY BACK)
1st YEAR	25%	15%
BONUS COMM.	40% OF COMM	40% OF COMM
2nd YEAR	7.5%	10%
3rd YEAR	7.5%	10%
4th YEAR onwards	5%	6%
1st YEAR	25%	15%

Assumption
Assume that you are collecting  Rs. 10,000 as annual premium  for  a n 20  year policy term  and  the  Policy holder  paying the premium in regular interval.

The  benefits  you may have are illustrated below :

ENDOWMENT TYPE	MONEY BACK TYPE
1st  Year   :10000 X  25%       –    2500 Bonus  :  2500 X  40%           –    1000 2nd  Year  :10000 X 7.5%      –      750 3rd  Year   :10000 X 7.5.%     –      750 4th Year     :10000 X  5%        –     500 5th Year     :10000 X  5%        –     500 6th Year     :10000 X  5%        –     500 7th Year     :10000 X  5%        –     500 8th Year     :10000 X  5%        –     500 9th Year     :10000 X  5%        –     500 10th Year   :10000 X  5%        –     500 11th Year   :10000 X  5%        –     500 12th Year   :10000 X  5%        –     500 13th Year   :10000 X  5%        –     500 14th Year   :10000 X  5%        –     500 15th Year   :10000 X  5%        –     500 16th Year   :10000 X  5%        –     500 17th Year   :10000 X  5%        –     500 18th Year   :10000 X  5%        –     500 19th Year   :10000 X  5%        –     500 20th Year   :10000 X  5%        –     500 TOTAL       :                                – 13500	1st  Year   :10000 X  15%      –       1500 Bonus  :  1500 X  40%       –       600 2nd  Year  :10000 X 10%       –     1000 3rd  Year   :10000 X 10%       –     1000 4th Year     :10000 X  6%        –      600 5th Year     :10000 X  6%        –      600 6th Year     :10000 X  6%        –      600 7th Year     :10000 X  6%        –      600 8th Year     :10000 X  6%        –      600 9th Year     :10000 X  6%        –      600 10th Year   :10000 X  6%        –      600 11th Year   :10000 X  6%        –      600 12th Year   :10000 X  6%        –      600 13th Year   :10000 X  6%        –      600 14th Year   :10000 X  6%        –      600 15th Year   :10000 X  6%        –      600 16th Year   :10000 X  6%        –      600 17th Year   :10000 X  6%        –      600 18th Year   :10000 X  6%        –      600 19th Year   :10000 X  6%        –      600 20th Year   :10000 X  6%        –      600 TOTAL       :                                –  14300
FOR SINGLE PREMIUM — COMMISSION = 2 %

How to become an LIC Agent

Step-by-step guide to become an LIC agent

How Can I Become An LIC Agent?

You can become an LIC Agent if you have the answer 'Yes' to the following questions : 

1. Are you an outgoing and like meeting people ?

2. Are you ambitious to own a business ?

You only want your clients to be your bosses and you want to decide your working hours.

Once you become an LIC Agent, you may have Unlimited earning potential; A clear career path; all round support through exclusive advertising, your own in-house consultant, and world-class training.

Eligibility:

12th standard pass

Age 18 and above

Become an LIC Agent  in 4 Steps:

Step 1 : Contact your nearest LIC Branch Office and meet an LIC Development Officer there.

Step 2 : The Branch Manager will conduct an short interview, and if found suitable, you will be put up into training at Divisional or Agency Training Centre.

Step 3 : After completion of your training, you should take an Pre-Licencing examination conducted by the Insurance Regulatory and Development Authority (IRDA).

Step 4 : After successful completion of the examination you will be awarded with a Licence provided by the IRDA to work as an insurance agent.

Once you completed the above 4 Steps,  You will be appointed as an agent by the Branch Office and you will be a part of the team under your Development Officer.

The Development Officer will provide you field training and other valuable inputs which will help you in the market place. 

What is the training duration?

The training is for 100 hours and covers all aspects of Life Insurance Business.

• A comprehensive benefit package for LIC Agents
• Training
• Careers
• Rewards & Recognition

These are a key modifiers and source of business for the organization, and are the continuous relationshipt with our clients. 

That is the reason we are taking a plenty of care in recruiting and developing our agency force, so we continue to maintain higher standards of quality in service and salesmanship. 

To cater to the needs of the knowledge-oriented marketplace, we look for graduates who are service-oriented, good communicators and enjoy meeting new people. Prior sales experience is an added benefit.

Following are the four quality mantra we are looking from you  :

1. Self-motivation
2. A master communicator
3. A go-getter
4. A graduate

All the best, to become an LIC Agent...

Bonus Rate for LIC Policies

Reversionary Bonus Rates declared as a result of valuation as at 31st March 2014

	Sl No.	Plan	Term*	Bonus Rates (Per ` 1000/- Sum Assured)**
				2014
	1	Whole Life Type Plans (2,5,6,8,10,28 - before conversion,35,36,37,38,49,77,78,85 & 86)		70
	2	Endowment Type Plans (14,17,27 - after conversion, 28 -after conversion,34,39,40,41,42,50,54,79,80,81,84,8 7,90,91,92,95,101,102,103,109,110 & 121)	< 11	34
			11 to 15	38
			16 to 20	42
			> 20	48
	3	New Endowment Plan (814)	12 to 15	38
			16 to 20	42
			> 20	48
	4	Single Premium Endowment Plan (817)	10 to 15	40
			16 to 20	45
			> 20	50
	5	Money Back Assurances Plans (75 & 93)	20	39
			25	44
	6	New Money Back Plans (820 & 821)	20	39
			25	44
	7	Jeevan Surabhi Plans (106,107 & 108)	15	34
			20	41
			25	50
	8	Jeevan Mitra (Double Cover Plan), Jeevan Saathi, Limited Premium Endowment Plan (88,89,48)	< 16	40
			16 to 20	44
			> 20	48
	9	Jeevan Mitra (Triple Cover Plan) (133)	< 16	40
			16 to 20	45
			> 20	50
	10	Jeevan Anand Plan (149)	5	37
			6 to 10	37
			11 to 15	40
			16 to 20	44
			> 20	48
			15	40
	11	New Jeevan Anand Plan (815)	16 to 20	44
			> 20	48
	12	Jeevan Rekha Plan (152)	< 11	49
			11 to 15	44
			16 to 20	40
			> 20	34
			< 11	38
	13	Jeevan Anurag Plan (168)	11 to 15	40
			16 to 20	42
			> 20	44
	14	New Jeevan Suraksha - I Plan (147)	< 6	21
			6 to 10	27
			11 to 15	31
			> 15	35
	15	New Jeevan Dhara - I Plan (148)	< 6	20
			6 to 10	25
			11 to 15	28
			> 15	32
	16	Jeevan Tarang Plan (178)	10	47
			15	48
			20	49
	17	Jeevan Madhur Plan (182)	< 11	21
			11 to 15	26
	18	Child Career Plan (184)	11 to 15	34
			16 to 20	38
			> 20	40
	19	Child Future Plan (185)	11 to 15	38
			16 to 20	42
			> 20	44
	20	Jeevan Bharti Plan (160)	15	38
			20	40
	21	Jeevan Shree - I Plan (162)	10	43
			15	44
			20	47
			25	51
	22	Jeevan Nidhi Plan (169)	< 11	36
			11 to 15	38
			16 to 20	40
			> 20	42
	23	Jeevan Pramukh Plan (167)	10	45
			15	46
			20	49
			25	53
	24	Jeevan Amrit Plan (186)	10 to 15	30
			16 to 20	30
			> 20	30
	25	Jeevan Bharti - I Plan (192)	15	29
			20	31

Note:

*Plan - 149 & 152 : Premium Paying Term in place of Term 

  Plan - 178: Accumulation Period in place of Term

  Plan - 147,148 & 169: Deferment Period in place of Term

**Plan - 147 & 148: Bonus rates are per thousand Notional Cash Option 

  Plan - 182: Bonus rates are per thousand Death Benefit Sum Assured 

  Plan - 186: Bonus rates are per thousand premium paid