LIC Agent as Career

Friends no doubt becoming a LIC Agent is a very good option to earn money as a part or full time income. There is endless opportunities to earn income as a commission. Many peoples are earning in crores in a year to become a LIC Agent.

But there are certain things which should be focused before choosing LIC Agent as a career since there is no fixed salary, you have earn money as a commission basis and you need some extra skills also therefore it is no easy to earn money for every one. So i have mentioned below some advantages and disadvantages of becoming a LIC Agent.

Advantage of becoming LIC Agent

Like extra income

If you are doing a job and wants to earn extra in part time continue with current job, then becoming an agent of LIC can be a good source of additional income for you. For this, you do not have to leave your existing job. You can do this according to your time, because you decide the time to work in it by yourself.

As a permanent job

On the other hand, if you feel that you can earn so much in this field or have started working, due to which all your necessary expenses can be fulfilled. Then you can keep it running like your permanent job. Its biggest advantage is that you work whenever you want, when you do not, no one will question you.

Commission and bonus (how much commission does a LIC agent get)

If a customer gets his insurance from you, then you get commission from 2 percent to 25 percent in the first year. However, this amount varies according to the terms and policy. Not only this, you get this commission till the insurance matures.

But the percentage of commission keeps decreasing slightly. Which reduces to about 2 to 7.5 percent in the second year. According to the rule, the percentage of commission decreases slightly every year.

LIC agent salary

There is no salary after becoming an LIC agent, but you can earn countless money through commission. According to statistics, many top LIC agents earn up to crores within a year.

Simply put, the more insurance customers you get to the company, the more your income increases, which is received in the form of commissions and bonuses.

Improve communication

Through this job you also get a chance to groom your personality, because you meet different types of people in a short time. Not only this, you also get a good knowledge of financial understanding. With which you become capable to deal with your and family’s financial problems easily.

Gratuity or pension benefits

Once you become an agent of LIC, the company starts thinking about you in every way. The benefit of which you get as pension after retiring. You get this gratuity only after making it at the age of 60 or 65, this amount is obtained through self-reliance and promotion scheme.

But to be eligible for the gratuity, you have to work continuously for the insurance company for at least 15 years. Not only this, the maximum limit of this amount has been kept at Rs 2 lakh.

Disadvantages of becoming a LIC agent

LIC agent target per year 

For example, to do every marketing job, you have to achieve a target. In the same way, LIC also has an MBG ie Minimum Business Guarantee, under which you have to meet a premium of 50 thousand with minimum target 6 Lives, or a total premium of 1 lakh.

With this, you have to save 12 lives in the third way. Lives means that those who insure themselves have to be saved from closure. It means that it will be your responsibility to deposit money from your client on time and these goals are for only one year of the insurance agency.

The simple thing is that if you want to save your license, then you have to fulfill the stated goal of the company, otherwise you will be considered as an inactive agent.

Unsafe career

Even after becoming an LIC agent, you do not get any fixed salary, due to which you will always be worried about not getting new customers. Because the company has to meet its target every year.

Along with this, there is little chance of getting a good place in career, when there is zero income from above, there is no trust.

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