First of all, foremost benefits to LIC Agent is the remuneration will be paid to in the form of Commission as percentage of premium collected through the policies sold by you. It is not a one time commission on a sale, It provides royalty income through out the term of policy,as long as policyholder pays the premium.
The Commission rates on regular premium policies are as under:
- 1st year of the policy : Up to 25 % on the premium
- Bonus Commission: 40% of first year commission.
- 2nd and 3rd year of policy : Up to 7.5 % on the premium.
- 4th year and onwards : Up to 5% on the premium.