A LIC agent is one who is an important source of the business for the organisation. The LIC agents develop, build, and always keep maintained contacts with the clients who give business to the organisation by buying the different policies.
It is monetarily rewarding and soul satisfying too. The commodity that a life Insurance agent sells is unique - you sell and service financial security and hence the pattern of remuneration for the same is also unique. Life Insurance profession is the “best paid hard work”. The harder you work the more commission you get. Moreover the sale of life Insurance gives repeated commission payments for one sale and what is more, they continue even after the agent resigns or dies - provided he has the required business in force as per rules.
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:
Group Gratuity and Group term insurance is also the benefits to LIC Agent, who are entitled to get the gratuity at age 60 or 65 years after being an LIC Agent for a minimum 15 years, presently the Maximum Gratuity amount payable is upto Rs.10 Lakhs depending up on the amount of renewal commission paid during last 15 years before the vesting age.
Agents are also covered under group term insurance and group mediclaim insurance. The coverage depends on the performance criteria of the individual agents and the clubs they occupy in LIC, it varies.