Becoming a LIC agent can be a lucrative career option for those who are self-motivated, ambitious, and have excellent communication skills. Here is a step-by-step guide on how to become a LIC agent in Mumbai:
Step 1: Eligibility Criteria
To become a LIC agent in Mumbai, one must meet the following eligibility criteria:
- The applicant must be at least 18 years of age.
- The applicant should have a minimum educational qualification of a high school certificate.
- The applicant should be an Indian citizen or should hold an Overseas Citizen of India (OCI) card.
Step 2: Preparing for the Exam
After ensuring that you meet the eligibility criteria, the next step is to prepare for the LIC agent exam. The exam consists of two parts – Part A and Part B.
Part A: It is a qualifying exam that tests the applicant’s knowledge of the English language, general knowledge, and arithmetic. The minimum passing marks for Part A are 17 out of 50.
Part B: It is the main exam that tests the applicant’s knowledge of insurance and the insurance market. The minimum passing marks for Part B are 18 out of 50.
To prepare for the exam, the applicant can enroll in a training program offered by LIC or can self-study using study materials provided by LIC.
Step 3: Applying for the Exam
After preparing for the exam, the next step is to apply for the exam. The applicant can apply online on the LIC website or can visit the nearest LIC branch to collect the application form.
The applicant must fill in the application form with all the necessary details and attach the required documents such as a passport-size photograph, proof of age, educational qualification, and proof of address.
Step 4: Clearing the Medical Test
After applying for the exam, the applicant must clear the medical test conducted by LIC. The medical test ensures that the applicant is in good health and is fit to become a LIC agent.
Step 5: Completing the Training Program
After clearing the medical test, the applicant must complete the training program offered by LIC. The training program consists of 100 hours of theoretical and practical training, and the applicant must attend all the sessions.
Step 6: Clearing the IRDAI Exam
After completing the training program, the applicant must clear the Insurance Regulatory and Development Authority of India (IRDAI) exam. The exam tests the applicant’s knowledge of insurance and the insurance market.
Step 7: Obtaining the License
After clearing the IRDAI exam, the applicant must apply for the LIC agent license. The license is issued by LIC after verifying all the documents and ensuring that the applicant has met all the eligibility criteria and has cleared all the exams.
The Life Insurance Corporation of India (LIC) is one of the largest insurance companies in the world, and becoming an LIC agent can be a lucrative career option. In this article, we will explore the qualifications for becoming an LIC agent, the fees associated with the process, the earnings potential, and the benefits of this profession.
What is the qualification for LIC agent?
To become an LIC agent, you must fulfill the following criteria:
- You must be at least 18 years old.
- You must have passed 10th standard (matriculation) or equivalent.
- You should not have any criminal record or previous history of financial fraud.
Is there any fees to become LIC agent?
To become an LIC agent, you have to pay a nominal fee of Rs. 150 for the pre-licensing training course. After completing the training, you have to clear the IRDAI (Insurance Regulatory and Development Authority of India) examination by paying a fee of Rs. 700. Once you have passed the exam, you can apply for an LIC agency, and a license will be issued to you upon payment of a further fee of Rs. 200.
How much do LIC agents earn?
The earnings potential for LIC agents is quite high. LIC agents receive a commission on the premiums paid by their clients. The commission rates vary depending on the type of policy, and can range from 2% to 35% of the premium amount. On average, an LIC agent can earn anywhere from Rs. 20,000 to Rs. 50,000 per month, depending on the volume of business they generate.
How can I become a agent in Mumbai?
If you are interested in becoming an LIC agent in Mumbai, you can contact the LIC branch office nearest to you. They will guide you through the process of becoming an agent and will provide you with the necessary training and support.
Is Becoming an LIC Agent a Good Career?
Becoming an LIC agent can be a good career choice for those who are willing to work hard and have good communication and networking skills. As an LIC agent, you will have the opportunity to earn a good income, work flexible hours, and help people secure their financial future.
What is the minimum target for LIC agent?
LIC agents are expected to meet a minimum business target, which is usually set by the company on an annual basis. The target varies depending on the agent’s experience and the location of their office. However, there is no penalty for failing to meet the target, although agents who consistently fail to meet their targets may be subject to review.
Is LIC Agent Salary Fixed?
The salary of an LIC agent is not fixed, as they work on a commission basis. The more business they generate, the higher their earnings will be. However, LIC agents do receive certain allowances and benefits from the company, such as bonuses and medical insurance.
Can Being an LIC Agent be a Part-Time Job?
Yes, becoming an LIC agent can be a part-time job. The flexible working hours and commission-based earnings make it an attractive option for those looking for part-time work.
Who is the highest paid LIC agent?
The highest-paid LIC agent in India is Satyam Tiwari, who earned over Rs. 2.6 crore in commission in 2019. However, it is important to note that his earnings are not typical of most LIC agents.
What is minimum business for LIC agent year?
The minimum business target for LIC agents is typically set by the company on an annual basis, and varies depending on the agent’s experience and location. However, there is no penalty for failing to meet the target, although agents who consistently fail to meet their targets may be subject to review.
Is an LIC Agent Self-Employed?
Yes, an LIC agent is considered a self-employed professional. They work as independent contractors for LIC and are responsible for generating their own business.
Benefits of Becoming an LIC Agent:
There are several benefits of becoming an LIC agent, including:
- Earnings Potential: LIC agents have the potential to earn a good income, depending on the volume of business they generate.
- Flexible Working Hours: LIC agents have flexible working hours, which allows them to balance their work and personal life.
- Job Security: Being an LIC agent offers job security as long as they continue to generate business.
- Social Recognition: LIC agents are respected members of their communities as they help people secure their financial future.
Do LIC Agents Retire?
Yes, LIC agents can retire from their job. However, they can also continue working as long as they are able to generate business.
Highest Paying Job in LIC:
The highest paying job in LIC is the Chairman and Managing Director (CMD) position. The CMD is responsible for the overall management of the company and receives a high salary and other perks.
Which Insurance Agents Get Paid the Most?
Insurance agents who sell high-value policies, such as life insurance policies with large premiums or commercial insurance policies, tend to earn higher commissions and therefore, get paid more.
Are LIC Agents Employees of LIC?
No, LIC agents are not employees of LIC. They work as independent contractors and are paid on a commission basis.
How Much Does an LIC Agent Earn from One Policy?
The commission earned by an LIC agent from one policy depends on the type of policy and the premium amount. On average, LIC agents can earn a commission of 2% to 35% of the premium amount for life insurance policies, and 10% to 20% of the premium amount for non-life insurance policies.
FAQs For How To Become LIC Agent In Mumbai
What is the eligibility criteria for becoming a LIC agent in Mumbai?
- The applicant must be at least 18 years of age.
- The applicant should have a minimum educational qualification of a high school certificate.
- The applicant should be an Indian citizen or should hold an Overseas Citizen of India (OCI) card.
What is the exam pattern for becoming a LIC agent in Mumbai?
The exam consists of two parts – Part A and Part B. Part A is a qualifying exam that tests the applicant’s knowledge of the English language, general knowledge, and arithmetic. Part B is the main exam that tests the applicant’s knowledge of insurance and the insurance market.
How can I prepare for the LIC agent exam?
You can enroll in a training program offered by LIC or can self-study using study materials provided by LIC.
How do I apply for the LIC agent exam?
You can apply online on the LIC website or can visit the nearest LIC branch to collect the application form.
Is there a medical test for becoming a LIC agent?
Yes, LIC conducts a medical test to ensure that the applicant is in good health and is fit to become a LIC agent.
What is the duration of the LIC agent training program?
The training program consists of 100 hours of theoretical and practical training.
What is the passing marks for the LIC agent exam?
The minimum passing marks for Part A are 17 out of 50, and for Part B, the minimum passing marks are 18 out of 50.
What is the IRDAI exam?
The Insurance Regulatory and Development Authority of India (IRDAI) exam is a regulatory exam that tests the applicant’s knowledge of insurance and the insurance market.
How do I apply for the LIC agent license?
After clearing the IRDAI exam, you can apply for the LIC agent license by submitting all the necessary documents and verifying that you have met all the eligibility criteria.
How long does it take to become a LIC agent in Mumbai?
The duration of the LIC agent application process can vary, but it typically takes around 2-3 months to become a licensed LIC agent in Mumbai.
Conclusion
Becoming a LIC agent in Mumbai is a process that requires dedication, hard work, and perseverance. By following the above-mentioned steps and putting in the necessary effort, one can become a successful LIC agent and make a rewarding career in the insurance industry.
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