“Agent” word sounds bad but believe me you can earn beyond the limits by working as an insurance agent and in this blog, you will get an idea whether you should work as an insurance agent or not and we will compare Job vs Insurance Agent.
It is a work where you advise people why financial planning for the future is important for them and this pandemic taught us very well that having insurance (life and health) is mandatory. People are becoming more conscious about their health and life which means you can earn more as an agent by selling more policies.
Opportunities In India
India is still a developing nation filled with lots of opportunities. Insurance is one of the industry in India which is totally unexplored. According to the census report 2018, the total population of India is 135 crores and only 37 crores of people have life Insurance which means still 98 crores which is 3/4th population don’t have any insurance, and from here you can get the idea of the opportunity present in this sector.
So now we will discuss some benefits that you will get as working as an Agent with LIC or any other company.
Flexible work hours
It is totally different from a 9-5 job, you don’t need to visit the office frequently. Here you get flexible hours to works and if you already in a job then you can do it as part time. You don’t need to travel long hours to reach the office, you don’t need to waste time in traffic jams or waiting for public transports. You can work from anywhere and can able to earn more than your job.
In many insurance companies you don’t get a salary as an agent but you receive a commission for every sale, this commission slab may vary from company to company and in LIC your commission ranges from 2-35% which depends upon the type and term of the policy and this commission is recurring.
for eg. Ramesh sells insurance of 10 lakhs and assume the term is 15 years then he will be able to earn a commission for the next 15 years whenever the premium is paid and commission for the first year is higher and it will decrease every year again it may vary from company to company.
So the more you work and sell insurance the more you will be able to earn. and if you work now you will be able to generate passive income for upcoming years. Isn’t it amazing work?
Be your own boss
Working as an Insurance Agent is always better than a job because here you are totally free, you don’t need to work under someone. you can able to schedule your time according to your comfort, you can able to spend more time with your family and friends, you don’t need to report to someone because here you are your own boss.
In this section, I will especially talk about LIC which gives some additional benefits which may be not available in the majority of companies.
- LIC will provide you life insurance worth 10 lakh rupees from day 1 when you become an agent.
- when you become a member of CM or ZM club you will be able to get a loan for a house/vehicle without any interest.
- LIC will provide you office allowance when you will achieve a certain level
- LIC also provides you support in old age by paying you pension.
- You get festival advance during Diwali worth rupees 20000.
These benefits are endless for more details you can visit your near LIC branch.
and if your from Delhi NCR, you can even work with us. What you need is just email us at firstname.lastname@example.org that “I am interested” and enter your basic details such as full name, phone no, email address and we will reach out to you.
If you are reading till now then you might be interested in the Insurance sector and probably want to become an insurance agent. So below are some requirements which you need to fulfill to become an Agent in LIC
For more information you can check out our youtube channel “Apni Policy” and watch the videos related to insurance and finance.
We have also covered this topic and you can watch the video from below.
You don’t need to have a master’s degree to become an insurance advisor. what you need is just passion and a 10th standard mark sheet that’s it.
You need to qualify for an exam before entering this sector which is conducted by IRDA (Insurance Regulatory and Development Authority). This exam is based on multiple-choice questions and each question carries 1 marks, there are not any negative marking and this exam is of 50 marks and you need to secure at least 18 marks. which is not a difficult thing.
The questions in the exams are neither easy nor tough but you need to practice before you appear for the exam.
Now let us talk about some basic documents you will require to become an agent.
- 2 password size photo
- Adhaar card photocopy
- Pan card photocopy
- Cancel Cheque
- Qualification mark sheet photocopy
Job vs LIC Agent
Working as a LIC agent always better than Job. You can able to earn better than a job but it takes time and lot of hard work in the beginning, If you already in the job, you don’t need to resign but you can start working here as a part-time and when you start earning better than your job then you can leave your job and become your full-time courier into this field. Now let’s understand the earning potential with an example.
B sells insurance of Rs. 20 lakhs for the term of 21 years and insured will pay a premium every year and the amount of premium is around 1 lakh per annum, with the 35% commission rate you will able to earn 35000rs from single policy and you will be able to earn for the next 21 years till the policy matures. and let’s assume you sell 10 policies with the same amount and term, you can earn a commission of 3.5 lakhs for the first year and this amount is more than your salary. isn’t it, just comment Yes or No in the comment section.