26 May 2021 – Career
Top 5 Benefits of LIC Agent
“Agent” word sounds bad but believe me you can earn beyond the limits by working as an insurance agent and 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. and In this blog we are particularly discuss about the “top 5 benefits of LIC agent” and How you can become an LIC agent in India?
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.
Benefits of LIC agent
Since LIC is owned and governed by central government, thus agents are treated and get all the benefits as like any Government employee.
#1 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 and that’s the no.1 benefit of lic agents.
#2 Earn Unlimited
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?
#3 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. The benefits of lic agent is that, you don’t need to report to someone because here you are your own boss.
#4 Medical Benefit and Life Coverage
LIC also offers Medical benefit and Life coverage to its Agents. Health Insurance is given to agent once he/she become part of any club member (positions/rankings). Anyone can be a part of club members, once they fulfill the Requirement.
Life Insurance is given from the day one of joining. The premium is charged from the commission of the agents and again the amount of life coverage is higher for club member agents as compared to any normal agent.
#5 High Market Share
The total share of LIC in more than 70% in Insurance market, while the combined share of all private companies are less than 30% and it is part of government, that’s why people trust more in LIC as compared to any other company.
Because of this, it is easy for LIC agents to get more sales and Revenue, It is very easy for them to close the deal as they don’t have convince people to trust on their company.