In today's time, insurance has become very important for the people. Every person wants to get insurance. There are many types of insurance, it depends on you and what kind of insurance you want to get. Now have you thought that how much education can these people who sell insurance have? The answer to this is 10th or 12th? Yes friends, you can also sell insurance and earn from it for a long time. We will tell you how to earn money by selling insurance. What else needs to be done will be given in full details.
LIC Agent Target Per Year
If we talk about the target of LIC agent, then it is to sell 12 policies within a year. However, selling 12 policies is not a big deal, people sell more policies than this, hence the target should be high so that you can earn maximum. The company has implemented two rules regarding the target
- Complete 12 policies in 1 year
- Deposit a premium of one lakh
Whichever of these two targets is completed within a year, the target is completed. Some people have the question that when does the target start, the answer is that from whatever month your agency will be operational, in the same month. Its target starts from 1st December, if you start your agency from 1st December then your one year will be completed on 1st December itself.
How much commission does LIC Agent get?
LIC agent has three types of plans
- Endowment Plan
- Money Back
- Single Premium Plan
These three have different plans
LIC AGENT COMMISSION RATE?
Year Endowment Plan Money Back
First Year Commission 25% 20%
Bonus Commission 40% 40%
2end & 3rd Year 7.5% 7.5%
4th Year Award 5% 5%
Single Premium Plan 2%
LIC agents have different commission rates, you can see them on the chart given above, like the first year commission of Endowment is 25%, if the agent deposits a premium of 1 lakh then he gets 25 thousand. You will get: If a person deposits 1 lakh premium in money back then he will get a commission of 20%.
This is the first year's commission. Now out of the same 25%, the company also gives a bonus of up to 40%. Consider it as if you got 25% i.e. on completion of the target of 25000, you got 40% of the same commission. The company also gives a bonus from its side. Both these plans give in the form of Endowment Plan and Money Back are same.
In the fourth year, as long as the policy holder keeps depositing the premium, you will continue to get 5% commission. No matter where the policy holder is, it will not have anything to do with him, but you will continue to get commission. There is no fixed salary in this, as long as the policy holder pays the premium. The company will give you 5% of it. If the policy holder stops paying the premium then no commission will be received.
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Single Premium Plan
If seen then Single Premium Plan is not that good but if Endowment Plan and Money Back Plan then they are much better. Life time earning keeps happening in them. Now it is up to you to decide which plan you want to take.
This was the way to earn more money. If you still have any questions, then you can tell us in the comments, to which we will definitely answer. We hope that you have got answers to all the questions related to insurance.
