Surrender of LIC Agency

Hi

Is it possible to get the LIC Agency back once you have surrendered and received gratuity?

Please advise. Thank you in advance

Regards

Short answer to your question is "Yes". But you will get a new agency not the reinstatement of old agency.

As per Guidelines on appointment of Insurance Agents, 2015

Procedure to be followed in respect of resignation/surrender of appointment by an insurance agent:

1) In case an insurance agent appointed by an insurer wishes to surrender his agency with his/her insurer, he/she shall surrender his appointment letter and identity card to the designated official of the insurer with whom he/she is currently holding agency.

2) The Insurer shall issue the cessation certificate as detailed in Form 1-C within a period of 15 days from the date of resignation or surrender of appointment.

3) An agent who has surrendered his appointment may seek fresh appointment with other insurer. In such a case, the agent has to furnish to the new insurer all the details of his/her previous agency and produce Cessation Certificate issued by the previous insurer issued in Form I-C, along with his agency application form.

4) The insurer will consider the agency application as outlined in Clause IV after a period of NINETY DAYS from the date of the issue of the cessation certificate by the previous insurer.