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I have LIC Agency Licence. Now my 5 year term in lIC ends in September'2009.Can anyone tell me the procedure to surrender the above agency so that commission on policy done in 5years term comes to muy account regularly
as per policy terms.
Thanks in advance!
Regards,
Tarunz
You need not to do anything. Stopping new business will lead to termination of your agency. Thereafter your renewal commission will be paid once in 3 months.
But if you have a very good customer data and want to sell to any agents, many of the agents will come forward to buy it.
Why you want to surrender your agency. Now after Five years working in it; its time to earn money thru your contacts. Please think again. If not possible do the selling part time.Quote:
Originally Posted by Tarunz
Please take case of this condition - If you haven't sold 12 life policies each year for 5 years.(=5*12)
If you have completed this condition than your renewal commission would not be stopped. Otherwise you won't get anything.
One more important point - If you are surrendering the agency and than starting agency with any other insurer, you will lose the renewal commission. Kindly take note for the same.
Pls advise, does this means 12 new life every year for 5 years. Or there could be 2 or more policy on one same life and number of policies is considered.Quote:
Originally Posted by Master
Statement is clear - 12 policies each year If you haven't sold 12 life policies each year for 5 years.(=5*12)Quote:
Originally Posted by candy
But it is an old thread, please check with your LIC office, because LIC used to change their policies. See below news.
Hindustan Times News Jan’2011
The LIC had raised targets for its agents to a minimum of Rs one lakh as first year premium every year, meaning, each agent would have to sell policies worth Rs 20 lakh on average every year.