What is the minimum policies required for an LIC agent?

[Expert]

An agent shall bring in the following business in each of his First, Second and Third agency year - “Proposals resulting in policies on at least Twelve different lives for not less than First Year Premium Income (FYPI) of Rs. One Lac; Provided that a shortfall in fulfillment on one count namely lives or First Year Premium Income shall be condoned up to a maximum of 50% at the end of 3rd Agency year:

Provided further that it is compensated with same or higher percentage increase on the other count and further subject to the condition that the agent brings in not less than six proposals resulting in policies on at least six different lives and at least Rupees Fifty Thousand First Year Premium Income in each of the First, Second and Third years of his agency.

In Fourth Agency Year and in subsequent agency years, at least Twelve proposals resulting in policies on at least twelve different lives with First Year Premium Income of at least Rs.1 Lac. Please note that the condonation shall not be applicablefrom fourth agency year onwards.

Note:

Please note that the agents appointed on or after 09.07.2009, the above mentioned minimum business guarantee shall be applicable with immediate effect.

For the agents who were appointed before 09.07.2009, the minimum business guarantee shall be applicable from the agency year falling after the date of notification.

[Expert]

Exemption from MBG Condition :
If an agent worked continually for a period of
a) Not less than 21 years
or
b) at least 15 years and he is at least 55 years of age
or
c) 15 years and at any time subsequent thereto there is business in force yielding a renewal premium income of not less than Rs 40,000/- per annum.

Then the agent can be treated as exempted from MBG.