Currenty minmum business for agency has been revised to 1 lac premium in a year with minimum 12 different life.
Currenty minmum business for agency has been revised to 1 lac premium in a year with minimum 12 different life.
The road to success??.. Is always under construction.
I had only 50000/- business last year, so can I continue my agency. Ya, I have covered 12 life.Originally Posted by CopyCat
Business criteria needs be averagely meet in 5 years. So if they are getting 50,000 premium in first year then next year if you get 1,50,000. Finally first 5 years premium and life will be checked and it will need to be 5,00,000 (1 lac x 5 years) and 60 (12X 5 years) life.
If you have any other question, pls ask.
The road to success??.. Is always under construction.
Good Info - CopyCat. Thanks for sharing with all of us.
Thanks CopyCat!
See attachment for LIC Minimum Business Requirement.
but after 5 years what is the minimum criteria ?
As per IRDA Draft regulation on persistency of life insurance policies (20 insurance policy per year mandatory for Agent) -
(1). Where average annual persistency ratio is less than 50%, the agency licence would not be renewed.
(2). The minimum number of policies per agent shall be 20 policies per annum.
(3). The minimum First Year Premium Income to be procured by an agent would be Rs.1, 50,000 per annum.
(4). Where an agent falls short of achieving either (2) or (3) listed above, he or she would have to achieve proportionately more in either one to make up for the shortfall in the other.
(5). Spouses and close relatives of employees of insurers shall not be engaged as agents by insurers.
Source - IRDA.gov.in
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