Page 1 of 2 12 LastLast
Results 1 to 10 of 12

Thread: What is the minimum policies required for an LIC agent?

  1. #1
    PolicyWala NewBie
    Join Date
    Aug 2009
    Location
    India
    Posts
    15

    Question What is the minimum policies required for an LIC agent?

    What is the minimum policies required for an LIC agent with in first one year of Agency to complete minimum target of LIC i.e. how many life insured in one financial year & Sum Insured value.




  2. #2
    PolicyWala Fan
    Join Date
    Mar 2009
    Location
    Gurgaon
    Posts
    79

    Default

    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.

  3. #3
    PolicyWala NewBie
    Join Date
    Aug 2009
    Location
    India
    Posts
    15

    Default

    Quote Originally Posted by CopyCat View Post
    Currenty minmum business for agency has been revised to 1 lac premium in a year with minimum 12 different life.
    I had only 50000/- business last year, so can I continue my agency. Ya, I have covered 12 life.

  4. #4
    PolicyWala Fan
    Join Date
    Mar 2009
    Location
    Gurgaon
    Posts
    79

    Default

    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.

  5. #5
    PW Stalwart Master's Avatar
    Join Date
    Feb 2009
    Location
    Mumbai
    Posts
    438

    Thumbs up

    Good Info - CopyCat. Thanks for sharing with all of us.

  6. #6
    PolicyWala NewBie
    Join Date
    Aug 2009
    Location
    India
    Posts
    15

    Default

    Thanks CopyCat!

  7. #7
    PW NewsDesk NewsDesk's Avatar
    Join Date
    May 2011
    Location
    Delhi
    Posts
    267

    Thumbs up

    See attachment for LIC Minimum Business Requirement.
    Attached Files Attached Files

  8. #8
    NewBie
    Join Date
    Jul 2012
    Location
    Ahmedabad
    Posts
    2

    Default

    but after 5 years what is the minimum criteria ?

  9. #9
    PW Stalwart Manish_Kumar's Avatar
    Join Date
    Apr 2009
    Location
    Patna
    Posts
    268

    Default

    Quote Originally Posted by rameshsen View Post
    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
    Everyone has a scheme of getting rich.. Which never works.

  10. #10
    Moderator Expert's Avatar
    Join Date
    Feb 2009
    Location
    New Delhi
    Posts
    448

    Default

    Minimum Business Guarantee (Minimum amount of Business) to be fulfilled by the Agents - (Ref: Mktg/ZD/16/2009 24.07.2009)

    Name:  lic.jpg
Views: 62956
Size:  190.2 KB
    * SAFE
    Self Appointed Financial Expert


Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •