LIC India’s Minimum Business Guarantee (MBG) norms for an LIC agent, during the agency year are :
An agent has to achieve –
- EITHER 6 different lives AND Rs. 50,000/- First Year Premium Income (FYPI)
- OR 12 different lives
- OR Rs. 1 Lac First Year Premium Income (FYPI)
Notwithstanding the above, an agent shall be exempt from bringing in the business required of him, if he has continually worked for the LIC India as an agent for a period of:
(a) not less than 21 years ; or
(b) at least fifteen years and he is at least 55 years of age; or
(c) fifteen years and at any time subsequent thereto there is business
in force in the books of the LIC India under his agency yielding a renewal premium income of not less than Rs. 2,00,000 per annum.
Criteria for termination of LIC Agency for failure to achieve the MBG:
If an agent fails to bring in the business required of him as specified above in an agency year, his appointment shall stand terminated at the end of such agency year under the provisions of Agents Rules, 1972.
Source – LIC India