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 … [Read more...] about What is Minimum Business Guarantee (MBG) norms for LIC Agents?
Membership to MDRT is based on agent productivity and includes criteria to meet certain level of premium, commissions or income during the year. For Court of Table (COT) and Top of Table (TOT), the criteria are even tougher with significantly higher commissions and premiums being … [Read more...] about How to Qualify (Commission, Premium & Income Requirements) for MDRT Membership – 2017?
First check, whether you meet Commission, Premium & Income Requirements for MDRT Membership. Things you need: 1. Requirements: Premium, commission or income during the previous calendar year 2. MDRT ID number 3. Certifying letters: Upload from Certifying letters … [Read more...] about How to Register for MDRT Membership?
MDRT is short form of Million Dollar Round Table and founded in 1927. MDRT is an international, independent association of finance professionals that has representation from more than 450 companies. Today, MDRT is a thriving association of over 40,000 members representing 76 … [Read more...] about What is MDRT (Million Dollar Round Table)?
Insurance company shall deduct Tax at Source (TDS) at the rate of 20% in excess of Rs 20,000/- paid during the financial year. Now as per Budget 2015-16, the threshold for TDS on insurance commission has been reduced from Rs.20,000 to Rs.15,000 and TDS on the same has been … [Read more...] about Threshold for TDS on Insurance Commission Now reduced from Rs.20,000 to Rs.15,000
LIC has introduced Agent Portability. But the agent portability is currently only applicable to LIC Orphan policies. What is an "Orphan policy"? The policies initially effected by an individual agent, whose services were subsequently terminated or removed from LIC, are … [Read more...] about LIC’s Agent Portability : How to change your LIC Agent?
This question is always in your mind, when you are planning to buy a LIC policy. But now LIC has solved this problem. You can use LIC Online Insurance Advisor and get plan options based on your criteria immediately. Steps to follow: 1- Go to LIC Insurance Advisor 2- … [Read more...] about Which LIC Insurance Policy should I buy?
LIC India Agent's Portal is excellent way to keep track of all sold LIC policies by an LIC agent. Once registered, agent can login to LIC portal and register his customers policies and then he can also track their policy status including dues, next premium payment date, maturity … [Read more...] about How to Register for LIC India Agent’s Portal?
Insurance agents play a key role in conservation of insurance business by rendering valuable post sale service to policyholders. Whenever an agent discontinues his agency or is terminated by the Insurance Company, the policies secured by the agent are left behind orphaned. In … [Read more...] about IRDA : Guidelines on Servicing of Orphan Policies
If your agent stopped servicing life insurance policy after making you buy it, there is nothing to worry. Such policies, which are ‘orphaned' due to exit of an agent from the profession after selling a policy, should be well-serviced by the insurers by allotting them to other … [Read more...] about IRDA to streamline servicing of ‘orphaned’ life insurance policies