What is the commission of LIC development officer?

What is the commission of LIC development officer?

There isn’t any fix salary from the LIC for the agents. Though, Agents earn the commission for the policies they sale. LIC offers 25% to 35% commission on the policy premium for the first year, then 7.5% for 2nd & 3rd Year + 5% till the policy maturity.

What is the commission rate for LIC agents?

Endowment Plan LIC Agent Commission Chart 2021

Premium Paying Term Commission 1st Year Commission in 2nd & 3rd year
2 to 4 yrs 5% 2.25%
5 to 9 yrs 10% 5%
10 to 14 yrs 20% 7.5%
15 yrs & above 25% 7.5%

What is CLIA agent in LIC?

c) “A Chief Life Insurance Advisor” (CLIA) means a person authorised under this scheme to recommend suitable candidates for appointment as Agents under such terms and conditions by way of an agreement to be executed between such Chief Life Insurance Advisor and Life Insurance Corporation of India.

What are the benefits of LIC development officer?

Reimbursement Towards the Cost of Brief Case/leather bag. Mobile Handset. Supply of Dailies as per Rules and on Confirmation in Service. Attractive Performance Linked Incentives.

Is LIC agent become development officer?

If you are an LIC agent already or the one applying for and wondering if an agent can also become a Development Officer in the company, the answer is ‘yes you can. ‘

How can I become a LIC development officer?

Candidates with a bachelor’s degree in any discipline can apply for LIC ADO exam. Not less than 4 years as an agent or other than agent(such as DSE/FSE) and has brought a net First Year Premium Income of not less than 1,00,000/- on 50 lives per year in any 3 of the immediately preceding 4 financial years.

Who is the highest paid LIC agent?

Parekh, who missed out on watching matinee shows and playing cricket during his youth, is now a millionaire who can afford most luxuries of life. As an agent, his annual income is over Rs 4 crore, around five times more than the Rs 87 lakhs that LIC chairman DK Mehrotra took home last year.

Is LIC agent a good career?

1] Joining A Successful Team: By joining LIC as agent, one will be a part of the country’s finest team of life insurance Agents. 2] Attractive Remuneration: LIC offers one of the best remuneration systems in the industry that not only takes care of your current earnings, but also guarantees an earning for the future.

What is LIC CLIA full form?

So LIC decided to leverage cream of its agent pool, through a scheme called Chief Life Insurance Advisors (CLIA).

How can I get Mdrt in LIC?

For instance, to qualify for membership in 2018, an agent is required to raise a minimum of USD 164,000 in annual gross income from the sale of insurance and financial products. Further, a minimum of USD 47,500 must be the income from new business generated during the production year.

Is LIC a govt job?

LIC ADO known as LIC Assistant Administrative Officer is a field job in Insurance sector. LIC(Life Insurance Corporation of India) conducts an exam namely LIC ADO to fill in the vacant posts for ADO in their offices. It is a government job with a healthy salary package of nearly Rs 45,000/- per month.

How can I be a LIC officer?

LIC AAO Eligibility

  1. Nationality: Candidate must be a citizen of India.
  2. LIC AAO Age Limit: Candidate must have attained the age of 21 years and should not be more than 30 years of age.
  3. Education Qualifications: The candidate must be a Graduate from any Government recognized University.

What kind of Commission does LIC pay to agents?

These commission values are expenses that LIC pays to their network of agents and agencies to get policies sold. The LIC commissions can vary from 2% to almost 35% depending upon the policy and tenure. LIC agents commission in 2021 are out and you can see the percentages of commission against each policy (with table number) in above section.

What is the LIC agent commission for pmvvy?

This commission is for the first premium and then 2nd and 3rd year the commission is 7.5% and for 4th year onward till whenever the policy is in force the agents gets 5% commissions on premiums. LIC Agent commission on pension plans like Jeevan Shanti, Pradhan Mantri Vaya Vandana Yojana (PMVVY) in 2021

Which is the latest commission chart of LIC of India?

The new revised commission chart for 2021 is out. LIC of India revises it commission chart for agents every year. There are just a few minor changes this time in 2021 from the commissions of 2019. Download the commission chart 2021 here. Please sign in to view.

What is the salary of LIC Assistant Administrative Officer?

The basic pay for LIC AAO posts starts from Rs. 32795/- per month plus allowances & other benefits. LIC Assistant Administrative Officer (AAO) is one of the best entry-level jobs in the insurance sector and hence, is highly demanding.