In today’s time, insurance has become very important for people. Every person wants to get insurance. There are many types of insurance, it depends on what type of insurance you want to take. Now have you wondered how much education these people selling insurance can get? The answer is 10th or 12th? Yes friends, you can also sell insurance and earn from it for a long time. We will tell you how to earn money by selling insurance. Complete information about what else needs to be done will be given.
LIC Agent Target
If we talk about the target of LIC agent then it is to sell 12 policies within a year. However, selling 12 policies is not a big deal, people sell more policies than this, so the target should be bigger so that you can earn more. The company has implemented two rules regarding the target
- Complete 12 policies in 1 year
- deposit a premium of one lakh
Whichever of these two goals is accomplished within one year, that goal is accomplished. Some people have this question that when the target starts, then the answer is that in the month from which your agency will be operational. Its target starts from 1st December, if you start your agency from 1st December then your one year will be completed on 1st December itself.
How much commission does a LIC agent get?
LIC agent has three types of plans
- Endowment Plan
- Money Back
- Single Premium Plan
These three have different plans
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LIC AGENT COMMISSION RATE
Year Endowment Plan Money Back
First Year Commission 25% 20%
Bonus Commission 40% 40%
2end & 3rd Year 7.5% 7.5%
4th Year Award 5% 5%
Single Premium Plan 2%
LIC agents have different commission rates, you can see them on the chart given above, like the first year commission of endowment is 25%, if the agent deposits a premium of Rs 1 lakh then he gets Rs 2500 thousand . You will get: If a person deposits a premium of Rs 1 lakh in money back, he will get a commission of 20%.
This is the first year’s commission. Now out of the same 25%, the company also gives a bonus of up to 40%. Consider it like this that you got 25% i.e. after completion of Rs. Target Rs 2500, you will get 40% of the same commission. The company also gives bonus from its side. Both these schemes which are given in the form of endowment plan and money back are similar.
In the fourth year, as long as the policy holder keeps paying the premium, you will continue to get 5 percent commission. No matter where the policy holder is, you will continue to receive commission. There is no fixed salary, as long as the policy holder pays the premium. The company will give you 5% of that amount. No commission will be received if the policy holder stops paying the premium.
Single Premium Plan
Talking about single premium plan, a commission of 2% is given in it. If any policyholder wants to take a single premium plan, then no matter how much he deposits, be it Rs 1 lakh, 5 lakh or 10 lakh, he gets only 2% of it. You get it, you don’t get anything else except this, you get it only once.
If seen, single premium plan is not that good but if we look at endowment plan and money back plan then they are better. Life time earning is available in these. Now it is up to you to decide which plan you want to take, there are many more. Ways to earn money: If you still have any question in your mind, you can tell us in the comments, to which we will definitely answer. We hope that you have got answers to all your questions related to insurance.
