What is LIC renewal commission?

Subsequently, on renewal, the agent is entitled to a commission that’s capped at ₹ 10 for term plans, and ₹ 7.50 on a ₹ 100 premium for other bundled life insurance plans. “The rules were drafted at a time when LIC was the only life insurance company in the market and the financial market was under developed.

Can we remove LIC agent from policy?

There is no need and no provision to change your LIC agent, as there is no contract between you and an LIC agent. As far as a policyholder is concerned, the contract is with insurance company. The agent is just a facilitator.

Can I transfer my lic agency to another person?

You have to contact your present branch and give your request letter for the transfer of your required branch. You have to submit the proof of residence of new place in which you want to transfer. Regards.

What is the Commission of LIC agent for policy term?

If the Policy term is higher, the Commission of LIC Agent becomes higher. The first Lic agent commission will be dependent on Term of the policy and type of the Policy (Endowment, Money back, etc.). Here we have provided the information about the commission that an LIC agent get for the varying term periods and various policy.

Why do LIC agents offer 1st month premium?

However, in some cases, the LIC agents offer to give the 1st-month premium to inspire their clients to purchase the insurance plan. For an Endowment Policy with over 15 yrs. The agent gets 25\% as well as an Extra Commission for LIC agent on the same insurance plan to the level of 10\% on their 1 st Year Premium.

How much Commission do LIC Jeevan Labh agents get on LIC policies?

A agent gets 25\% commission on LIC Jeevan Labh policy. 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.

What is LIC agent Commission on pension plans in 2021?

LIC Agent commission on pension plans like Jeevan Shanti, Pradhan Mantri Vaya Vandana Yojana (PMVVY) in 2021 LIC commissions have two slabs one is policies lower or equal to 14 years and then policies more than 15 years term. The commission for policy term 14 is lesser than policies with term as 15 years or greater.