How does LIC agent get bonus?
How does LIC agent get bonus?
You are entitled to bonus commission at the rate of 40\% of the eligible first year commission provided you fulfil certain requirements as to total first year’s premium secured and number of lives you have insured in your agency-year.
On which date LIC agent gets commission?
Commission on term plan 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.
Does LIC agent get monthly commission?
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.
How long does LIC agent get commission?
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\% |
Can insurance agents share commissions?
Conclusion: No, a duly appointed and licensed life insurance agent may not share commissions with another insurance agent unless at the time of the solicitation, negotiation and/or sale of the policy, the latter was a licensed agent of the insurer who wrote the policy.
Does LIC Pay Commission to agents after 5 years?
Generally LIC will release bonus commission after completion of agency year. After five 5 years of service every month the bonus commission added and to monthly bill and paid. What is MGB for an LIC agent?
How much Commission Am I entitled to on bonus Commission?
You are entitled to bonus commission at the rate of 40\% of the eligible first year commission provided you fulfil certain requirements as to total first year’s premium secured and number of lives you have insured in your agency-year.
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.