LIC Jeevan Lakshya ( Kanyadan Policy), LIC PLAN 933

by | Jul 30, 2020 | Insurance

LIC Jeevan Lakshya – 933 or कन्यादान Policy

Date of Launch : 01.02.2020

LIC’s Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.

Key Features and Highlights of LIC Jeevan Lakshya

The Jeevan Lakshya plan’s salient features can be mentioned as follows –

  • Sum assured
    • Minimum – Rs. 1,00,000
    • Maximum – No limit
    • Multiples – The basic sum assured can be in multiples of Rs. 10,000 only
  • Policy term – 13 to 25 years
  • Premium payment modes – Premiums for the policy can be paid in yearly, half-yearly, quarterly and monthly periods and an option of Electronic Clearing Service (ECS) is also available, wherein it facilitates an easier option to pay the premiums
  • Premium payment term – The premium paying term is 3 years less than the policy term, irrespective of whatever term the policy is for
  • Age of entry
    • Minimum – 18 years (completed)
    • Maximum – 50 years (nearest birthday)
  • Maximum maturity age – 65 years (nearest birthday)
  • Bonuses – Being a With-Profits Endowment Assurance plan, this policy garners profits made by the Life Insurance Corporation of India through the Simple Reversionary Bonus and Final Additional Bonus (if applicable) and these are paid out at the end of the maturity period
  • Optional riders – The policy can have two optional riders
    • LIC Accidental Death and Disability Benefit Rider
    • LIC New Term Assurance Rider

Benefits of LIC Jeevan Lakshya

This policy, if availed, offers the following benefits –

  • Maturity Benefit – Provided all the premiums have been paid in full and the policyholder has survived till the end of the policy term, the Maturity Benefit will encompass the Sum Assured on Maturity plus the vested Simple Reversionary Benefits and the Final Additional Bonus, if any. The Sum Assured on Maturity is the same as the Basic Sum Assured
  • Death Benefit:
    On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force by paying upto-date premiums, Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as the sum of:

    1. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.
    2. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and

     

    The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.

    The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.

    Premiums referred above exclude tax, extra premium and rider premium(s), if any.

  • Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.In case of death under a policy which is in full force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.

    In case the premiums are not duly paid (except in case of death of the Life Assured under inforce policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as inforce on death during the grace period.

    Final Additional Bonus shall not be payable under reduced paid-up policies.

  • Tax Benefits – Premium paid for this plan is admissible for availing rebate on income tax under 80C and the maturity amount is Tax free, as per IT section 10(10)D

Eligibility Conditions of LIC Jeevan Lakshya

The plan of LIC Jeevan Lakshya can be combined with two optional riders. The eligibility conditions for all the three can be mentioned as below –

Policy Name/Criteria LIC Jeevan Lakshya Accidental Death & Disability Rider New Term Assurance Rider
Minimum Age of Entry 18 years 18 years 18 years
Maximum Age of Entry 50 years >5 years of PPT of Jeevan Lakshya 50 years
Maximum Maturity Age 65 years Same as Jeevan Lakshya Same as Jeevan Lakshya
Sum Assured
  • Minimum – Rs. 1,00,000
  • Maximum – No limit
  • Minimum – Rs. 10,000
  • Maximum – Equal to the Basic SA – Rs. 100 lakh
  • Minimum – Rs. 1,00,000
  • Maximum – Rs. 25 lakhs

Also Read:
1 -LIC जीवन शांति पॉलिसी में एकमुश्त निवेश कर पा सकते हैं हर महीने 4 लाख रुपये पेंशन, जीवनभर मिलता रहेगा फायदा
2 -LIC Jeevan Labh पॉलिसी में रोजाना 280 रुपये का निवेश कर, पाएं 20 लाख, जानें क्या है ये पूरा प्लान

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Premium Paying Terms

The premium payments for LIC Jeevan Lakshya can be made in yearly, half-yearly, quarterly and monthly modes and a facility for ECS is also made available for easier payment of premiums through net-banking or mobile banking.

The premium payments for Jeevan Lakshya and its optional riders can be mentioned as below –

Policy Name LIC Jeevan Lakshya Accidental Death & Disability Rider New Term Assurance Rider
Premium Paying Term Policy Term – 3 years Same as Jeevan Lakshya (Policy Term – 3 years) Same as Jeevan Lakshya (Policy Term – 3 years)
Policy Term
  • Minimum – 13 years.
  • Maximum – 25 years
 N/A
  • Minimum – 13 years
  • Maximum – 25 years

Exclusions

This policy by the Life Insurance Corporation of India has very simple rules and regulations and no exclusions provided the above mentioned criteria are met.

There is, however, a suicide clause applicable to Jeevan Lakshya. If the life assured commits suicide within 12 months from the date of the commencement/risk, 80% of the single premium paid (excluding taxes) and extra premium (if any) will be returned.

Additional Information on LIC Jeevan Lakshya

Paid-up Value –

If in case premiums have been paid for at least three consecutive years and subsequent premiums haven’t been paid, the policy acquires Paid-Up Value. In this case the Maturity Sum Assured and Death Sum Assured will be a multiple of a fraction of the number of premiums paid and the number of premiums payable. The Income value will also be subject to the same fraction starting from the date of the death of the life assured.

LIC Jeevan Lakshya Surrender Value –

Guaranteed Surrender Value is availed if the policy is surrendered after at least three years’ payment of premiums. It’s a percentage of the total premiums paid till date.

Revival of Policy –

The policy can be reinstated if lapsed. Provided it has been less than 2 consecutive years since the date of the last unpaid premium.

Loan on Policy –

After a payment of 3 years of premiums, a loan can be availed on the policy.

A Sample Case Study about LIC Jeevan Lakshya

Consider Mr. Rahul has availed LIC Jeevan Lakshya for a term of 30 years. His current age is 25 and the sum assured is 20 lakhs. Let’s list out the initial details of how the policy would work in his case –

  • Mr. Rahul’s age – 25 years
  • Policy Term – 25 years
  • Sum Assured – Rs. 20 lakhs
  • Premium Payment Term – 22 years (Policy Term – 3 years)

Death Benefit – If Mr. Rahul dies after 8 years from the date of the receipt of the policy, the death benefit payable will be –

  • From the 9th year of the policy period, the nominee will receive Rs. 2,00,000 (10% of the the Basic Sum Assured) on every policy anniversary till the end of the policy term (25 years)
  • At the end of the policy term/maturity period, the nominee shall receive Rs. 22,00,000 (110% of the Basic Sum Assured) + Simple Reversionary Bonuses + Final Additional Bonus (if any)

Maturity Benefit – If Mr. Vinod survives through the entire policy period, the final amount that he receives is –

Maturity Amount = Rs. 20,00,000 (Sum Assured) + Simple Reversionary Bonuses + Final Additional Bonus (if any)

LIC Jeevan Lakshya is available to all citizens of India through registered LIC offices and agents/brokers. The requisite documentation for availing the policy can be enumerated as below

  • Application form/Proposal form 300
  • Passport size photograph
  • Address Proof
  • Age Proof
  • Medical reports (if required)

For more details Call or whatsapp @ 9891423442

 

LIC jeevan shanti Guaranteed Life time pension

by | Jul 30, 2020 | Life Insurance

LIC जीवन शांति पॉलिसी हुई लॉन्‍च, जानें फीचर्स और लाभ

भारतीय जीवन बीमा निगम ने हाल ही में एक नई पेंशन योजना – जीवन शांति शुरू की है। एलआईसी ने अपनी आधिकारिक वेबसाइट पर जानकारी देते हुए बताया है कि “यह एक एकल प्रीमियम योजना है जिसमें पॉलिसीधारक के पास तत्काल या स्थगित वार्षिकी चुनने का विकल्प होता है।” “तात्कालिक और स्थगित वार्षिकी दोनों के लिए पॉलिसी की शुरुआत में वार्षिकी दरों की गारंटी है और एन्युइटींट्स के जीवनकाल में वार्षिकियां देय होती हैं।” एन्युइटी वार्षिक आय है जो ग्राहक को एकमुश्त राशि के बदले में मिलती है, या वह धन जो बीमाकर्ता ने बीमाकर्ता के साथ बचाया है। यह योजना एक नॉन लिंक्‍ड प्‍लान है।

इसे कुछ तरह से समझिए, मान लीजिए 50 वर्ष को कोई व्‍यथ्‍कत 10,18,000 रुपए पॉलिसी में लगाता है तो उसे तुरंत 65600 वार्षिक पेंशन मिलने लगेगी, लेकिन साथ ही कुछ शर्तें भी हैं। 1 वर्ष के बाद 69300 वार्षिक पेंशन, 5 साल बाद 91800 वार्षिक पेंशन, 10 वर्ष बाद 128300 वार्षिक, 15 वर्ष बाद 169500 वार्षिक पेंशन और 20 साल बाद 192300 वार्षिक पेंशन प्राप्‍त होगी। खास बात यह है कि सभी दरों की जीवनपर्यन्‍त (Life Time) गारंटी है।

ऑनलाइन और ऑफलाइन खरीद सकते हैं जीवन शांति योजना आपको बता दें LIC जीवन शांति पॉलिसी को ऑनलाइन और ऑफलाइन दोनों तरीकों से खरीदा जा सकता है। यह एक व्‍यापक वार्षिकी योजना है जिसमें व्‍यक्ति और उसके परिवार को भी लाभ मिलेगा। इस योजना के फीचर जीवन अक्षय योजना से काफी मिलते-जुलते हैं।

एलआईसी जीवन शांति योजना के फीचर्स लोन की सुविधा।
3 महीने बाद कभी भी सरेंडर बिना किसी मेडिकल डॉक्‍यूमेंट के सरेंडर किया जा सकता है।
तुरंत या 1 से 20 वर्ष के बीच कभी भी पेंशन प्रारंभ कर सकते हैं।
ज्‍वॉइंट लाइफ ऑप्‍शन में किसी भी क्‍लोज रिलेटिव को शामिल कर सकते हैं।
5 वर्ष से 20 वर्ष के बीच पेंशन दर 9.18 प्रतिशत से 19.23 प्रतिशत तक जीवन पर्यंत गारंटी।
आयकर में छूट का प्रावधान।

एलआईसी जीवन शांति पॉलिसी की सुविधाएं तत्‍काल वार्षिकी पर
नॉन-लिंक्‍ड लाभ में कोई हिस्‍सेदारी नहीं
एकल प्रीमियम एन्‍युइटी प्‍लान

स्‍थगित वार्षिकी पर
वार्षिकी दोनों के लिए पॉलिसी की शुरुआत में गारंटीकृत एन्‍युइटी दरें
विभिन्‍न वार्षिकी विकल्‍प चयनित विकल्‍प में कोई बदलाव की अनुमति नहीं है
सिंगल प्रीमियम एन्‍युइटी प्‍लान
खरीद मूल्‍य + अर्जित गारंटीकृत जोड़ – मृत्‍यु की तारीख तक कुल वार्षिकी भुगतान खरीद मूल्‍य का 110 प्रतिशत

एलआईसी जीवन शांति पॉलिसी से मिलने वाले लाभ एलआईसी की इस योजना को न्‍यूनतम 30 वर्ष तक एवं अधिकतम 85 वर्ष तक के व्‍यक्ति ले सकते हैं। इस योजना में लोन, पेंशन शुरु होने के 1 साल बाद एवं इसे सरेंडर पेंशन शुरु होने के 3 महीने के बाद किया जा सकता है।

साथ ही तत्‍काल और स्‍थगित वार्षिकी दोनों विकल्‍पों के लिए पॉलिसी को लेते समय सालाना दरों की गारंटी दी जाएगी। योजना के तहत विभिन्‍न वार्षिकी विकल्‍प और वार्षिकी भुगतान के कोड उपलब्‍ध हैं। एक बार चुने गए विकल्‍प को बदला नहीं जा सकता है। यह योजना एलआईसी के पुराने प्‍लान जीवन अक्षय जैसी ही है।

For more Plan Details call or Whatsapp @ 9891423442

Details One Pager Click HERE or visit to www.agindiaonline.com

Also Read:
1 -LIC जीवन शांति पॉलिसी में एकमुश्त निवेश कर पा सकते हैं हर महीने 4 लाख रुपये पेंशन, जीवनभर मिलता रहेगा फायदा
2 -LIC Jeevan Labh पॉलिसी में रोजाना 280 रुपये का निवेश कर, पाएं 20 लाख, जानें क्या है ये पूरा प्लान

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Best Short Term funds to invest in 2020, Better than Fixed Deposit

Best Short Term funds to invest in 2020, Better than Fixed Deposit

by | Jul 25, 2020 | Investments

Best short duration funds to invest in 2020

Here is an update on our recommended short duration funds or short term mutual funds. There is no change in our list of recommended schemes in July. If you have investments in these schemes, you may continue to invest and hold on to your investments. Top 18 short duration schemes have managed to offer more than 10% returns in the last one year.

Mutual fund managers and advisors recommend short duration mutual fund schemes to conservative investors looking to invest in debt mutual funds for a year or two.

According to the Sebi mandate, short duration schemes are open-ended short-term debt schemes that invest in instruments with macaulay duration of between one and three years. This means investors can consider investing in these schemes with a horizon of a few years.

To Instant investment, Click here

OPEN SHARE TRADING ACCOUNT – ZERODHA

Also Read:
1 -LIC जीवन शांति पॉलिसी में एकमुश्त निवेश कर पा सकते हैं हर महीने 4 लाख रुपये पेंशन, जीवनभर मिलता रहेगा फायदा
2 -LIC Jeevan Labh पॉलिसी में रोजाना 280 रुपये का निवेश कर, पाएं 20 लाख, जानें क्या है ये पूरा प्लान

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IPO of Mindspace Business Parks REIT (Mindspace REIT)- 27th to 29th July 2020

by | Jul 23, 2020 | Shares

Zerodha best Share Trading Account Click here to open

Mindspace Business Parks REIT has a quality office portfolio in Mumbai, Hyderabad, Pune and Chennai. The business parks in Mumbai are Mindspace Airoli East Business Park, Mindspace Airoli West Business Park, Paradigm Mindspace Malad and The Square, BKC(2).

The properties in the Pune include Commerzone Yerwada Business Park, Gera Commerzone Kharadi Business Park and The Square, Nagar Road. The Chennai property of the company is Commerzone Porur. And, the office parks in Hydrabad are Commerzone Pocharam and Mindspace Madhapur.

The total leasable area of Mindspace Business Parks are 12.1 msf, 11.6 msf, 5.0 msf and 0.8 msf in Mumbai, Hyderabad, Pune and Chennai, respectively. With total leasable area of 29.5 msf, it is one of the largest Grade-A office portfolios in India.

The under-construction area of the company is 2.8 m sq ft. The future construction of Mindspace Business is spread across Hyderabad, Chennai, and Mumbai in a 3.6 m sq ft area.

Real Estate Investment Trust (REIT) Explained

Under the REIT Regulations Mindspace REIT has to invest a minimum of 80% of the value of its assets in completed and rent and/ or income-generating properties.

REIT Regulations also impose restrictions on certain investments including investments in vacant land, agricultural land, or mortgages other than mortgage-backed securities and assets located outside India.

As per REIT Regulations, the portfolio of the Mindspace REIT is required to be maintained for a period of minimum 3-years from the date of purchase or completion.

Real Estate Investment Trust (REIT) Explained

Competitive Strengths

1. Diversified and quality tenant base
2. Strong industry fundamentals
3. Experienced management team with KRC group support
4. Stable cash flows

Company Promoters:

Cape Trading LLP and Anbee Constructions LLP are the promoters of the company.

Company Financials:

Summary of financial Information (Restated)
Particulars For the year/period ended (₹ in Million)
31-Mar-20 31-Mar-19 31-Mar-18 31-Mar-17
Total Assets 1,12,224 91,437 84,738 81,293
Total Revenue 20,262 16,797 15,022 14,354
Profit After Tax 5,139 5,154 1,610 2,313

Objects of the Issue:

The proceeds will be utilised towards the following objects:

1. Partial or full pre-payment or scheduled repayment of certain debt facilities of the Asset SPVs availed
from banks/financial institutions (including any accrued interest and any applicable penalties/ premium);
2. Purchase of NCRPS of MBPPL; and
3. General purposes

Mindspace REIT Details

IPO Date Jul 27, 2020 – Jul 29, 2020
Issue Type Book Built Issue REIT
Issue Size [.] Eq Shares of ₹
(aggregating up to ₹4,500.00 Cr)
Fresh Issue [.] Eq Shares of ₹
(aggregating up to ₹1,000.00 Cr)
Offer for Sale [.] Eq Shares of ₹
(aggregating up to ₹3,500.00 Cr)
Face Value ₹ per equity share
IPO Price ₹274 to ₹275 per equity share
Market Lot 200 Shares
Min Order Quantity 200 Shares
Listing At BSE, NSE
Market Cap (₹ Cr.) 23675

Mindspace REIT Tentative Date / Timetable

Bid/Offer Opens On Jul 27, 2020
Bid/Offer Closes On Jul 29, 2020
Finalisation of Basis of Allotment Aug 6, 2020
Initiation of Refunds Aug 7, 2020
Credit of Shares to Demat Acct Aug 7, 2020
IPO Shares Listing Date Aug 12, 2020

Mindspace REIT Lot Size and Price (Retail)

Application Lots Shares Amount (Cut-off)
Minimum 1 200 ₹55,000
Maximum

Net Issue

  • Institutional Investors: 75% of the net offer
  • Non Institutional Investors: 25% of the net offer

How to become LIC AGENT ?

by | Jul 20, 2020 | Insurance

How to Become LIC Agent ? LIC एजेंट बनने के लिए संपर्क करे ? LIC एजेंट कैसे बने ?

CALL US @ 9891423442

: Know Exam, Salary, Commission

Fill FORM CLICK HERE to BECOME LIC AGENT FREE

Fill FORM CLICK HERE to BECOME STAR HEALTH AGENT FREE

Imagine a scenario where you cannot find a job or do not want to work but desperately need money. Or, you wish to make extra money for family while saving for the future.

These are common situations that millions of Indians face. But there is nothing to really worry about. Thanks to Life Insurance Corporation of India or LIC, you can simply work as the LIC agent and make money.

And making money is not the only attraction to become LIC agent: you also get attractive salary, commission and perks like lifetime pension and membership to exclusive clubs.

You can avail loans at very low interest rates to buy that dream home. And you also enjoy the prestige that comes with working for a respectable organization of the Indian government.

Yes. Working as a LIC agent makes all this possible. Want to become one? Continue reading.

Who Is LIC Agent?

A LIC agent is a very prestigious position. As LIC agent, you become a member of the selected community that works in India’s huge Banking Financial Services and Insurance (BFSI) industry.

LIC agent is a woman or man that promotes life insurance and other insurance policies floated by the Life Insurance Corporation of India (LIC).

Currently, LIC offers various types of life insurance plans. Means, you will promote these financial products from LIC within and outside your social circle.

LIC agents are not employees: it is a form of self-employment or business made possible by India’s largest public sector insurer.

If this interests you, go ahead and find how to become LIC agent from this article.

How to Become LIC Agent

Becoming LIC agent is both, tough and easy. It depends upon your personal skills and aptitude. I will now describe various steps on how to become LIC agent.

Further, anyone above the age of 18 years and has successfully completed High School Certificate (10th), its equivalent or higher can become LIC agent.

Step-1: LIC Portal

The most important and first step to become LIC agent is to register the corporation through LIC portal or fill this form.

You have to provide basic details including your name, village, town, city or locality where you reside, contact number and email ID and educational qualifications.

While the LIC portal does not say this, I recommend you also include a concise summary- two or three sentences- about reasons why you wish to become LIC agent. This can prove very helpful to the LIC officer processing your registration.

However, the simplest procedure is to visit your nearest LIC office or meet the local LIC Development Manager.

Step-2: Personal Discussion

Our Team will discuss you regarding your work experience and start further process for Allot Agency and License.

Step-3: Free Training

Once you successfully complete this interview, the officer will ask you to enroll for a free training course. Usually, this will be conducted at a LIC office in your city. If you are residing in a town or village, it is necessary to travel to the nearest venue where this training course is held.

The training course has 25-hours duration. It is spread over three to four days. During the course, you will learn everything about the life insurance business and what it involves.

Also Read:
1 -LIC जीवन शांति पॉलिसी में एकमुश्त निवेश कर पा सकते हैं हर महीने 4 लाख रुपये पेंशन, जीवनभर मिलता रहेगा फायदा
2 -LIC Jeevan Labh पॉलिसी में रोजाना 280 रुपये का निवेश कर, पाएं 20 लाख, जानें क्या है ये पूरा प्लान

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You will also learn about the Insurance Regulatory and Development Authority of India (IRDAI) and its rules governing life insurance.

IRDAI, as the name says, is an organization of the Indian government that regulates the insurance business in this country. Hence, knowing about this body is extremely important for working as a LIC agent.

Step-4: Register for Exam

Upon successfully completing your interview and training, the next step is registering for the LIC Agent Test (PRT). There are two ways of registering for LIC Agent PRT.

  • Online: Register yourself at IRDAI portal.
  • Offline: Register yourself with the nearest LIC branch office.

You can seek the assistance of a LIC Development Officer to register for the Pre Recruitment Test. You will need certain documents to register.

  • Four passport-size color photographs.
  • Photocopy of your SSC or its equivalent or highest education degree mark sheet.
  • Photocopy of Permanent Account Number (PAN) Card.
  • Cancelled Cheque.

If you do not have a bank account, I recommend you open one before applying for LIC Agent Pre Recruitment Test (PRT). Get a cheque book from the bank.

  • Following a judgment by the Supreme Court of India, you do not need an Aadhar Card to open a bank account.
  • Your PAN card will be enough. However, you will need to provide a valid address proof like ration card, driving license or any documents from the state or Central government.
  • Having a PAN card is compulsory. So before applying for the Pre Recruitment Test for LIC Agent, get one from the Income Tax Department.

Fees for LIC Agent Exam

According to the IRDAI portal, fees for online registration are higher than for offline registration. The fee structure is as follows.

  1. Online Registration & Exam
  • Registration Fee: Rs.150.
  • Online Training Fee: Rs.150.
  • Study Material/ Book: Rs.200.
  • Pre Recruitment Test (Online) fee: Rs.500.
  • Total: Rs.1,000.

When you register online with IRDAI, you will get a Unique Reference Number and password. Keep the URN safely. You can change the password to remember it better.

  1. Offline/Online Registration & Exam
  • Registration Fee: Rs.150.
  • Study Material/ Book: Rs.200.
  • Pre Recruitment Test (Offline) Fee: Rs.500.
  • Total: Rs.850.

Dates of LIC Exam

There are no fixed dates on which IRDAI conducts Pre Recruitment Tests for aspiring LIC agents. However, once you register for the Pre Recruitment Test, LIC will inform you about the exam dates and venues.

Remember, it is better to check the IRDAI regularly if you are registered online. The LIC portal carries important news about exam dates.

If you have registered offline through an LIC Development Officer or at the LIC branch office, stay in touch with them to know about upcoming Pre Recruitment Tests.

LIC Exam Hall Ticket

Offline applicants for the LIC agent Pre Recruitment Test can collect their exam hall tickets from the nearest LIC office. The ticket has to be attested by a senior LIC officer.

For online applicants, the hall ticket for LIC agent Pre Recruitment Test will be available for download on the IRDAI portal.

Studying for LIC Agent Exam

Actually, studying for the LIC agent entrance exam – also called the LIC agent Pre Recruitment Test is very simple.

Simply visit the Insurance Institute of India (III) website and download the study material. Plus, you have the book from IRDAI/ LIC.

Also, read lots of newspapers and magazines to sharpen general knowledge.

LIC Agent Exam Syllabus

The LIC syllabus consists of English and Hindi languages as well as some basic mathematics and general knowledge.

It also covers various rules, regulations and laws governing life insurance business in India.  These laws are made by IRDAI.

You have to complete at least 100 hours of studies before appearing for the LIC agent exam or the Pre Recruitment Test.

LIC Agent Exam

Now we come to the examination itself. As I explained earlier, this exam is called Pre Recruitment Test. Others call it LIC agent’s exam.

  • This exam is of 60 minutes duration.
  • You will be given 50 questions.
  • These questions are objective type- meaning you have to select the right one from the given choice.
  • Each question is worth one mark. Meaning, the entire test is for 50 marks.

You need to score at least 18 marks in the LIC agent’s examination to qualify for working. The more marks you score, the better.

Become LIC Agent

Upon successfully completing the Pre Recruitment Test, you are ready to become LIC agent. LIC will issue an appointment letter designating you as their authorized agent. You will also get a license from IRDAI to perform your duties as LIC agent.

Remember, you cannot become LIC agent with just an appointment letter from the corporation. You also need the insurance agency license from IRDAI before getting into this business.

LIC Agent Salary & Commission

Now that you know how to become LIC agent, let us take a look at how much money you can make.

  • You get 35 percent of premiums paid during the first year by life insurance policyholders.
  • If you work harder and get more people to buy LIC life insurance, you can get up to 40 percent bonus on first year commission. There are other terms and conditions too.
  • Retirement benefits or gratuity up to Rs.200,000 will be given if you complete business guarantee of at least 15 years. This means LIC will receive premiums from people who you sold LIC life insurance for the next 15 years after you retire.
  • Hereditary Benefits are available for families if the LIC agent dies for any reason. To qualify for this, LIC agents should have sold life insurance policies worth Rs.100,000 in premium before death. Hereditary Benefits are given to nominee or legal heirs of the LIC agent.
  • If you have generated premium worth Rs.200,000 and stop working for LIC or lose agency for any reason, the corporation will continue to pay its commission.
  • Your income rises automatically because of selling more LIC life insurance policies when you work as a LIC agent. There are no upper limits to your income.
  • During the next two years (year-2 and year-3) of selling a policy, you will get a commission at the rate of 7.5 percent of total annual premium that a LIC life insurance policy holder pays.
  • From Year-4 of policy, you will get five percent of the annual commission paid to LIC by the person whose life you have insured.
  • LIC provides complimentary life insurance cover for its agents. Meaning, their families will receive insurance payout due to the premature death of an LIC agent.

Perks for LIC Agents

Once you become LIC agent, there are several perks available for rewarding hard work.

  • Entry to Branch Manager’s Club: for newly appointed LIC agents who perform exceptionally well.
  • Divisional Manager’s Club: When you perform very well as Branch Manager’s Club member. Your club status increases with your performance.

You also get entry to:

  • Zonal Manager’s Club
  • Chairman’s Club
  • Corporate Club

More Benefits for LIC Agents

Additionally, you get several financial benefits for saving money.

  • Interest free vehicle loan.
  • Low interest home loan.
  • Office maintenance allowance.
  • Furniture allowance.
  • Advance for festival celebrations,
  • Reimbursement of mobile and landline telephone bills.

LIC City Career Agent

In metropolitan cities, LIC appoints life insurance agents under a special category. They are called City Career Agents or CCAs.

Other than the benefits I list above, CCAs also get a monthly stipend of Rs.7,000 from LIC. This is due to the high cost of living in metro cities of India.

Salient Features of LIC Agency

Do you know that becoming an LIC agent has many more benefits other than making money?

  • Lifelong income: LIC pays you the commissions on premiums for policies you sold long after you retire.
  • Some LIC agents earn between Rs.1.2 million to Rs.1.5 million per month, which is higher than the best paid job in India.
  • You can also sell LIC policies by opening an online agency.
  • ID card issued by LIC for agents is considered as valid, government issued proof of identity.
  • LIC provides all support for its agents.

But there are some flipsides of becoming a LIC agent too.

Flipsides as LIC Agent

From September 1956, Life Insurance Corporation of India (LIC) enjoyed a complete monopoly over life insurance sector of India.

However, the Indian government took away this monopoly in the year 2000, leaving the life insurance market open for domestic and foreign players as well as joint ventures between India and international insurers.

Consequently, LIC agents can face several problems.

  • Stiff competition from private insurers, especially those holding JV with foreign companies.
  • Better investment options available to ‘middle-class’ Indians who were once the main customers for LIC life insurance.
  • Loss of faith in insurance products due to high premiums and relatively low returns.
  • Fear of claims being rejected by insurers for any reason. Nobody reads the fine print and stories of rejection spread fast.
  • The inability of LIC to provide customized products vis-à-vis private and JVs in the life insurance sector.
  • Better medical facilities leading to higher life expectancy.
  • Private sector and JV insurers upping age limit for people taking life insurance. Some insurers go as far as 99 years – something that LIC cannot simply beat.
  • Private and JV insurers bundling life, health and other plans to offer a single, all-purpose insurance policy where LIC continues to lag.
  • Stiff competition from websites of insurance companies that allow direct, online buying, effectively eliminating need for agents.
  • Reluctance among Indians to deal with agents due to fears of getting cheated.
  • Mutual Fund companies offering free life insurance or highly subsidized life cover for their Systematic Investment Plan (SIP) subscribers.
  • Inexpensive life insurance schemes like Ayushman Bharat of the Indian government and Postal Life Insurance (PLI) by India Post that are available at very low premiums.

In Conclusion

By the year 2020, the life insurance industry of India will cross the US$330 billion mark, according to market sources. This means, there is ample scope for making money and leading happy life as LIC agent. Now that you know how to become LIC agent, give it a try. It can open doors to wealth.