Introduction
- A Life Insurance agent is the person who advice's his/her clients on their Life Insurance Planning to cover their family from unexpected events of death, disability and retirement of the bread winner.
- A Life Insurance agent also indirectly contributes to economic growth of the nation. The money collected via life insurance premium goes towards National Development Activities e.g: Roads, Railways, Ports, Bridges, Water supply, Electricity, Housing etc.
- Some of the top Life Insurance Agents of the company earn upto INR 3 Crore to INR 4 Crore.
- The average gross income of more than 20% of Life Insurance agents is over INR 12 lakhs annually.
Job Profile of Life Insurance Agent:
The main job of Life Insurance Agent/Advisor involves:
- Develops base for long-term sources of clients by using referrals, occupational, and special-interest groups to compile lists of prospects.
- Approaches potential clients by utilizing mailings and phone solicitation; making presentations to groups at company-sponsored gatherings; speaking publicly to community groups on the subject of financial well-being.
- Determines clients' particular needs and financial situations by scheduling fact-finding appointments; determining extent of present coverage and investments; ascertaining long-term goals.
- Develops a coordinated protection plan by calculating and quoting rates for immediate coverage action and long-term strategy implementation.
- Obtains underwriting approval by completing application for coverage.
- Completes coverage by delivering policy; planning future follow-up visits and evaluations of needs.
- Provides continuing service by providing direct deposit forms; processing changes in beneficiary and policy loan applications.
- Provides death benefits by delivering policy proceeds; reassessing client needs.
Benefits of Life Insurance Agency as a Career:
Attractive Remuneration
It 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’s more, you can set your own income targets with a potential to earn as much as you want for the rest of your life.Independence
As an Agent, you will be a true entrepreneur. You have the freedom to be your own boss: work for yourself, choose your own clients and make your own money. All of this, without your having to make any initial capital investment.Rewarding Career
You will help people realize their dreams by fulfilling their financial goals. The difference you make to their lives is more rewarding and satisfying than you could ever imagine. Working Hours:
Part time /Full time (Decide your own working Hours)
Earnings : Earn Big as Life Insurance Agent!
Life Insurance Agents are the highest earning professionals of our country. There are many Agents who have been consistently earning more than 1 Crore income per year. Unlike any other selling, Life Insurance Agency gives you 2 commissions. First one is called as First year Commission ( 25% of the premium brought in + 40% of that 25%). The second income is known as Renewal Commission, which is split into 2 Commissions: A Commission of 7.5% paid in the 2nd & 3rd years of the PoLife Insurancey and a Commission of 5% until the maturity of the poLife Insurancey. Such an arrangement called as Renewal Commission is akin to a system of Regular Pension and cannot be seen in any other business. Pranams to Mother Life Insurance. That is why, Agents who get to know this great blessing, never quit Agency and keep on doing Agency as long as they can, so as to build a lovely regular monthly pension for their retired life. So, if you work for just few years rigorously and quit Life Insurance Agency also, you will continue to get a regular flow of monthly income for many many years continuously.
Commission is not the only earning from Life Insurance to you. Your additional income comes in the form of interest free 4-wheeler or 2-wheeler loans, Sizable Home Loans, Own Office Expenditure allowances in disguised forms, telephone facility, computer & furniture advances, festival advances, quick loan for your son/daughter’s wedding etc…In all, you will live a life of a private company CEO, but with Freedom of Time and the pleasure and joy of being on your own.
Club Memberships:
Life Insurance provides its agents various club memberships as recognition to them to uplift their social status as well as within the agency circle.
These are some of the club memberships provided in accordance to the performance of agents:
- Distinguished Club Member.
- Branch Manager’s Club Member (BM Club).
- Divisional Manager’s Club Member (DM Club).
- Zonal Manager’s Club Member (ZM Club).
- Chairman’s Club Member (CM Club).
- Corporate Club Member (Galaxy Club).
Below are extra benefits provided other than the commissions payable to Life Insurance agents:
- Office Allowance to maintain your own personal office.
- Telephone/Mobile bill reimbursement.
- Reimbursement of Sales Promotional Gift items.
- Interest free advance for purchase of Car/Motorbike.
- Interest free advance for purchase of office equipment's.
- Interest free advance for Training.
- Interest free Festival Advance.
- Housing loan at concessional rate of interest.
- Term Insurance and Mediclaim benefits.
- Guest house facility throughout India at concessional rates as applicable to employees.
- Annual Convention.
- Attestation authority.
- Pension Toeility
The monetary value all above benefits concludes from INR 1,00,000 to INR 15,50,000 for respective club memberships.
Career Advancement
Opportunity to lead a team as a chief life insurance agent or career advancement as a development officer in Life Insurance.
Profile of Life Insurance of India:
Life insurance business in India was being transacted by private companies until 1956. As a result of the long felt need and in the interest of insuring public, the life insurance business was nationalized in 1956. The nationalization resulted in the establishment of Life Insurance Corporation of India (Life Insurance) by an act of the Parliament. The Corporation was formed and began to function on September 1st, 1956 by taking over 170 companies and 75 provident societies. The entire initial capital of Rs.5 crore was contributed by the government of India. The objective of nationalization was described by the then finance minister, Dr. Deshmukh as “to see that the gospel of insurance is spread as far and wide as possible so that we reach beyond the more advanced urban areas well into the hither to neglected rural areas”.
Headquartered in Mumbai, which is considered the financial capital of India, Life Insurance Corporation of India currently has 8 Zonal Offices, 101Divisional Offices, 2048 Branch Offices located in different cities and towns in India. The Corporation has a network of above one million agents for soliciting life insurance business from the public.
It is the largest life insurance agency in the world. The Life Insurance also transacts business abroad and has offices in Fiji, Mauritius and United Kingdom. The Corporation is associated with joint ventures abroad in the field of insurance, namely, Ken-India Assurance Company Limited, Nairobi, United Oriental Assurance Company Limited, Kuala Lumpur and Life Insurance Corporation (International) E.C. Bahrain.
As a result of the insurance sector reforms process initiated in India, the monopoly of the Corporation came to an end in 2000. The long 44 years of monopoly shows many ups and downs in the business of Life Insurance. The Corporation has been rated as No.1 Company in net worth and net profits and No. 2 in total income in India.
Procedure to become Life Insurance Agent:
- Education Qualification : 12th or HSC pass
- Age: 18 minimum, no upper limit.
- A compulsory training for 25 hours i.e. 4 days, either classroom or online.
- Passing of IRDA Examination.
- Fees – whichever is applicable at that time.
- online lic agent
first of its kind initiative in which all services are provided to agent at home without charging any cost and at there convenience.
Online Life Insurance Agent:
First of its kind initiative in which all services are provided to agent at home without charging any cost and at there convenience.
Support from our side:
The training is for 100 hours and covers all aspects of Life Insurance Business at our training centre which has facilities such as well stocked library of Books, Audio and Video CDs on life Insurance and self development.
After successful completion of training you will have sit for Pre-Licencing examination conducted by the Insurance Regulatory and Development Authority (IRDA).
After successful passing the examination you will be appointed as an insurance agent.
The Development Officer will impart you field training and other valuable inputs which will help you in the market place.
The training program conduct by us, is designed in such a way that you will qualify for MDRT and Chairman Club Membership within 3 years of your agency. Hence, s your income will be at least INR 1 Lakh/month within course of 3 years time Period.
Why Career as Insurance Agent
