How To Become a LIC Agent Step By Step Guide | SkillsAndTech
Life insurance is one of the most important investments that you can make for yourself and your family.
It gives you peace of mind knowing that your loved ones will be taken care of financially if something happens to you. A life insurance policy is a contract between you and an insurance company.
You pay premiums (usually monthly or yearly) and in return, the insurance company agrees to pay a sum of money to your beneficiaries if you die during the policy term.
You can choose how much coverage you need and for how long you need it. You can also name one or more beneficiaries who will receive the death benefit from your policy. If you’re thinking about becoming a life insurance agent, read on for a step-by-step guide on how to get started.
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What is LIC Agent ?
In India, a LIC agent is like a financial consultant who helps people to invest in various Life Insurance plans of LIC (Life Insurance Corporation of India). He/she acts as an intermediary between the company and the policyholder.
A LIC agent should have good communication skills and be able to explain the features and benefits of various policies in a simple and convincing manner. He/she should also be able to provide personalized service to each client and build a long-term relationship with them.
The job of a LIC agent is mainly to promote and sell Life Insurance policies. However, he/she also provides after-sales service, which includes helping policyholders with the claims process, renewals, etc.
What does a LIC Agent ?
LIC agents are insurance salesmen who sell policies from the Life Insurance Corporation of India. They are responsible for finding potential customers, understanding their needs and recommending the most suitable policy for them.
LIC agents need to be highly motivated and driven as they work on commission basis. They must be excellent communicators and have good people skills in order to build relationships with clients. They should also be well-informed about the various insurance products offered by LIC and be able to explain these products in simple terms to their clients.
Steps For How To Become a LIC Agent
The process of becoming a LIC agent is not as difficult as it may seem. With a little research and some hard work, you can be on your way to becoming a licensed insurance agent. Here are the steps you need to take to become a LIC agent:
1. Determine what type of insurance license you need. In order to sell life insurance products, you will need a life insurance license. There are different types of licenses available, so make sure you choose the one that best suits your needs.
2. Complete the pre-license education requirements. In order to obtain your insurance license, you must first complete an approved pre-license education course. These courses can be found online or through your local community college.
3. Pass the state insurance licensing exam. Once you have completed your pre-license education, you will then need to pass the state insurance licensing exam in order to become licensed.
4. Submit an application to the National Association of Insurance Commissioners (NAIC). After passing your state insurance exam, you will need to submit an application to the NAIC in order to be registered as an insurance agent.
5. Complete any additional requirements set forth by your state department of insurance . Depending on your state, there may be additional requirements that you must complete in order to become licensed as an insurance agent. Be sure to check with your state department of insurance for more information.
Eligibility And Qualification of LIC Agent
To become a LIC agent, you must be at least 18 years old and a Indian citizen. You should have completed your 10+2 or equivalent examination from a recognized board.
In addition, you should have a minimum of 6 months experience in marketing or sales. You should also be able to pass the LIC agent exam and interview.
Job Description of LIC Agent
As a LIC agent, you will be responsible for marketing and selling insurance products to customers on behalf of the Life Insurance Corporation of India (LIC). You will need to develop relationships with potential customers, understand their needs and recommend suitable insurance products to them.
In order to be successful in this role, you will need to be excellent at building rapport, have strong communication and negotiation skills, and be able to work independently.
What Skills Are LIC Agent for Needed?
There are a few key skills that are necessary for becoming a LIC agent. First, you must be excellent at customer service and be able to build relationships with potential policyholders.
You will also need to be good at sales and marketing in order to generate new leads and grow your client base. Finally, it is important to be well-organized and have strong time management skills in order to keep on top of your policies and clients.
LIC Agent for Career and Salary
As we all know, LIC is one of the most trusted and reputed insurance companies in India. A career as an LIC agent can be extremely rewarding, both in terms of job satisfaction and earnings potential. If you are looking for a challenging and rewarding career, then becoming an LIC agent may be the right choice for you.
Here is a step-by-step guide on how to become an LIC agent:
1. The first step is to pass the Insurance Agents Exam conducted by the Insurance Regulatory and Development Authority (IRDA). You can get the application form for the exam from any LIC branch office.
2. Once you have passed the exam, you will need to undergo training at an LIC training centre. The duration of the training varies depending on the centre but is typically around 2 weeks.
3. After successful completion of your training, you will be appointed as an LIC agent and will be given a territory in which you will operate.
4. As an LIC agent, your primary task will be to sell insurance policies to people in your assigned territory. You will be provided with leads by the company but it is up to you to convert them into sales.
5. Your earnings as an LIC agent will depend on the number of policies sold by you every month. In addition, you will also receive commissions on policies that remain active after 5 years or more.
Benefits of LIC Agent
As an LIC agent, you can earn a good commission by selling life insurance policies. You can work as a full-time or part-time agent and can also work from home.
The other benefits of being an LIC agent are:
1. You get training and support from LIC
As an LIC agent, you will receive training and support from the company. This will help you understand the products better and sell them confidently.
2. You get to be your own boss
As an LIC agent, you are your own boss. You can work according to your own schedule and goals.
3. You can build your own team
As an LIC agent, you can build your own team of agents and earn commissions on their sales as well. This can help you earn more income.
4. It is a rewarding career
Selling life insurance policies is a very noble profession. As an LIC agent, you can help people secure their family’s future financially. This can be a very satisfying and rewarding experience for you
Reasons of Why becoming a LIC Agent
There are many reasons why you should become an LIC agent. Some of these reasons include:
- You can earn a good income: As an LIC agent, you can earn a good commission on the policies that you sell. This can help you to earn a good income.
- You can help people: As an LIC agent, you will be helping people to get the life insurance coverage that they need. This can be a very rewarding experience.
- You can be your own boss: As an LIC agent, you will be your own boss and you will have the flexibility to work according to your own schedule.
- You can get training and support from LIC: When you become an LIC agent, you will receive training and support from LIC. This will help you to be successful in your career.
Conclusion
If you want to become a LIC agent, then this is the right article for you. We have given a step by step guide on how to become a LIC agent. All you need to do is follow the steps mentioned in this article and you will be well on your way to becoming a LIC agent.
FAQ (Frequently Asked Question)
How much do LIC Agent ?
LIC agents are among the highest earning professionals in India. The median annual income of an LIC agent is Rs. 2.5 lakhs (US$4,500). However, top earners can make up to Rs. 50 lakhs (US$91,600) or more per year. The commission earned by an LIC agent is a percentage of the premiums collected from policyholders.
How much does it cost to be a LIC Agent ?
The cost of becoming a LIC agent varies depending on the state in which you reside. Generally, it costs around $200 to take the necessary exams and become licensed.
Some states also require you to complete a pre-licensing course, which can cost an additional $100 or more. Once you are licensed, you will need to purchase errors and omissions insurance, which typically costs around $500 per year.
You may also need to pay for membership in a professional organization, such as the National Association of Insurance Agents, which costs around $50 per year. Finally, you will need to pay for marketing and advertising expenses, which can vary greatly depending on your chosen marketing strategies.
How long does it take to become a LIC Agent ?
It takes a minimum of 45 days to become a LIC agent. The entire process is divided into three phases-
1. Pre-licensing phase
2. Exam phase
3. Appointment/ Training phase
Pre-licensing phase: In this stage, you have to complete an online application and then pass an insurance pre-licensing course. The course can be completed in around 2 weeks but it varies as per the institute you choose. Once you have completed the course, you will be given a certificate of completion which is valid for 1 year.
Exam phase: Next, you need to appear for the Life Insurance Agent Exam conducted by IRDA (Insurance Regulatory and Development Authority). You will be required to submit the certificate of completion of pre-licensing course at the time of examination along with other documents. After successfully passing the exam, you will be issued a license which is valid for 3 years.
Appointment/ Training phase: In this stage, you have to undergo training with any LIC office which may last from 2 weeks to 1 month. After successful completion of training, you will be appointed as an LIC agent and will be provided with an agency code.
How many hours of LIC Agent ?
LIC Agent works for a total of 40 hours in a week that is divided into two slots of 20 hours each. However, the working hours may differ from one LIC office to another.
How do I get an LIC Agent job with no experience?
You can become a LIC agent even if you have no prior experience in the insurance industry. However, you will need to complete a few steps before you can start working as an agent.
The first step is to complete an online application form on the LIC website. Once you have submitted your form, you will be asked to take an online test. This test will assess your knowledge of the insurance industry and will determine if you are suitable for the job.
If you pass the test, you will then be invited to attend an interview at a LIC office. During the interview, you will be asked questions about your motivation for becoming an agent and your knowledge of the insurance industry. If you are successful at the interview, you will be offered a job as an agent.
Is being an LIC Agent ?
LIC Agent is a very good profession. It has various advantages like:
1. You can be your own boss and work according to your own schedule.
2. This is a very secure job as the LIC (Life Insurance Corporation of India) is a government organization.
3. The earning potential in this job is very high. You can earn up to 50% commission on the policies sold by you.
4. You don’t need any formal qualifications to become an LIC agent.
5. You get training from the LIC and also get support from them in terms of marketing material, etc.
