What are LIC Agent Benefits
LIC Agent Benefits explains complete information about benefits covered under LIC Policy Scheme. Life Insurance Corporation(LIC) of India Provides two types of Benefits. Two types of LIC Agent Benefits are Survival Benefits and Death Benefits. Under Survival Benefits 4 types of benefits are covered in LIC of India. They are Eligibility for Renewal Commission (E.R.C ), Gratuity, Exempted from Minimum Business (EMBG) and Samvardhan Pension Scheme. Under this Death benefits four types of benefits are included. Four types of death benefits covered under LIC of India are namely Heriditory Renewal Commssion (H.R.C ), Gratuity, Term Insurance and Group insurance.
Survival Benefits: Survival Benefits include
- Eligibility for Renewal Commission (E.R.C )
- Exempted from Minimum Business (EMBG)
- Samvardhan Pension Scheme.
Death Benefits: Death Benefits include
- Heriditory Renewal Commssion (H.R.C )
- Term Insurance
- Group insurance.
Here Complete details about LIC Agent Benefits such as Survival benefits and Death benefits are given below. For more information about LIC Agent benefits please visit LIC Agent Portal.
Life Insurance Corporation of India Agent Survival Benefits
ELIGIBILITY FOR RENEWAL COMMISSION (E.R.C )
- For E.R.C (Eligibility for Renewal Commission) of 5 to 10 years – Minimum Sum Assured in force 2 Lakhs.
- For E.R.C of more than 10 years service – No Linkage with Minimum Sum Assured(SA).
- If the Agent Service is Minimum 2 years and if the Agent is terminated on his becoming physically or mentally incapacitated to carry out his function and the policies issued by him of not less than of Rs.1,00,000 SA then the Renewal Commission shall be paid to the agent.
- Must have worked continuously for 15 years or more Qualifying years and not below 60 years.
- Agent had worked for 15 years or more Qualifying years but Agency is terminated.
- Confirmed but died while agency is in force.
- Agency is terminated on Mental and Physical Grounds.
- Once Gratuity is paid no further payment is done even if he continues agency.
- If the Agent is eligible to take Gratuity and if the Service of the agent is less than 15 years then the Actual Average will be taken.
- Quantum and Eligible Rate are decided on Qualifying Years, Age and Qualifying RC in each Qualifying year.
- Lic gives GRATUITY of 2 lakhs, if an lic agent has minimum 15 agency years.
- 15 Years Service and 55 Years age (OR)
- 21 Years Continuous Service (OR)
- 15 Years Service with a Renewal Premium of Rs. 40000 Per annum.
SAMVARDHAN PENSION SCHEME
|Age (in Years)||
|Accumulation period (in Years)||
|Minimum deferment period||
|Benefits on death||
LIC Agent Death Benefits
HERIDITORY RENEWAL COMMISSION (H.R.C)
- Minimum Service – 2 Years from DOA.
- Minimum Business – Rs.1,00,000 SA in force.
- In case of unfortunate death of agent, the commission payable to him shall be payable to the Nominee or Legal Heir of the Agent.
- Gratuity is Payabale, for the Agent who dies while his agency is in force. (OR)
- Agent is physically or mentally incapacitated for carrying out his functions.
Under LIC Agent Benefits, free term insurance is payable in the event of death of a confirmed agent before 60 years of age provided among some other conditions
- Agent’s death before 60 Years of Age
- Agent was appointed before 50 years of age.
- Agent must have completed at least three qualifying years.
- On the date of death, his Agency was in force.
- Agent must holds an insurance policy for at least Rs. 5,000 at the time of death(other than a temporary insurance policy).
GROUP INSURANCE SCHEME
Under this LIC Agent Benefits, Group Insurance Scheme is also available. Complete details about Group Insurance Scheme is tabulated below
|CATEGORY||DURATION OF AGENCY||INSURANCE COVER||PREMIUM|
|I||From 1 to 3 Years||50,000||150|
|II||Greater than 3 to 5 Years||1,00,000||300|
|III||Greater than 5 to 10 Years||3,00,000||900|
|IV||Greater than 10 Years||5,00,000||1500|