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LIC Agent Benefits Review

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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 )
  • Gratuity
  • Exempted from Minimum Business (EMBG)
  • Samvardhan Pension Scheme.

Death Benefits: Death Benefits include

  • Heriditory Renewal Commssion (H.R.C )
  • Gratuity
  • 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.

GRATUITY

  • 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.
EMBG (EXEMPTED FROM MINIMUM BUSINESS)
  • 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

Eligibility
  • Service 1 year
Age (in Years)
  • Min – 18 years completed
  • Max – 65 years completed
Accumulation period (in Years)
  • Min age – 60
  • Max age – 75
Annual commission
  • Rs. One lakh
Contribution
  • Minimum Rs. 500 per month and in multiples of Rs. 500 there after.
Minimum deferment period
  • 10 years.
Benefits payable
  • A pension will be payable depending on the age on vesting.
  • 25% of the corpus can be commuted.
Benefits on death
  • Accumulated value of the members contribution will be paid to the nominee. (OR)
  • pension for the spouse.

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

  • 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.

TERM INSURANCE

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

 

Comments

  4. Partha Goswami says

    As a agent in one year if I deposit 12 nos. of policy and total premium is less than 1,00,000 then am I eligible to get bonus commission?

    Reply

  8. preetisudha says

    Hi I’m an lic agent n this is my 4th year and i want to know how to save my licence is there any compulsory rule that i have to do minimum 1 lakh premium to save it

    Reply

  11. Anil says

    Sir. Meri agency ko 7 Year complit ho gaye hai. Ab me aage work nhi kar pa raha hu. To muje renewal commission milega ya nhi pls replay

    Reply

  12. Sunil Kumar Saxena says

    Sir,
    My wife Smt Hemlata Saxena is l.i.c. agent and agency code 5734/354 date of appointment 15-05-1996 , date of birth 25-09-1955 and applied for Gratuity on dt. 01-10-2015 and Renuval comission is avrage 50000
    So please calcullated Gratuity amount and which formula
    Thanking you

    Reply

  21. vishwas hande says

    LIC AGENT KO MINIMUM 10 LAKH GRAUTITY HONA CHAHIE. GOVT EMPLYEE KO 7 VA VETAN SE GRAUTITY 20 LAKH HO JAYEGI. LIC AGENT KO 10 LAKH GRAUTITY HONA CHAHIE. WO BHI TO LIC KE LIYE KAM KARTA HAI.

    Reply

  22. Sanjay Joshi says

    Available Mediclaim Policy of entire family (Husbund +Wife+3 children’s +parents) for Rs.450/- per year only.
    Contact – Sanjay Joshi
    M – 7498035738/9221935809

    Reply

  27. S JAMUNA says

    Dear Sir,
    How to calculate the gratuity amount? Agency started in the year 10/1993. Once reinstated.in the year 10/2014. Totally 21 out of 22 years completed. Now the agency is in force. Please give the correct calculation method..
    Regards,

    Reply

  31. Amar Singh Bindra says

    Sir,

    I am LIC Agent and worked for 11 years as LIC Agent. Further to inform you that due to high sugar and weak heart and breathing problems I got admitted to hospital (ICU) last year twice in a gap of two months. I am physically very weak and I cannot continue my LIC agency. Please let me know whether I am eligible for Gratuity from LIC.

    Please confirm

    Reply

  35. hardial singh says

    i doing as lic agent wef 22 sep 2011 my agency code is 20543/137 my agency terminate on4th agency year due to my health not permitted me for this job i admitted 10 day in hospital i wants e.r.c where i submitted my application for continouse commision

    Reply

  36. ANINDYA GHOSH says

    I am an Lic agent since 1993. So I have completed 22 years.Now I can not deposit MBG 12lives & 1lakh premium in this agency year (2015-2016). My agency will terminated or not.Pl inform me.

    Reply

  37. NANDINI BHATNAGAR says

    IF ANY PERSON WANT ANY TYPE OF LIC POLICY
    INOCME TAX RETURN, PAN CARD, SERVICE TAX REGISTRATION
    CALL -8588857366,9873927723

    Reply

  39. SURESH KUMAR PANDA says

    I HAVE ALREADY DEPOSITED THE PREMIUM ON 17.03.2016. TILL DATE I HAVE NOT YET RECEIVE THE POLICY NO ALONG WITH THE BOND. BUT I HAVE THE PROPOSAL DEPOSIT RECEIPT. HOW CAN I AM ABLE TO KNOW MY POLICY NO ?
    MY RECEIPT NO IS : 5164886 / 17.03.2016

    Reply

  42. Ashu says

    LIC agents are useless.. my LIC agent not giving any service to me.. whenever u ask anything she ll say LIC office people are not giving her proper information and sometimes she only disappears.

    Reply

  44. Saurabh says

    If anybody wants to become LIC agent, He or she can call – 9889805572 Saurabh, Development Officer Lucknow

    Reply

  45. PRIYABRATA DAS says

    IF ANY PERSON WANT TO DO ANY TYPE OF LIC POLICY FOR SAVING PURPOSE OR TAX SAVING PURPOSE ,FOR CHILD MARRIAGE PLAN OR STUDY PLAN THEN CONTACT ME -PRIYABRATADAS-CONTACT NO-08121145691,HITEC CITY MADHAPUR,HYDERABAD.TELANGANA.

    FOR MORE REGARDING LIC OF INDIA CONTACT

    priyabratadas1977@gmail.com

    Reply

  47. zaverbhai N. Vekariya says

    In current finance year advance premium When accepted by Lic.many policy holders premium is irregular due to her/his incom so hurry about this matter….thanks

    Reply

  51. mamta jindal says

    i am an lic agent and working with lic from last 16 years in this period one time my agency is terminated c now i want to discontinue my agency. my age is 46 can i claim gratuity.

    Reply

  54. appa rao sista says

    For lic, pan card,income tax filing… please contact the given cellno 9826316049 at indore only.

    Reply

  56. kalpana dilip pawar says

    I am lic agent 34275951 from HADAPSAR( BR.95M) my name KALPANA DILIP PAWAR (Old Name JAYASHREE DILIP PAWAR ) MY LIC Portal is not open b’coz of my name is changed ,so pl my portal is activate as early as possible

    Reply

  57. Kalpana solanki says

    I completed 25 years as a lic agent.my age is 54 years what benefits I am eligible,please give me details of it.

    Reply

  61. APARNA THAKUR says

    Sir Maine around four years LIC agent ka kaam kiya or uske baad mai bimari ke wajah se kaam nahi ker payi to mujhe commission milega ki nahi. Please help & suggests.

    Regards
    Aparna

    Reply

  62. jay prakash says

    DEAR SIR, MERI AGENCY FORTH YEAR ME 100000.00 KA PREMIUM PURA NAHI KAR PAI. AUR FIFTH YEAR K LIYE AGENCY CODE LOCK HO GAYA HAI, TO ISKO OPEN KARNE K LIYE KYA KARNA HOGA.

    Reply

  63. c.Sainath Reddy says

    Dear sir

    I am A Lic Agent and also Star Health Insurance Agent I will explain each and everything about premium and maturity amount and term.

    I am also pankard agent

    Waiting for your reply me to 9030966019

    Sainath Reddy
    LIC and Star Health Insurance Agent
    9030966019

    Reply

  65. Baljit Singh says

    Dear Visitors, if you want to clear your queries against LIC plans or want to purchase LIC plan then you can contact us … Only for Punjab Region Visitors…
    E-Mail: rajomajra9999@gmail.com
    Contact No: 9256145186

    Reply

  66. Chayan Banerjee says

    ANY BODY WANTS TO DO LIC INSURANCE POLICY PLEASE CONTACT ME –
    CHAYAN BANERJEE , Barrackpore Branch KOLKATA, W.B.
    Phone No. – 8981265715,8583908282

    Reply

  69. Anirudha says

    एजेंसी को 13 साल हो चुके है। ग्रुप इन्सुरेन्स कितने लाख का मिलेगा ।

    Reply

  73. Vikas says

    Sir,
    I have completed 13 years of continous service with LIC as an Agent and now there is no business in market. I want to know whether I am eligible for Gratuity and what are the other benefits for which I am entitled.

    Vikas
    9440057966

    Reply

  76. Amit singh says

    If anyone want to join Lic as financial advisor ( Agent) in Delhi ,Noida,ghaziabad, anywhere in U.P…..
    Dev. Officer
    7289962950

    Reply

  77. Amit singh says

    If anyone want to join Lic as financial advisor ( Agent) in Delhi ,Noida,ghaziabad, anywhere in U.P…..
    Dev. Officer
    9015533355
    doamitsingh@rediffmail

    Reply

  79. Prafulla Chandra Bardhan says

    My Agency Code no. is 1365491 Dibrugarh Branch, Asom.
    Date of Barth : 9/08/1929.
    Mobile no : 9748433433
    Previously LIC is not There the name was Hindustan Co-Opt. Society (1952), at that time I received 4thousand rupees from them. After that in the year 1956 LIC came in the market from that day to till date I am working as Agent of LIC. different convention, meeting at Asom office they inform us that I may be entitled to get Gratuity. Accordingly I perusing with my Branch head as they said me I may contact to Senior officer at Kolkata in respective office . At present I am 87years old till working actively but I can’t proceed to Kolkata to look after my fringe benefits. The reason I express my Details at this space for your kind perusal. Now I hope you may kindly inform me to whom should I peruse the meter on behalf of me.

    Reply

  80. Suresh kumar Gupta says

    Sir oct 2001 se March 2017 tak mere agency ka 15 year’s ho gaya hai. Mera agency in force hai. Main kabhi terminate nahi hua. Mujhe Gratuity milega ya nahi.

    Reply

  85. N Bellie (LIC) says

    I completed 29 years as on August-2017. Kindly tell me formula to calculate my Gratuity amount here, with an example.. Thanks

    Reply

  88. MADAN DAS says

    LIC AGENCY IS BEST PROFEATATION OF WORLD FOR MY PROFEATATION

    MY 26 YEAR FORSE MY PROFEATATION ,15YEARS CHAIRMANS CLAB MEMBER CONTINUE MY AMBITATION
    END OF LIFE CONTINUE MY CHAIRMAN CLUB MEMBER
    CONTACT NO:9432369779 BRANCH CODE-41C

    Reply

  89. Subhash Kumar says

    Im LIC agent since Jul 2004 (113961141 Subhash Kumar).
    I propose that the policies lapsed after paying some premiums could not be re-started after shifting of DOC. The DOC should be shifted since the income environment is not running well. Once policy becomes unpaid, it is very difficult to repay the same, especially, monthly through bank. It, not only, affects the customer’s faith but also reduces the further business of agent and the company as well.
    I request your kind honour to please look into the matter generously ti keep up the number 1 position and above that the trust of public over LIC.

    Regards.
    Subhash kumar

    Reply

  91. S.S Dalvi says

    If as lic agents appointment is on 13 November 2002 and minium target 12 policy not completed on 30 November 2017 can eligible for survival benefits if he resonated agency in same year.pls give guidelines.

    Reply

  92. Geeta Agrawal says

    I will be obliged to get your reply on my email id. officeagrawalknath@gmail.com for the harassment of corporation
    officers not replying my letters and emails. I took LIC Agency in March 1980. Worked in full force till till 2010 and completing all norms. Was DM Club Members for 10 years and ZM club member for 7 years. Due to illness can not
    work after 2010. And get Exemption from Minimum Business quota. Now Agents Master is showing Bonus Flag and
    Not eligible for Bonus remark. Not only this the Life time Club membership is not granted for taking combined figure
    of DM and ZM club. None of my letters are being replied either by Branch or Divisional Office. What to do ????????????

    Reply

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