LIC Agent Commission Chart: LIC agents are official insurance advisors who explain you about the LIC Policy and in return, they earn the commission. Many of us want to know how much an LIC Agent gets Commission? What is LIC Agent Commission Rate? Here I have given complete details of Agent Commission in LIC India. So, go through the following sections of the article to know more about LIC Agents Commission.
Contents
LIC Agent Commission Chart
LIC Agent Commission is nothing but the commission that an LIC Insurance Agent gets from the corporation. Life Insurance Agency is a unique career. Because the harder you work the more commission you get. It varies from Policy to policy, and also the Commission of LIC Agent is based on the term of the policy. That means higher the term, more the commission that the agent gets.
The first Agent commission in LIC will be dependent on term of the policy and type of the policy (Endowment, Money back, etc). Here we have provided the information about the commission that an LIC agent gets, and you can also get from Lic Agent Portal. The LIC Agents Commission in Insurance is also based on the type of the policy which is available on our website.
The maximum commission that the LIC Agent gets in the first year is 25% for 15 years, and above and commission is reduced to 5% after the 4th year. In some cases, the agents offer to pay the first month premium to encourage us to start the policy. Here, you can also get the LIC Agent Commission Status from our site.
For Endowment Natured Policies with 15 years or more term a first year commission of 25% and a Bonus Commission on the same to the extent of 10% on the First Yr Premium. An overall 35% is payable provided the Agent is eligible for Bonus. Otherwise, the maximum LIC of India Agent Commission payable remains to be 25 % on the First Year Premium Paid. Moreover, the sale of Life Insurance gives repeated commission payments for one sale. The LIC Agent commission rate continues even after the agent resigns or dies; provided the agent has the required business in force as per rules.
LIC Agent Commission Details
| First Commission | Depending on Term of the policy and type of the Policy like (Endowment/Money back etc.) |
| First Year Commission | Commission payable on the First year premium. |
| Bonus Commission | Subject to conditions. |
| Renewal commission | Depending on Term of the policy & type of the policy. |
Types of Agent Commission in LIC
The maximum amount of Lic Agent commission 25% in endowment plans and acquires 15% in Money back plans. You can get complete details upon Lic agent commission which are enclosed below.
|
YEAR
|
1st Type
(ENDOWMENT)
|
2nd Type
(MONEY BACK)
|
| 1st YEAR | 25% | 15% |
| BONUS COMM. | 40% OF COMM | 40% OF COMM |
| 2nd YEAR | 7.5% | 10% |
| 3rd YEAR | 7.5% | 10% |
| 4th YEAR onwards | 5% | 6% |
| 1st YEAR | 25% | 15% |
Example for LIC of India Agent Commission
| ENDOWMENT TYPE | MONEY BACK TYPE |
|
1st Year :10000 X 25% – 2500
Bonus : 2500 X 40% – 1000
2nd Year :10000 X 7.5% – 750
3rd Year :10000 X 7.5.% – 750
4th Year :10000 X 5% – 500
5th Year :10000 X 5% – 500
6th Year :10000 X 5% – 500
7th Year :10000 X 5% – 500
8th Year :10000 X 5% – 500
9th Year :10000 X 5% – 500
10th Year :10000 X 5% – 500
11th Year :10000 X 5% – 500
12th Year :10000 X 5% – 500
13th Year :10000 X 5% – 500
14th Year :10000 X 5% – 500
15th Year :10000 X 5% – 500
16th Year :10000 X 5% – 500
17th Year :10000 X 5% – 500
18th Year :10000 X 5% – 500
19th Year :10000 X 5% – 500
20th Year :10000 X 5% – 500
TOTAL : – 13500
|
1st Year :10000 X 15% – 1500
Bonus : 1500 X 40% – 600
2nd Year :10000 X 10% – 1000
3rd Year :10000 X 10% – 1000
4th Year :10000 X 6% – 600
5th Year :10000 X 6% – 600
6th Year :10000 X 6% – 600
7th Year :10000 X 6% – 600
8th Year :10000 X 6% – 600
9th Year :10000 X 6% – 600
10th Year :10000 X 6% – 600
11th Year :10000 X 6% – 600
12th Year :10000 X 6% – 600
13th Year :10000 X 6% – 600
14th Year :10000 X 6% – 600
15th Year :10000 X 6% – 600
16th Year :10000 X 6% – 600
17th Year :10000 X 6% – 600
18th Year :10000 X 6% – 600
19th Year :10000 X 6% – 600
20th Year :10000 X 6% – 600
TOTAL : – 14300
|
|
FOR SINGLE PREMIUM — COMM. IS 2 %
|
|
From the above table, you noticed that if term is more then your agents commission is also more. So, higher the term, more the commission that the agent gets.
Note:
- Renewal Commission: It is the Real commission & basis for lot of other benefits.
- From 2nd Year onwards Commission you get is called Renewal Commission.