Review of LIC Club Membership Benefits
LIC Club Membership Benefits 2015 include various benefits available to the Agents who are members of any of the Clubs of the LIC. We are giving the benefits those, which you will get by becoming a LIC Club Member. Various benefits available to the Club Member of the LIC are Fringe Benefits, Housing Loan Benefits etc,..Complete information about LIC Club Membership such as LIC Club Membership Benefits, Types of Club Membership and Rules to join as LIC Club Member are available below.
LIC Club Membership Types
There are 6 types of Insurance clubs are available in LIC. Various Clubs in Life insurance corporation of India are Branch Manager Club Membership, Distinguished Club Membership, Zonal Manager Club Membership, Divisional Manager Club Membership, Chairman Club Membership and Corporate Club Membership. Detailed information about various Club membership is given below.
Benefits of LIC Club Membership
An Agent can get various benefits under various Club’s of LIC. Detailed information about LIC Club Member ship Benefits as per new rules is given below.
Branch Managers Club:
Various LIC Club Membership Benefits available in Branch Manger Club are
- Office/Stationary Allowance up to Rs.1000 p.a.
- Sale Promotional Gift Items up to Rs.180
- Festival Advance up to Rs. 6,000
- 1st class Traveling Expenses., etc,..
Divisional Manager’s Club:
Various LIC Club Membership benefits available to the Agents by becoming a LIC Divisional Manager’s Club Member are
- Office/Stationary Allowance up to Rs.8500 p.a.
- Festival Advance up to Rs. 7,000
- Sale Promotional Gift Items up to Rs.500
- 1st class Traveling Expenses
- Interest free advance for purchase of Office equipment up to a specified budget, etc,..
Zonal Manager’s Club:
Various LIC Club Membership Benefits available to the agents by joining in Zonal Manager’s Club are
- Sale Promotional Gift Items up to Rs.840
- Office/Stationary Allowance up to Rs.17,000 p.a.
- Festival Advance up to Rs. 7,000
- Housing Loan at 5.25% up to Rs. 3.4 lacs
- Interest free vehicle advance to purchase Car/Scooter/Motor Cycle, etc,..
Various LIC Club Membership benefits available to the Agents by becoming a LIC Chairman’s Club Member are
- Festival Advance up to Rs. 11,500.
- Office/Stationary Allowance up to Rs.30,000 p.a.
- Sale Promotional Gift Items up to Rs.1,400.
- Housing Loan at 5.25% up to Rs. 3.75 lacs.
- Interest free advance to purchase computer.
- Rs.2,500 out of pocket expenses for annual conventions (outstation), etc,..
Fringe Benefits available under Lic Club Membership Benefits
Fringe Benefits are the main Benefits available to the club Members as LIC Club Membership Benefits. Given below are the Fringe Benefits available under LIC Club Membership Benefits.
|1||Mode of Travelling (Training)||III Tire A/C||III Tire A/C||III Tire A/C||III Tire A/C|
|2||Office Allowance||Rs. 35,000||Rs. 22,000||Rs. 12,000||Rs. 1,000|
|3||Int. Free Vehicle Adv.||Car/upto Rs. 6,00,000/- Motor Cycle||Car/upto Rs. 5,00,000/- Motor Cycle||Motor Cycle||Motor Cycle|
|4||Telephone / Charges||Rs. 6,000/-||Rs. 4,000/-||Rs. 2,400/-||Rs. 1,800/-|
|5||Mode of Travelling (Convention)||Economy class Air Fair||I Class / II Tier A.C||I Class||I Class|
|7||Out of Pocket Expenses (Convention)||Rs. 3000||Rs. 1100||Rs. 400||Rs. 200|
|8||Group Term Assurance (Up to 65 years)||Rs. 2,80,000||Rs. 1,40,000||Rs. 70,000||Rs. 40,000|
|9||Momento in Lieu of Group Insurance (above 65 years age)||Rs. 900||Rs. 450||Rs. 240||Rs. 120|
|10||Mediclaim||Rs. 1,25,000||Rs. 75,000||Rs. 55,000||Rs. 40,000|
|11||Yogakshema (House Magazine)||Yes||Yes||No||No|
|12||Computer Maintainance Allowance||Rs. 6000||No||No||No|
|13||Additional office Allowance (For less lapsation)||Upto Rs. 10,500||Upto Rs. 6,600||Upto Rs. 3,600||Upto Rs. 300|
|14||Int. Free advance for purchase of office equipment||Yes||Yes||Yes||Yes|
|16||Sales promotional gift items||3,000||2,000||1,000||500|
|18||Badge (on entry only)||Red||Blue||Green||–|
|19||Letter Heads / Envelops (Number)||1000||750||500||300|
|20||Visiting Cards (Number)||250||200||150||100|
|21||Dairies and Calenders||1 T.D., 1 PIC||1 T.D., 1 PIC||1 T.D., 1 PIC||1 T.D.|
|22||Office Allowance to prospective club members||Yes||No||No||No|
|23||Daily Allowance (A/B/C City on Tour)||Rs. 800/ 700/600||Rs. 700/ 600/500||Rs. 500/ 375/300||Rs. 375/ 275/225|
|24||Graded Benefits for High performers||Yes||No||No||No|
Housing Loan To Agents
|S.NO.||Rates of Interest||C.M.||Z.M.||D.M.|
|1||5%||Rs. 8,50,000||Rs. 7,45,000||Rs. 6,45,000|
|2||9.5%||Rs. 9,50,000||Rs. 8,55,000||Rs. 7,55,000|
LIC Club Membership Rules
Below table illustrates the rules to join as member in any of the club’s of the LIC.
|Name of the club||C.M||Z.M||D.M||B.M|
|Renewal Commission paid||2,00,000||1,40,000||90,000||50,000|
|1st Year commission paid||2,00,000||1,40,000||60,000||35,000|
|Net no of lives for 3 years||130||100||80||50|
|Min.net no.of lives per year||50||40||30||20|
For more details about LIC Club Membership Benefits Please refer LIC Agent Portal.