How to Get a Bonus LIC Agent Commission
In India, LIC agents are paid a commission for every insurance policy sold. A typical agent is paid 7% to 15% of the premium. As a rule, the commission rises with the amount of premium sold. However, there are some conditions that need to be met for an agent to be eligible for a bonus commission. The agent must have completed a business guarantee of at least 15 years. Here are some tips on how to get a bonus commission from LIC.
The LIC agent commission depends on the type of plan he or she sells. The commission varies from 0.1 percent to 25 percent of the first-year premium. The commission also varies from policy to policy, and term to term. LIC agents can also earn other benefits. To be eligible for these benefits, agents need a certain amount of business and at least three policies to be in force. In general, agents earn between Rs. 45,000 and Rs. 88,000 per year.
Lic agents can earn a maximum of 25% of the premium on an endowment plan and 15% on a money-back plan. The table below shows the relationship between term and commission, with the longer the term, the higher the commission. LIC agents also earn a Renewal Commission, which is a genuine commission. This commission is the basis of a whole bunch of benefits. However, not all LIC agents can expect to earn a large amount of commission.