Jeevan Tarang Plan (Plan No. 178)

A whole of life plan, which provides for annual survival benefit at a rate of 5½ % of the Sum Assured for life time after the chosen Accumulation Period.

Jeevan Nidhi Table No 169

A with profits Deferred Annuity Pension) plan with Guaranteed Additions.

Jeevan Saral Table no 165

This is one of those affordable high growth assured plans which the corporation can proudly claim to have innovated specifically for the middle class population, which comprises of not less than 60% of the nation's available human resource.

Whole life policy Table nos 02,05,08

This policy is suitable for people of all ages who wish to protect their families from financial crises that may occur owing to the policyholder’s premature death.

CHILD CAREER PLAN (TABLE 184) and CHILD FUTURE PLAN (TABLE 185

LIC has two best Children’s Plans – LIC’s Child’s Career Plan and Child Future Plan. Both child plans are available for age group of 0 to 12 years.

Wednesday, July 20, 2011

Home

“The people's money for people's welfare”

On 1st of September, 1956, the Life Insurance Corporation of India (LIC) embarked on its momentous journey in true spirit of serving the people and nation as a whole. Since then it has spearheaded the financial and infrastructure development of the nation.
The performance of LIC has been exemplary and it has been growing from strength to strength; be its customer base, agency network, branch office network and the likes. LIC has played a significant role in spreading life insurance among the general masses and mobilization of people’s money for people’s welfare. Even after the entry of private insurers for almost decade now, Life Insurance Corporation of India continues to be the front runner in the industry in terms of market share, which is a result of the age old trust and respect, LIC has earned in the hearts of the countrymen.
The Corporation has made an oustanding contribution towards national growth and social upliftment. The major portion of the Corporation's fund is invested for the welfare of ther masses. As on 31st March, 2010 LIC has provisionally invested  Rs. 11,00,000 crores of its fund in various social welfare drives of the nation.

TARGET:
  • Mobilisation of People's money
  • Investment of Insurance fund for the Benefit of society at a large.
URGE FOR NATIONALISATION OF INSURANCE COMPANIES:
Post Independence India was going through various socio-economic turmoils. The need of the hour, to hold the nation from falling apart was promptly identified by Pt. Nehru, and the National Congress Party. It was- Nationalisation of Insurance Companies. The urge for this nationalisation drive was realised primarily because of the factors as-
  • Independent India needed mass Infrastructural development.
  • Huge Capital  was required.
  • Implementation of Five Years Planning, became a necessity.
  • Requirement of huge  Long Term Fund.
  • Insurance Money  was a source of  Long Term Fund.
  • Ordinance passed in the Parliament.
  • 245 Private insurance Companies were amalgamated to form the Life Insurance Corporation of India

T.S Vijayan - Ex-Chairman
(Currently Chairman, IRDA)

LIC’s STRENGTH
  • Total Work force- More than 1 lakh 
  • Agency force of 14 lakh. 
  • 27 crore Policy holders. 
  • 3000 offices in India. 
  • Overseas operation in Fiji, Mauritius, UK, Singapore, Bahrain,Nepal,Srilanka and Kenya. 
  • Revenue earned in 2009-10- Rs.2.98 lakh crore. 
  • Total Life Find  Rs. 9.99 lakh crore.
  • LIC’s contribution - 3.2% to India’s total GDP. 
  • Total investment-  Rs. 10.95 lakh crore. 
  • Contribution to Five Years Plans -   Rs.10.32 lakh crore. 
  • LIC is the Single largest Secondary market Investor by investing  15% of its funds invested in share. 
  • Largest Pension Player in the country.
      ROLE OF LIC IN NATIONAL ECONOMY:
       LIC has been a nation builder since it’s formation in 1956.Accumulating people’s money and investing it for development of the society -“people’s money for people’s welfare” was the prime objective of why the Corporation came into being.
      LIC’s contributions:
      • 3.2% of India’s total GDP (Total Insurance Penetration is 4.17%)
      • Total investment  Rs. 10.95 lakh crore in 2009-10
      • Total investment in five years plans  Rs. 10.32 lakh cr.
      • As on 31.03.2010 LIC is only largest Single Investor in equity by investing, only 15% of it’s investable  fund.
      INVESTMENT OF CORPORATION’S FUND:
      Investment of LIC’s fund is governed by Section 27A of Insurance Act,1938. Guidelines and instructions are often changed from time to time by the Govt. keeping in view the best interest of the nation. Now investment is also regulated by the IRDA- the Insurance Regulatory arm of the Reserve Bank of India.
      Investment Pattern for Life Business:
      • Govt. Securities -  25%
      • Govt. Securities or other approved Securities including above- Not less than 50%
      • Infrastructure and Social Sector- Not less than 15%
      • Others beside unapproved investments "in no case to exceed 15% of the fund” - Not Exceeding 35% ( To be governed by exposer norms)
      Investment Pattern for Pension,Annuity and other Group Business :
      • Investment in Govt Securities -Not less than 20%
      • Investment in Govt. Securities and other approved securities including above - Not less than 40%
      • Balance to be invested as per Schedule I to be governed by prudential norms – Not exceeding 60%
      Investment Pattern for Linked Business:
      • Largely pattern of investment decided by the policy holders in categories of assets which are easily marketable and realisable(like Bond,Secured,Growth and Balance fund)
      • Total investment in unapproved category shall not  exceed 25% of fund.
      TOTAL  INVESTMENT AS ON 31.03.2010 :  Rs. 10,95,841.34 crores
      • Rs. 10,06,091.93 crore in Securities (91.81%).
      • Govt.Securities  Rs. 8,04,087 crore and balance in other Approved Securities.
      • Rs. 85,256.46 crore in loans(7.78%).
      • Others  Rs. 4,492.95 crore (0.41%).
      LIC’S SOCIAL RESPONSIBILITY:
      • LIC paid  Rs. 252.71 crore for 94.464 Claims under Social Security Scheme 2009-10.
      • Rs. 93.05 crore paid as Scholarships to needy students.
      • 2.99 crore Lives given insurance under Social Security Scheme (SSS).
       Glimpses of LIC's Performance:

      MARKET SHARES OF THE FRONT RUNNERS IN LIFE INSURANCE
      A Comparative Analysis ***FP= First Premium,NOP= No. of Policies
      • NEW BUSINESS DURING THE YEAR 2009-10:

      NOP* (in lacs)
      FPR** (in crores)
      COMPOSITE
      388.39
      42960.44
      MARKET SHARE
      100%
      84.86%
      *NOP- No. of policies  **FPR- First Revenue Income
      • PENSION & GROUP BUSINESS & SOCIAL SECURITY SCHEMES (Achievement from 1.4.2009 to 31.8.2010):

      Pension & Group Schemes
      Growth Rate (%)
      Social Security
      Schemes
      NEW LIVES (in lacs)
      237.57
      15%
      149.76
      PREMIUM INCOME(in crores)
      20831.94
      67%
      228.70

      Thursday, July 14, 2011

      Join Us



      The aim of this communication is to give you an elaborate idea about the outstanding career that LIC can provide you if you choose to represent LIC as a Life Insurance Advisor. If you are willing to meet people, build relationships, have a flair for marketing and have a desire to see your earnings grow, then this communication will be of great interest to you.

      Insurance  Professionals who have taken up agency recently, know that Life Insurance selling is a very challenging profession, difficult to begin with, but very rewarding as you progress into it. It is indeed a joy when you start meeting success. You need to have that instinct to succeed. If you don't possess this quality, then too this is the best profession which would immensely help you in developing and sharpening these Set of Skills with time and experience.
      • Why should I choose a Career in Insurance agency?
      • What is the job profile of an Life Insurance Agent?
      • Why LIC only?
      • Who is eligible for an  LIC Agency?
      • How much do I've to invest?
      • What are the Documents reqd., to become a licenced LIC Agent?
      • What's my income going to be?
      • Can I've other engagements also, apart from the Agency business?
      • What type of Pre-recruitment training do I get?
      • What benefits, other than the Commission will I get?
      Why should I choose a Career in Insurance Agency?
      • It's the only freelance profession which gives you unlimited earning potential as well as full freedom.
      • It's the only profession where you keep getting paid for years, even after you quit.
      • The need of the profession constantly keeps you in social touch.
      • The profession sharpens your  public speaking, interpersonal relation skills.
      • Gives you the liberty and scope to meet all kinds of people from all segments of the society.
      • Helps you to set high standards of behavior and performance.
      • It helps you to achieve your dreams goals and ambitions in your life, without adhering to the monotony of a 10AM to 5PM job.
      • It gives you social status and identity that you can .
      What is the job profile of an Life Insurance Agent?
      The job profile of an Insurance Agent is that of a Financial Consultant and Advisor. An ideal Agent is expected to -
      • - Meet Targets.
      • - Sales Generation Activities.
      • - Ensure complete Customer Satisfaction.
      • - Regular customer Care calls.
      • - Update on completion activities.
      • - Daily Weekly monthly reporting of activities.
      • - Discipline and compliance.
      What's my income going to be?
      There is no limit for your income, you can write your own cheques. Earnings will be directly proportionate to your smart work, however to know about it in full details- Please contact:

      Mr. Shantanu Sen (Development Officer)
      LIC Branch I, Jeevan Jyoti Building , Jalpaiguri
      (+91) 94344-10817/ (03561) 22-5575  shantanulici@gmail.com



      What benefits, other than the Commission will I get?LIC offers various Club Memberships for Agents. According to the rank of Membership, you'll be provided facilities like-

      AGENT BENEFITS:

      TWO-WHEELER ADVANCE (0% interest)
      Corporate Club Agent – Full Purchase Price
      Chairman’s Club Agent - Full Purchase Price
      Zonal Manager’s Club Agent- Full Purchase Price
      Divisional Manager’s Club Agent- Full Purchase Price
      Branch Manager’s Club Agent- Full Purchase Price



      FOUR-WHELLER ADVANCE (0% interest)
      Corporate Club Agent – Upto Rs.20 lacs
      Chairman’s Club Agent - Upto 6 lacs
      Zonal Manager’s Club Agent- 5 lacs
      Divisional Manager’s Club Agent- 5 lacs (@9% INTEREST)



      ADVANCE FOR PURCHASE FURNITURE: (0% interest)
      For All Club Member Agents,
      Maximum Eligibility= Last Year’s Renewal Commission (Deduction in 36 Installments)







      HOUSING LOAN:
      Chairman’s Club Agent - Upto 4 lakhs (@ 5% Interest), Next  5 lacs (@ 7.5% Interest)
      Zonal Manager’s Club Agent-       Upto 3.65 lacs(@ 5% Interest)
      Next 4.35 lacs(@ 7.5% Interest)
      Divisional Manager’s Club Agent- Upto 3 lacs(@ 5% Interest)
      Next 5 lacs(@ 7.5% Interest)

      TELEPHONE BILL REIMBURSEMENT:
      Chairman’s Club Agent - 2700 Calls + Rent (Including Free Calls)
      Zonal Manager’s Club Agent- 2700 Calls

      GROUP INSURANCE:
      Chairman’s Club Agent - 2,40,000/-
      Zonal Manager’s Club Agent - 1,20,000/-
      Divisional Manager’s Club Agent- 60,000/-
      Branch Manager’s Club Agent- 30,000/-

      MEDICLAIM:
      Chairman’s Club Agent - 1,00,000/-
      Zonal Manager’s Club Agent - 60,000/-
      Divisional Manager’s Club Agent- 40,000/-
      Branch Manager’s Club Agent- 25,000/-

      OFFICE ALLOWANCES:
      Corporate Club Agent –  45000/-
      Chairman’s Club Agent - 30000/-
      Zonal Manager’s Club Agent - 17000/-
      Divisional Manager’s Club Agent - 8500/-
      Branch Manager’s Club Agent -  1000/-, (plus additional for lapsation)

      FREE GIFT ITEMS:
      Chairman’s Club Agent - 3000/-
      Zonal Manager’s Club Agent- 2000/-
      Divisional Manager’s Club Agent- 1000/-
      Branch Manager’s Club Agent- 500/-

      LETTER HEADS & ENVELOPS:
      Chairman’s Club Agent - 1000 nos.
      Zonal Manager’s Club Agent - 750 nos.
      Divisional Manager’s Club Agent - 500 nos.
      Branch Manager’s Club Agent - 300 nos.

      OUT POCKET EXPENCES:
      Chairman’s Club Agent - Rs.2500.00
      Zonal Manager’s Club Agent - Rs.1400.00
      Divisional Manager’s Club Agent - Rs.400.00
      Branch Manager’s Club Agent - Rs.200.00

      FLOOD/CYCLONE/DROUGHT ADVANCES:
      For all affected areas- Maximum Eligibility- Rs.25,000.00 (@ 0% Interest)

      MARRIAGE ADVANCES:
      For all Club Member Agents-
      Maximum Eligibility:        Last Year’s Renewal Commission (@ 9% Interest).
      Deduction in 36 Installments

      ADVANCE FOR MEDICAL TREATMENT:
      For all Club Member Agents- Maximum Eligibility- Rs.25,000.00



      Why LIC only?
      • The only organisation covering lives from 1956.
      • Number ONE amongst INDIA’s TOP 500 companies on the basis of Net Worth ( 15,47,951 million )
      • Number TWO on the basis of Income ( Rs.4,47,296 million ).
      • Largest network all over country and abroad.
      • LIFE FUND of  366000 crores.
      • Returns assured by Government Of India.
      • Supports all 5 year Plans.
      Who is eligible for an  LIC Agency?

      How much do I've to invest?

      What are the Documents that I've to produce, to become a licenced LIC Agent; and to whom?

      What type of Pre-Recruitment training do I get?

      Why is the Pre-Recruitment Training necessary?
      After setting up of the statutory regulator-the IRDA (Insurance Regulatory and Development Authority), a lot of streamlining has taken place in agency work. A person needs to undergo compulsory 100 hours of training  and Pass the Online test (Off line centers are being closed by IRDA) to take up the Agency. This is remarkably different from the past. The mandatory Training has really done a lot of good, and added an element of quality and credibility to the Professionals at the entry level.
      1.Now the agent understand the work he is supposed to do.
      2. He is mentally prepared for it and
      3. He is ready to take a plunge head on.
      Percentage wise more agents-nearly 70%-80% turn out to be successful in the profession from amongst the ‘New’ agents.
      For those who have taken up Life Insurance Agency recently, know that Life Insurance selling is a very challenging profession, difficult to begin with, but very rewarding as one progress with time and effort. It is indeed a joy when one starts meeting success.
      After setting up of the statutory regulator-the Insurance Regulatory and Development Authority, a lot of streamlining has taken place in agency work. A person needs to undergo compulsory 100 hours of training and pass the test to take up the Agency. This is remarkable change from the past. Training has really done a lot of good and added an element of credibility to the profession. Now-
      1. He understands the work he is supposed to do.
      2. He is mentally prepared for it and
      3. He is ready to take a plunge head on.
      Percentage wise more agents-nearly 70%-80% turn out to be successful in the profession from amongst the ‘New’ agents.

      Why is the training essential?
      Training is a mandatory requirement under IRDA norms. Any individual willing to take up insurance agency has to undergo
      1. To sharpen his/her skill set.
      2. To get updated with product knowledge of various plans of Insurance, rules for Medical Examination and
      3. To develop expertise in understanding the rules for special reports depending upon the Sum Assured and Age of the Prospect.
      Familiarity with various forms is very essential. This can be possible if the agent-
      1. Visits his/her Branch regularly,
      2. Meets his/her Development Officer on day-to-day basis and
      3. Get clarifications from his/her Development Officer in understanding the various product concepts.
      4. He must fully participate in any training sessions arranged at Branch level.
      AGENT AS A FINANCIAL ADVISOR TO HIS CLIENTS:
      When he meets any prospect, chances are that the client will discuss his investments in various instruments, his tax planning and future requirements.
      This will certainly entail upon the agent that not only is he knowledgeable about LIC’s products but also- -Products of other Insurance companies.
      - Other Avenues of Investments.
      - Various Tax Provisions.
      Such a good knowledge will give the agent a cutting edge over others in matter of selling insurance.

      CLUB MEMBERSHIP:
      The Agents’ Clubs were formed in 1971 with the motto of injecting professionalism in agents and to bring about the process by which individual could be integrated with the corporate objectives. Four clubs-Chairman’s club, Zonal manager’s club, Divisional manager’s club and Branch Manager’s club were formed.

      The purpose of forming club was not merely to decorate but to sharpen the inner qualities to motivate oneself, and to generate greater productivity, greater business so that one can accept new challenges.

      A very significant transformation has been taking place for the last few years in the profiles of the agents. It is the urge to qualify for the Million Dollar Round Table (MDRT) Meets. More and more agents are qualifying for it. Even new agents have qualified for it even in the first year of the agency. It is worth aiming for it.

      An agent must establish one’s identity as a Professional Financial Advisor. This identity is achieved when he has his own office, where records of all his clients are chronologically maintained. One may have computers and other aids as and when necessary for a good office, depending on the volume of clients and cases he services.


      CONDUCT OF AN IDEAL AGENT TOWARDS HIS/HER CLIENTS:
      Friendliness: An agent must have a friendly and comforting disposure. To achieve this trait one has to be flexible and open to feedbacks and critics.
      Confidence in Gesture: A Successful Agent is not necessarily a Confident Agent. But a Confident Agent is always invariably a Successful One. It’s only a matter of time and effort.

      Unbiased Professionalism: An agent should show an urge to offer The Right Choice to the prospect purely  judging the prospect’s best interest. This would develop trust and loyalty among his clients, and eventually bring him business also.

      Maintain Decent Ambience: Though the first impression isn’t always the last one, but it surely is a lasting one. A neat and decent ambience and attire would help facilitate the confidence and rapport building process with fresh clients.

      Discipline Punctuality: It is the hall mark of a successful sales person whatever may be his constraints; he would always meet or reach the client at least five minutes before the appointed time.

      BASIC TRAITS OF A GOOD AGENT:
      Patience and Perseverance are the basic traits which an agent must cultivate. It is a profession where you will meet with more ‘NOs’ than the ‘YES’. Very seldom a client agrees to sign the proposal on the first visit. In most cases the prospect will say ‘No’ when approached for insurance.
      The agent has to learn not to be disheartened in such situations but take this as a challenge to convert every ‘No’ into ‘Yes’ by seeking future dates to meet and influence the prospect to take positive decision. These professional competencies build up confidence and provide the experience to sustain the market challenges and march ahead with hope.

      Selling Experience: Selling every single policy is a new experience. Approach will vary in every case. Customer’s reactions will be different in each case. Therefore, each sale adds to one’s experience, confidence, knowledge and brings a new awareness.
      Agent has to be ambitious and cannot afford to be complacent. He has to reach greater and greater heights year after year.

      Work Culture: One of the most important aspects of an agent’s work culture is to be a regular producer. There is no lean season in Insurance Selling.




      Apply for an LIC Agency today. Fill up the following details with your CV.


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