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.

Tuesday, June 19, 2012

About LIC




MEMBERS OF THE BOARD
  1. Mr. D.K Meherotra- Chairman
  2. Mr. T.S Vijayan M.D-
  3. Mr. Thomas Mathew T. - M.D
  4. Mr. A.K Dasgupta - M.D
  5. Mr. Ashok Chawla- Member of the Board
  6. Mr. R. Gopalan - Member of the Board
  7. Mr. Yogesh Lohia - Member of the Board
  8. Mr. D.L Rawal - Member of the Board
  9. Mr. Monish R. Kidwai - Member of the Board
  10. Dr. Sooranad Rajashekhran - Member of the Board
  11. Lt. Gen. Arvind Mahajan - Member of the Board
  12. Mr. Anup P. Garg - Member of the Board
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- 2.98 lakh crore.
    • Total Life Find 9.99 lakh crore.
  • LIC’s contribution - 3.2% to India’s total GDP.
  • Total investment- 10.95 lakh crore.
  • Contribution to Five Years Plans - 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 10.95 lakh crore in 2009-10
  • Total investment in five years plans 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 : 10,95,841.34 crores
  • 10,06,091.93 crore in Securities (91.81%).
  • Govt.Securities 8,04,087 crore and balance in other Approved Securities.
  • 85,256.46 crore in loans(7.78%).
  • Others 4,492.95 crore (0.41%).
LIC’S SOCIAL RESPONSIBILITY:
  • LIC paid 252.71 crore for 94.464 Claims under Social Security Scheme 2009-10.
  • 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)
COMPOSITE388.3942960.44
MARKET SHARE100% 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

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?
  • 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/ 97344-80506  shantanu.sen@licindia.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-
  • Reimbursements for Stationaries, Phone Charges, Office maintenance.
  • Loans for 2-Wheeler and 4-Wheeler @ 0-5% interest.
  • House Building Loan @ 5-9% interest.
  • Family Insurance Coverage.
  • Marriage and Festival Advances.
  • Gifts
  • Pension and Gratuity, so on and so forth.


Why LIC only?
  • The only organisation covering lives from 1956, brings you a strong tradition and brand.
  • 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?

  • An Indian Citizen.
  • Should to be an adult, i.e 18 yrs and above.
  • Should have qualified Std X (for panchayats) or Std XII (for Municipality & Corporation)
  • Should have completed the min 50 hours training.
  • Should have bore the required fees and qualified the IRDA Agents Pre Recruitment Test.
  • Shouldn't have and illegal background. 

How much do I've to invest?
Only your time and good will.

What type of Pre-Recruitment training do I get?

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.

AGENT BENEFITS:
TWO-WHELLER 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

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.

Saturday, June 16, 2012

IC 33 Chapter Wise Mock Test (English)

N.B: To practice Click the Quiz Link on the Right hand side.

Chapter 1        The Insurance Market                          Quiz1
Chapter 2        Risk & Insurance                                 Quiz 2
Chapter 3        Principles & Practices of LI                  Quiz 3
Chapter 4        Underwriting                                        Quiz 4
Chapter 5        LI Products                                          Quiz 5
Chapter 6        Saving Products                                    Quiz 6
Chapter 7       Key Financial Products                          Quiz 7
Chapter 8       Identifying Client Needs                         Quiz 8
Chapter  9      Fact Finding & Client Advice                 Quiz 9
Chapter 10     Good Client Practice and Persistency     Quiz 10
Chapter  11                                                                  Quiz 11
Chapter 12     Legislations & Customer Advice             Quiz 12
Chapter 13    Regulations & Customer Advice               Quiz 13
Chapter  14   Customer Protection                                 Quiz 14
Chapter 15    Ethical Behavior                                        Quiz 15

Tuesday, June 12, 2012