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 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, August 22, 2012
Tuesday, August 7, 2012
Tuesday, June 19, 2012
About LIC
- Mr. D.K Meherotra- Chairman
- Mr. T.S Vijayan M.D-
- Mr. Thomas Mathew T. - M.D
- Mr. A.K Dasgupta - M.D
- Mr. Ashok Chawla- Member of the Board
- Mr. R. Gopalan - Member of the Board
- Mr. Yogesh Lohia - Member of the Board
- Mr. D.L Rawal - Member of the Board
- Mr. Monish R. Kidwai - Member of the Board
- Dr. Sooranad Rajashekhran - Member of the Board
- Lt. Gen. Arvind Mahajan - Member of the Board
- Mr. Anup P. Garg - Member of the Board
- 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.
- 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.
- 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 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%
- 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.
- 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 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).
***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% |
- 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 |
- Why should I choose a Career in Insurance Agency?
- What is the job profile of an Life Insurance Agent?
- What's my income going to be?
- What benefits, other than the Commission will I get?
- Can I've other engagements also, apart from the Agency business?
- Why LIC only?
- Who is eligible for an LIC Agency?
- How much do I've to invest?
- What type of Pre-recruitment training do I get?
- 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 .
- - 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.
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
- 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.
- 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.
- 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.
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-
- He understands the work he is supposed to do.
- He is mentally prepared for it and
- He is ready to take a plunge head on.
Why is the training essential?
Training is a mandatory requirement under IRDA norms. Any individual willing to take up insurance agency has to undergo
- To sharpen his/her skill set.
- To get updated with product knowledge of various plans of Insurance, rules for Medical Examination and
- To develop expertise in understanding the rules for special reports depending upon the Sum Assured and Age of the Prospect.
- Visits his/her Branch regularly,
- Meets his/her Development Officer on day-to-day basis and
- Get clarifications from his/her Development Officer in understanding the various product concepts.
- He must fully participate in any training sessions arranged at Branch level.
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.
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)
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
Revised IC 33 Mock Test(Bengali)
Follow the link below to Start the Quiz:-
Revised IC 33 Bengali Quiz-I
Revised IC 33 Bengali Quiz-II
Revised IC 33 Bengali Quiz-III