Why Career as LIC Agent

Why Career as an LIC Agent

  • You can't achieve what you have not defined.
  • Success is... Knowing your purpose in Life.
  • Growing to reach your maximum Potential.
  • Think about your unique mix of abilities, the resources available to you and the opportunities around you.
  • Career as a LIC Agent " A Golden Opportunity is waiting for you"

Become an LIC agent today, Read below to know why


Introduction
  • LIC Agent is noble profession to provide Life Security to the people of India.
  • LIC Agent contribute to the Economic Development of the Country
  • Average income of TOP 20% of LIC Agent is above 12 Lac per annum.
  • Prospecting
  • Need Analysis
  • Plan Presentation
  • Closing of Slae
  • After Sales Service
  • You should be outgoing person.
  • Ambition to start own Business.
  • Good Communication Skills.
  • Should have lot of Perseverance.
  • You should have Dedication and Devotion.
  • LIC agency is highest paid profession in the world.
  • Business with less Capital Investment.
  • Royalty Income.
  • Freedom to set your own working hours.
  • Opportunity to earn as per your potential.
  • Out of total insurable population only 40% are covered till today.
  • These 40% also are also not adequately covered.
  • • Only 20% of total agency force is working as Professionals, and these 20% brings 80% of total life Insurance business.
  • NOTE : We will help to build your career as a professional agent and make sure that you will be among these top 20% agents.
  • Low Insurance Penetration.
  • Low Insurance Density.
  • Low Volume of Life Insurance Premium.
  • High per capita Savings.
  • Increase in working population.
  • Growth in personal Income.
  • High Consumer Awareness.
  • Strong LIC brand.
  • Least Insured life Insurance Population
  • Paucity of Professional Agents
  • Low Insurance Penetration and Density
  • Low percentage share of world market
  • High rate of personal savings
  • Young working population
  • Rising Insurance awareness and
  • Strong Brand image of LIC of India
  • NOTE : All these positive aspects provide you with tremendous opportunity to build your career as a Professional LIC agent.
  • Indian household saving in financial sector is 32% of gross domestic savings for the year 2007-08.
  • The share of life Insurance premium was 17.9% of gross house hold savings.
  • Indian house holds saves more than those in other emerging markets like China and Brazil.
  • The corresponding house hold savings in Brazil are 5%, China-15%, UK-2%, USA-1% of gross domestic savings.

    • (Source: “National Income Statistics,” July 2010, CMIE).

(Source: “National Income Statistics,” July 2010, CMIE).

 
Rank Country Market Share
1. United State of America 20.46%
2. Japan 19.97%
3. United Kingdom 8.00%
4. France 6.65%
5. China 5.12%
6. Italy 4.00%
7. Germany 4.33%
8. South Korea 3.01%
9. Taiwan 2.44%
9. India 2.30%

Source: Swiss Re, Sigma 03/2012

NOTE : All these positive aspects provide you with tremendous opportunity to build your career as a Professional LIC agent.
  • India has about 40% of young population at present i.e. age group 20 to 49 years. This is expected to grow to 45% by the year 2020. The income level of this group is rising and with increasing life expectancy and concept of nuclear family the need for life insurance will also increase.
  • Research by Morgan Stanley shows that India’s working-age population will increase by 136 million by 2020. (China’s working-age population, by comparison, will grow by 23 million.)
    • NOTE : All these positive aspects provide you with tremendous opportunity to build your career as a Professional LIC agent.

1.  As per report of National Council of Applied Economic Research (NCAER) 2009-10

  • There are 28.4 million families with incomes between Rs. 2 lakh and Rs. 10 lakh per annum. (This is as per the World Bank definition of middle class.)
  • The number of such households was 4.5 million in 1995-96 and 10.7 million in 2001-02.
  • These households are expected to grow 4 times in next 10 years.
NOTE : The report said that two thirds of the Indian middle class is to be found in urban India.


2.  Report on the savings pattern states that

  • 83% save for emergencies
  • 81% for Children’s education,
  • 69% for old age,
  • 63% to meet future expenses towards marriages, birth and social ceremonies.
NOTE : The above pattern indicates tremendous scope for life Insurance products.


3.   As per report of Confederation of Indian Industry (CII) and Ernst and Young in September 2010:

  • The projected per capita GDP of India is expected to increase from 18,280 in FY 2001 to 1,00,680 in FY 2026, which is indicative of rising disposable incomes.
  • A recent study by McKinsey also predicts that India’s economy will grow fivefold in the next 20 years.
NOTE : The demand for insurance products is expected to increase in light of the increase in purchasing power.

You will be associated with one of the leading Life Insurance Company of the world. The brand image of LIC of India is huge, people in India identifies life Insurance as LIC only. Thus selling life Insurance policies for LIC of India is much easier.


We have different products catering to the differing needs of all segments of the society. These are basic Insurance plans (whole life, endowment and money back),Term Assurance Plans, Unit linked plans, Pension Plans, Health plan, Variable Insurance Products etc.


The sum assured of all policies issued by LIC of India including any bonuses declared in respect thereof and, subject to the provisions contained in section 14 the amounts assured by all policies issued by any insurer the liabilities of which have vested in the LIC of India under this Act, and all bonuses declared in respect thereof, whether before of after the appointed day, shall be guaranteed as to payment in cash by the Central Government. Under-Section 37 of LIC ACT, 1956