Career as LIC Agent
By
Kamlesh Gurbuxani, CFPCM
Development Officer
LIC of India
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
STAND OUT FROM THE CROWD
This Career Opportunity is
Not for Everybody,
It is only for those who
Want to be Somebody.
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Job Profile of LIC Agent
The main job of LIC Agent involves:
• Prospecting:
Identifying
the
prospective customers and fixing
appointment.
• Need Analysis: Identifying the needs
and getting the prospect agree that
need exists. (i.e. Family Income
Provision, Children Education and
Marriage Provision or Retirement
Income Provision.)
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Job Profile of LIC Agent
• Plan Presentation: Suggesting suitable
plans that fulfil the needs as agreed by
the prospect.
• Closing the Sale: Convincing the
prospect that you have suggested the
best possible solution for his needs
and ask for the order.
• After Sales Service: Provide efficient
after sales service and claims
settlement.
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Attributes you should possess
To become Successful LIC Agent:
• You should be outgoing and love to meet
people.
• You should be ambitious to start your own
Business.
• You should have Good Communication
Skills.
• You should have lot of Perseverance.
• You should be willing to work hard with lot of
Dedication and Devotion.
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Benefits of LIC Agency
as a Career
• LIC agency is considered today as the
highest paid profession in the world.
• It also provides you with the Royalty Income.
• You can start your own Business with less
Capital Investment.
• You have freedom to set your own working
hours.
• You have the opportunity to earn as per your
potential.
• Your work gets easier and less demanding
as your business grows.
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Market Potential
1. Indian Insurance Market:
•
•
•
•
•
It is one of the least Insured Market in the world.
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.
We will help build your career as a professional
agent and make sure that you will be among these
top 20% agents.
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Market Potential
2. Growth Opportunities:
a.
b.
c.
d.
e.
f.
g.
h.
Low Insurance Penetration.
Low Insurance Density.
Low share of world premium.
High per capita Savings.
Increase in working population.
Growth in personal Income.
High Consumer Awareness.
Strong LIC brand.
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Market Potential
a. Low Insurance Penetration:
•
•
Insurance penetration is measured by
Premium as a percentage of GDP.
We will come to know about the
potential when we compare the
difference in penetration level in India
with other countries of the world.
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Country
Penetration
(%)
Taiwan
15.40
South Africa
12.00
Hong Kong
10.10
United Kingdom
9.50
Japan
8.00
Finland
7.50
France
7.40
South Korea
7.00
Switzerland
5.50
Singapore
4.60
India
4.40
Source: Swiss Re, Sigma 02/2011
The penetration level
in India for the year
2010-11 is about 28%
of Taiwan, 37% of
South Africa and 44%
of Hong Kong.
The above figures
show that there is
tremendous potential
available in India to
match the figures of
Asian
and
other
countries
of
the
world.
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Market Potential
b. Low Insurance Density:
• Insurance Density is the ratio of
premium to total Population.
• We will come to know about the
potential when we compare the
difference in Insurance Density in
India with that of other countries of
the world.
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Country
Density in
USD
Switzerland
3666.80
Japan
3472.80
United Kingdom
3436.30
Hong Kong
3197.30
France
2937.50
Taiwan
2756.80
Singapore
2101.40
United States
1631.80
South Korea
1454.30
India
55.70
World Average
364.30
Source: Swiss Re, Sigma 02/2011
Insurance Density for
the year 2010-11 in
India is just 15% of the
world average and
only
1.5%
of
Switzerland. There is
huge
potential
available just to reach
the world average and
to reach the figures of
Asian
and
other
countries of the world
the
scope
is
phenomenal.
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Market Potential
c. Low Volume of Life Insurance Premium:
Rank
Country
Market
Share
1.
USA
20.09%
2.
Japan
17.50%
3.
UK
8.49%
4.
France
7.64%
5.
China
5.67%
6.
Italy
4.84%
7.
Germany
4.56%
8.
South Korea
2.82%
9.
India
2.69%
Looking at the
very low volume
of life insurance
premium of India,
we can assess the
available potential
of
Indian
Life
Insurance Market.
Source: Swiss Re, Sigma 02/2011
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Market Potential
d. High per capita Savings:
• 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%, UK2%, USA-1% of gross domestic savings.
(Source: “National Income Statistics,” July 2010, CMIE).
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Market Potential
e. Increase in working population:
• 56% of Indians were under age 15 or over
age 64 in 2010. 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.)
• The expected increase in young working
population shows the potential available in
India for Life Insurance Business.
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Market Potential
f. Growth in personal Income:
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. The report said
that two thirds of the Indian middle class is
to be found in urban India.
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Market Potential
f. Growth in personal Income:
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.
The above pattern indicates tremendous
scope for life Insurance products.
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Market Potential
f. Growth in personal Income:
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.
The demand for insurance products is expected to
increase in light of the increase in purchasing
power.
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Market Potential
g. High Consumer Awareness:
•
•
•
Splitting of joint families, absence of social
security scheme and opening up of Insurance
sector has contributed to increased awareness
about life Insurance.
Rigorous advertisement by 23 life Insurance
companies has made people realize about
importance of Life Insurance.
The total First year Premium of life insurance
industry has increased from `9,707 crores in the
year 2000-2001 to `1,25,826 Crores in the year 201011, showing a compounded annual growth of
29.20%.
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Market Potential
h. Strong LIC Brand:
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.
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Market Potential
Market Share of LIC of India as on 31/03/2011 is as under:
First Year
Premium
in Crores
Market
Share
Number of
Policies
Market
Share
LIC of India
86,445
68.70%
3,70,12,277
76.91%
All 22 Private Companies
39,381
31.30%
1,11,09,013
23.09%
Total
1,25,826
4,81,21,291
The above figures shows dominance of LIC of India
even after 10 years of opening of the Insurance sector
to private companies.
For the current year LIC market share under
First Year Premium has increased to 76%.
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Market Potential
•
•
•
•
•
•
•
•
•
The least Insured life Insurance Population,
Paucity of Professional Agents,
Low Insurance Penetration and Density,
Low Volume of Life Insurance Premium,
High rate of personal savings,
Young working population,
Burgeoning Middle and Higher income class,
Rising Insurance awareness and
Strong Brand image of LIC of India
All these positive aspects provide you with
tremendous opportunity to build your career
as a Professional LIC agent.
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Remuneration
• The remuneration will be paid to you in the
form of Commission as percentage of
premium collected through the policies sold
by you.
• It is not a one time commission on a sale
made by you.
• It provides you the royalty income through
out the term of policy. As long as
policyholder pays the Premium you will get
the commission.
• Moreover this commission is hereditary i.e. it
will be paid to your nominees even after your
death.
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Remuneration
The Commission rates on regular
premium policies are as under:
• First year Commission
: 4% to 25% depending
up on the type & term of the policy.
• Bonus Commission
: 40% of first year
commission.
• Renewal Commission:
2nd and 3rd Year of Policy : 2% to 7.5% depending
up on the type & term of the policy.
4th year onwards
: 2% to 5% depending
up on the type & term of the policy.
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Remuneration
Example of Commission on Endowment type
of policy of Term 15 years and above:
• 1st Year Commission
: 25% of Premium.
Bonus Commission
: 40% of first year
Commission (i.e. 10% of Premium)
Total 1st Year Commission: 35% of Premium
• Renewal Commission:
2nd & 3rd Year of policy : 7.5% of Premium
4th Year onwards
: 5% of Premium
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Your Expected Commission for Next 5 years:
Expected Commission
Expected
Premium
1st year
12,00,000
4,20,000
24,00,000
36,00,000
48,00,000
60,00,000
TOTAL
2nd year
3rd year
4th year
5th year
90,000
90,000
60,000
60,000
8,40,000
1,80,000
1,80,000
1,20,000
12,60,000
2,70,000
2,70,000
16,80,000
3,60,000
21,00,000
4,20,000
9,30,000 15,30,000 21,90,000 29,10,000
As Years pass by your Renewal Commission keeps on
increasing thereby assuring you a pension for the next
20 to 25 years when you stop working OR
to your family in event of your death.
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Remuneration
We will make sure through
our meticulous training that
your earnings should be as
per the chart shown,
but that requires willingness
on your part to take lot of
physical pain.
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Club Memberships
Club Membership is the
recognition bestowed upon
the agents to increase their
status in the society and in
the Corporation.
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Club Memberships
•
•
•
•
•
•
Following are the levels of club membership
depending up on the Business performance:
Distinguished Club Member.
Branch Manager’s Club Member.
Divisional Manager’s Club Member.
Zonal Manager’s Club Member.
Chairman’s Club Member.
Corporate Club Member.
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Club Memberships
1.
2.
3.
4.
5.
6.
Following additional benefits are given over
and above the commissions’ payable:
Office Allowance to maintain your own
office.
Telephone/Mobile bill reimbursement.
Reimbursement of Sales Promotional Gift
items.
Interest free advance for purchase of
Car/Motorbike.
Interest free advance for purchase of office
equipments.
Interest free advance for Training.
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Club Memberships
7. Interest free Festival Advance.
8. Housing loan at concessional rate of
interest.
9. Term Insurance and Mediclaim benefits.
10. Guest house facility throughout India at
concessional rates as applicable to
employees.
11. Annual Convention.
12. Attestation authority.
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Club Memberships
The
total
monetary
equivalent of all above
benefits ranges from `5,500
to `5,50,000, depending up
on
level
of
Club
Membership.
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Gratuity
Agents are entitled to get the gratuity at
age 60/65 years after serving for
minimum 15 years.
At present the Maximum Gratuity
amount payable is `2,00,000 depending
up on the amount of renewal
commission paid during last 15 years
before age 60.
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International Recognition
from MDRT
• Founded in 1927, the Million Dollar Round Table
(MDRT), The Premier Association of Financial
Professionals, is an international, independent
association of nearly 36,000 of the world's leading life
insurance and financial services professionals from
more than 430 companies in 78 countries.
• MDRT members demonstrate exceptional professional
knowledge, strict ethical conduct and outstanding
client service.
• MDRT membership is recognized internationally as
the standard of sales excellence in the life insurance
and financial services business.
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International Recognition
from MDRT
• To qualify for the membership of MDRT
agents have to earn the prescribed First
Year Commission excluding the Bonus
Commission OR brings prescribed First
Year Premium during the Calendar year.
• Total 6114 agents from LIC of India
qualified for MDRT 2011.
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International Recognition
from MDRT
There are three levels of Membership with criteria for MDRT 2012:
Criteria
First Year
Commission
First Year
Premium
MDRT
Basic
` 7,89,100
` 31,56,400
2.
Court of the Table- COT
3 Times
MDRT
` 23,67,300
` 94,69,200
3.
Top of the Table -TOT
6 Times
MDRT
` 47,34,600
` 1,89,38,400
Sr.
No.
Membership
1.
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International Recognition
from MDRT
Through our training
process we will make sure
that you will qualify for
Basic MDRT by the end of
3rd year of your agency.
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First Year Commission of Top 10
TOT-2011 Qualifiers from LIC
Rank
Name
Branch
First Year
Commission
Excl. Bonus
Commission
Indore
1,39,08,873
1.
Smt SANGITA MAHESHWARI
2.
Shri RAVINDAR JETHANI
Mumbai
1,12,32,336
3.
Smt HEENA HITESH SHAH
Mumbai
1,00,80,553
4.
Shri BHARAT V PAREKH
Nagpur
89,63,842
5.
Shri SHAILESHKUMAR S PATEL
Ahmedabad
63,89,630
6.
Smt JAYA KISHORE NAGARMAT
Mumbai
52,65,208
7.
Shri HITESH M SHAH
Mumbai
48,48,036
8.
Shri DILEEP KUMAR GUPTA
Bhopal
48,45,431
9.
Shri SATISH S ZANWAR
Parbhani
48,45,327
10.
Shri DEEPAK J DHABALIA
Mumbai
48,17,661
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Profile of LIC of India
Reach:
• Central Office: Mumbai
• 8 Zonal Offices: Mumbai, Delhi, Kolkatta,
Chennai, Bhopal, Kanpur, Hyderabad and
Patna.
• 113 Divisional Offices throughout country.
• 2048 Branch Offices at various places.
• 1202 Satellite Sampark Branches.
All the branches are connected by wide area
network, this ensures payment of Premiums
anywhere across the country.
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Profile of LIC of India
Vide Range of Products:
We have more than 50 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.
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Profile of LIC of India
Awards won by LIC of India during 2010-11:
1. CNBC Awaaz Consumer Award- Most Preferred Brand of
Life Insurance Policies.
2. Readers Digest Trusted Brand – Platinum category
3. Most Trusted Brand in Insurance Category by ET Brand
Equity
4. Outlook Money - Best Life Insurer Award
5. AIMA- R K Swamy - High Performance Brand
6. Golden Peacock Award for Excellence in Corporate
Governance
7. Global Award for Brand Excellence in the Finance and
Banking Category by World Brand Congress
8. Power Brand Award- India’s Most Powerful Brand chosen
by consumers
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Profile of LIC of India
Awards won by LIC of India during 2010-11:
9.
10.
11.
12.
13.
14.
15.
Most Preferred Brand of Life Insurances by Dainik
Purvoday NE Consumer awards 2010
Most Preferred Life Insurance Co. by Global Youth
Marketing
MYFM Stars of Industry Award for Excellence in Life
Insurance
Shoppers and Consumer Insights Award for Excellence in
Educating the Consumers for Consumer driven campaign
“Why Go Anywhere Else?”
World HRD Congress for Innovative HR Practices
INDY’s Gold Award for Best House Magazine
ABCI Award for best photofeature & best illustrations in
‘Yogakshema’ House Magazine
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Profile of LIC of India
Our social responsibility:
LIC offers life insurance protection under group
policies to various groups such as employeremployee, co-operatives, weaker sections of society
etc. and insurance coverage to people below poverty
line at subsidized rates under social security group
schemes like ‘Janashree Bima Yojana’ & ‘Aam
Aadmi Bima Yojana’.
The scheme ‘Shiksha Sahayog Yojana’ is a free addon scholarship benefit that is available for the
children of the members who are covered under
Janashree Bima Yojana.
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Profile of LIC of India
Golden Jubilee Foundation:
LIC, as a part of its Corporate Social Responsibility, formed a
Trust - ‘LIC Golden Jubilee Foundation’ in the year 2006, with the
objective of promoting education, health, relief of poverty or
distress and advancement of other objects of general public
utility.
As on date LIC has put in a Corpus of Rs. 90 Crores towards LIC
Golden Jubilee Foundation and interest is distributed for various
Charitable Purposes. So far it has sanctioned projects worth of
Rs. 22.35 crore.
LIC Golden Jubilee Scholarship Scheme provides scholarship to
economically weaker sections of the society to pursue higher
education at the rate of Rs. 100000/- per year for 10 students per
Division till they complete their graduation/ professional course.
Approximately 2650 students have benefited from the Scheme so
far.
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Valuation Results of LIC
For the year 2010-11
Valuation Surplus after Tax
Govt. Share @ 5%
95% to be distributed to Policy Holders
: ` 22,716 Crores
: ` 1,136 Crores
: ` 21,580 Crores
(Investment by Govt in LIC in 1956 is ` 5.00 crores only)
Total Number of Policies in force
(More than Population of Many Countries)
: 28.59 Crores
Total Premium Income
: ` 2,03,358 Crores
Total Gross Income for the year
: ` 2,99,272 Crores
(The daily collection of Corporation is ` 678 Crores)
(Four Times the income of leading Bank in India)
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Valuation Results of LIC
For the year 2010-11
Total Number of Claims Settled
: 1,83,00,000
Total Amount paid towards claims
: ` 52,160 Crores
Outstanding Death Claims
(95.78% of Non Early Death Claims settled within 15 days)
: 1.47% only
Outstanding Maturity + Survival Benefit Claims
: 0.37% only
(96.21% of Maturity/SB claims settled before due date)
First Year Premium Income
(More than the total amount of claims paid)
: ` 86,444 Crores
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Valuation Results of LIC
For the year 2010-11
Total Life Fund
: ` 11,51,200 Crores
Total Assets of Corporation
: ` 13,17,416 Crores
Investment in Govt/Infra/Social Sector
: ` 7,49,150 Crores
LIC’s Market Share as on 31/03/2011
: 68.70% on FYPI
: 76.91% on Policies
(Remaining 22 private companies Market share: 31.30%)
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Govt. Guarantee for
LIC Policyholders
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
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Advantages of
Association with LIC
• You will be associated with number one life
Insurance of India and one of the leading life
Insurance companies of the world.
• With above financial position and Govt
Guarantee selling policies of LIC will be
much easier.
• Barring three companies all other 19 private
life Insurance companies are in losses as on
31.03.2010.
• The death claim settlement of private
companies is also now where near the
standards of LIC of India.
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Profit & Loss and Death Claim Analysis
of All Life Insurers for the Year 2009-10
Profit/Loss (in Crores)
Death Claims
% of Claim
Amount Paid
% of
Claim
Amount
Rejected
% of
Claim
Amount
Pending
Aegon Religare
41.86
43.80
14.34
Aviva
80.01
14.41
5.58
Company
For the year
2009-10
Total Carried
forward as on
31/03/2010
3.82
-19.97
-344.72
-1507.26
542.29
-18.30
Bajaj Allianz
83.52
7.30
9.18
-478.17
-1218.07
Bharati AXA
68.44
31.56
0.00
-435.50
-2027.50
Birla Sunlife
78.92
20.32
0.51
-246.16
-477.03
Canara HSBC
24.21
10.11
65.68
-93.29
-137.75
DLF Pramerica
68.57
1.43
30.00
-356.86
-646.42
Future Generali
30.78
34.53
34.70
-275.18
-1466.50
HDFC Standard
83.49
7.39
9.13
257.97
-3518.49
ICICI Prudential
87.74
4.42
7.85
-104.95
-240.71
IDBI Federal
31.11
18.55
50.35
-44.79
-52.04
India First
41.18
5.88
52.94
-136.76
-1048.92
ING Vysya
83.93
7.39
9.13
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Profit & Loss and Death Claim Analysis
of All Life Insurers for the Year 2009-10
Profit/Loss (in Crores)
Death Claims
Company
% of Claim
Amount Paid
% of
Claim
Amount
Rejected
% of
Claim
Amount
Pending
For the year
2009-10
Total Carried
forward as on
31/03/2010
69.22
-255.12
Kotak Mahindra
82.26
5.31
12.43
-20.91
-1023.67
Max New York
61.69
14.35
23.96
25.06
-104.62
Met Life
52.85
24.12
22.90
-283.79
-2673.87
Reliance Life
76.94
15.27
7.75
36.21
7.47
Sahara
66.62
3.52
29.86
276.46
254.87
SBI Life
89.44
5.74
4.82
-18.06
7.30
Shriram
31.40
23.54
45.06
-21.40
-41.06
Star Union Dai-ichi
67.03
0.00
32.97
-400.01
-1609.86
Tata AIG
68.82
15.92
15.26
77.67
11.02
11.25
95.05
1.59
2.35
-2049.52
20618.45
-17817.50 Private Total
*
LIC of India
*Out of total surplus generated 95% (`19,588 crores) is distributed among the policyholders and balance
5% (`1030 crores) is Govt of India share. Source: IRDA Annual Report 2009-10, www.irda.gov.in
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Procedure to become
LIC Agent:
• Education Qualification:
Graduate ( HSC pass will be considered for
exceptional Candidates)
• Appear for Aptitude Test.
• Personal Interview after passing Aptitude
Test.
• Mandatory Class room Training for 50 hours.
( About 10 days)
• Passing of IRDA Examination.
• Issue of License by IRDA.
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Procedure to become
LIC Agent:
• Fees:
•
•
•
•
` 500 for Aptitude Test.
` 150 Training Fees.
` 350 IRDA Examination Fee.
` 250 IRDA License Fee for 3 years.
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Support from our side
After getting IRDA license you will be trained
by Shri Kamlesh Gurbuxani, Development
officer, popularly known as GURU in LIC of
India.
He is Associate of Insurance Institute of India
and first Development officer in the country
to complete Certified Financial Planner (CFP)
certification.
Training of agents is his main forte. He has
compiled two books namely “PRERANA” and
“DISHA” exclusively for LIC agents.
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Support from our side
He is on a mission to “Pay Back to
LIC” and decided to develop a
community
of
Competent,
Committed and Ethical LIC Agents
of international repute.
To begin with he will train only 20
selected agents.
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Support from our side
• You will be trained at our own training
facilities at Corporate Centre, Nirmal
Lifestyle, Mulund (w), equipped with
well stocked library of Books, Audio
and Video CDs on life Insurance and
self development.
• You will be trained on Need Based
Selling techniques.
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Support from our side
• Your activities will be monitored
regularly to insure that you achieve your
desired target on time.
• Our training program is designed in
such a way that you will qualify for
MDRT and Chairman Club Membership
within 3 years of your agency. That
means your income will be at least
`1,00,000 per month within 3 years time.
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991
Apply online at: www.licguru.in Contact: Kamlesh Gurbuxani on 98696 24991