Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai. It is India’s largest insurance company as well as the largest institutional investor with total assets under management worth ₹52.52 trillion (US$630 billion) as of March 2024.

State owned public sector life insurance corporation.Largest financial institution &life insurance organization in India.
Central office in Mumbai ,with 8 Zonal offices,109 divisional offices,2048 fully computerised branches and to serve rural people LIC now opened 992 satelite offices in rural areas .
Hisrory:245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956.
On 1st of September 1956, The Life Insurance Corporation of India ( LIC ) embarked upon 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 it customer base, agency network, branch office network, and the like. LIC has played a significant role in spreading life insurance among the masses and mobilization of people’s money for people’s welfare. Even after the entry of private insurers for almost a decade now, LIC continues to be the front runner in the industry in terms of market share.
Mission: “A trans-nationally competitive financial conglomerate of significance to societies and Pride of India.”
Products:We have in our basket more than 40 different plans catering to the differing needs of different segments of the society – basic insurance plans (whole life, endowment and money back), Term Assurance Plans, Pension Plans, Capital Market linked Plans, Health Plan etc.

Part Time Job for Private Employees

Are you Looking for a genuine and good Secondary Income? Then do apply for this job.

Earn up to 35% as an incentive bonus for all your work, without any targets or work pressure,

Job Description

An Agent basically needs to sell the Insurance products of LIC to potential customers and get a commission out of it. It’s not necessarily a field job but can also be done online sitting in the comfort of your home.

It’s a commission-based job with no commitments so it’s up to the agent to take it as a full-time or part-time career.

Products of LIC

Endowment Plans that cover life risks and provide savings/huge amounts of money.

Pension Plans which will cover life risks and provides periodical payouts

Investment Plans such as ULIPs will give you Mutual Funds along with Life Cover

Terms Plan which covers your life risk at a minimal premium

Health Plans which will cover your hospital expenses along with the life risk

What an Agent needs to do

Prospect a customer and sell them the product they need.

Follow up on the customer so that the agent will get a good renewable commission

Commission Cycle

Twice every month, 1st and 16th

Remuneration

For Policies with Terms of more than 15 years: 25%+10%(bonus) commission for all the first year premiums, then in the second and 3rd years yeah the agent will get 7.5% each, followed by the agent will get 5% every year throughout the policy term.

Term 10-14 years: 20%+8%(bonus) for 1st-year premium, then in the second and 3rd year yeah the agent will get 7.5% each, followed by that the agent will get 5% every year throughout the policy term.

Term 5-9 years: 10%+4%(bonus) for 1st-year premium and then the agent will get 5% every year throughout the policy term.

For other terms, the Commission is based on the products

Why Would a customer wants to buy a LIC Policy

To Cut the Taxes since all the premiums paid to a LIC Life insurance policy is exempted from tax up to 150,000 according to Section 80C of the IT Act, and all premiums paid to LIC’s Health Insurance policies are exempted from tax up to 50,000 according to Section 80D of IT Act.

And The Maturity or Death benefits of LIC are Exempted from tax according to Section 10(10D) of the IT Act

Good Investment + Insurance opportunity as the customer not only gets Life cover but also various Bonuses on maturity from LIC’s Annual Profits which is huge compared to any other financial organization in India.

Life Insurance Advisor

About the job