Working as a life insurance agent offers a respected and influential career path. This job helps people protect their family members’ lives when unexpected tragedies strike. Life Insurance Corporation (LIC) is one of the most recognized and trusted insurance companies in India. LIC provides a wide range of insurance options and appoint many professionals to manage existing customers and bring in new ones. To become LIC Agent in Mumbai, there are few eligibilities and procedures to follow before you obtain the license. Let us guide you through the process of becoming a LIC Agent in Navi Mumbai explaining the process, as well as estimated earnings, commissions, and benefits you can expect upon becoming LIC agent.
Why become LIC Agent in Mumbai?
With a variety of lucrative insurance plans, LIC India seeks to assist Indian individuals in protecting their life. For this reason, the nation’s national insurance provider must make its services available to as many individuals as possible. And meeting this need is the responsibility of LIC agents.
Many individuals now desire to be LIC agents, including homemakers, young professionals, business owners, elderly people, and students. You can also choose to become LIC agent in Mumbai with your full-time job to make a second source of income. Additionally, your profits as a LIC agent are limitless. This means that your chances of making more money would grow with the level of commitment you put into your work. For those who wish to work independently and are from the city, being a LIC agent in Mumbai is an excellent option.
Step-by-Step Guide to Become LIC Agent in Mumbai
You may apply for a registration with ease if you believe that the work description of an LIC insurance agent interests you and have the required abilities to make the difficult path easier. Follow these steps if you decide to become LIC agent in Mumbai:
- Check the Eligibility: To become LIC agent in Navi Mumbai, your age must be at least 18 years old and must have the Secondary School Certificate (SSC), or its equivalent.
- Apply for Registration: To become LIC agent in Mumbai, you can choose offline method by visiting to any LIC office, talk to the development manager, and express your interest. On the Career in LIC website, you may also apply online. Search for “Apply to become LIC Agent” application form on LIC website. To have the Development Officer contact you, fill out the form with all the necessary information.
- Have a basic interview: To make sure you have the fundamental information and effective communication skills to represent yourself as a LIC agent, the local Development Officer or Branch Manager will conduct a first-level interview. To go to the following phase, keep in mind to act professionally.
- Complete the Required Training Procedure: Completing the IRDAI-mandated training is the next stage. The training extends for twenty-five hours in total. In order to begin and finish training to become LIC agent in Mumbai, candidate must also physically attend the Divisional or Agency Training Centre. Training can also be finished via an online module.
- Register yourself for the exam: The LIC Agent exam is administered by the Insurance Regulatory and Development Authority of India (IRDAI). You must pass the Pre-Recruitment Examination (IC38) in order to become a LIC agent. You must at least score 15 right answers out of 50.
While applying, you have to submit the copies of your age proof, education, residence, and bank account information. Once you have successfully registered, you will receive a password and a Unique Reference Number (URN). The study materials are available for download on the Insurance Institute of India (III) website. You also have the IRDAI/LIC book. Both Hindi and English versions of the content are accessible. You are nearly ready to take the Pre-Recruitment exam if you have completed 100 hours of study time.
- Obtain a License: Both the LIC agent license and the employment letter will be given to you when you pass the test. It also signifies the beginning of your LIC agent profession. To put it another way, you would be appointed as an agent by the Mumbai LIC Branch Office. After that, you would begin working under the Development Officer as a member of the team.
- Continue to Report: After you begin your journey, you must continue to update the Development Officer on your work progress, difficulties, and achievements.
Before beginning your career as a LIC agent, a candidate must finish the registration, training, and test processes, for which they will be required to pay a small fee. It should be noted that the approximate overall cost, including all fees and study material costs, is ₹750.
What Documents are Needed to Become a LIC Agent?
You need to submit photocopies of
- SSC or HSC Certificate
- Leaving Certificate
- PAN Card
- Proof of Address – Driver’s license, voter ID or Aadhar card (Mumbai-based address)
- Cancelled Cheque
- 4 Passport-Sized Photos
Salary, Benefits, and Incentives For LIC Agents
As a licensed LIC agent, you can receive:
1. Up to 25% of the premiums that policyholders pay for life insurance during the first year of the contract. A commission equal to 7.5 percent for the second and third years of the policy and 5% of the yearly commission that the individual whose life you have covered pays to LIC starting in Year 4 of the policy.
3. You are eligible to mediclaim coverage and a gratuity of up to Rs. 5 lakhs as a LIC agent.
4. Special loan benefits include reduced interest rates (5% to 7.5%) on home loans, interest-free loans (0% for two- and four-wheelers), and allowances.
6. The Million Dollar Round Table (MDRT), a global network of top-performing insurance agents, is open to high achievers.
5. Families might get Hereditary Benefits in the event that the LIC agent passes away for whatever reason.
A wide spectrum of people, including housewives and anybody else who joins out of interest, find this career path appealing since it offers the opportunity to determine your own working hours and time, earn a high commission, and potentially make a considerable income based on commission. The decision to pursue this fulfilling career path can be made with understanding of the requirements to become a LIC agent in Mumbai and the advantages this position offers. You may pave the path to financial success by applying to become a LIC Agent with us.