If you are looking for a part time or full time business and your contacts are good enough then you can work with the government company LIC. This company gives its agents very attractive inset. Eligibility for this is only intermediate. The specialty of business with LIC is that the more you work, the more commission you get, the earnings in this business are unlimited. The commission on LIC’s policy is decided according to the policy. If you give 5 hours a day, you can earn up to Rs 75000 in a month. How is it possible to know all this?
Up to 25% commission
LIC gives its agents as commission of 25% of the policy installment. This applies only to the first installment of the policy (first year’s premium), after which the commission decreases. The number of times the policyholder will make the deposit, the agent will receive the commission as many times. The agency has to do the policy only once in a while. At the time of every installment, his commission is fixed.
There are 2 types of plans
According to LIC’s website, under the endowment and moneyback policy, the customers get commission in different ways. The rates of commission are different in both the policies. Up to 35% of the total part of the installment on the endowment policy and up to 25 percent of the total part of the installment in the moneyback. After this the commission starts decreasing.
According to the policy commission
LIC decides the agent’s commission according to its policy. On the endowment policy, the asset gets 25 percent of the first commission installment. Apart from this, 40 percent of the commission gets an additional agent. Suppose a client created by an agent has deposited Rs. 10 thousand in the first installment of the policy, then the agent will get 2500 rupees as commission. Apart from this, 40% of the commission is Rs. 1000. In this way, the agent will get a commission of around 3500 rupees on the first installment. The longer the policy, the more the agent will earn.
7.5% of the subsequent commission
After the first commission in the endowment policy, 7.5 percent commission is paid for the next two installments. In the next year, if the customer deposits 10 thousand rupees, then the agent gets an installment of 750 rupees. The agent gets 5 percent commission from the fourth installment. According to the company, besides the commission, the agent gets many benefits.
How much does the commission get in the money back policy
In the moneyback policy, the agent gets the first commission up to 25 percent, in which the first installment is commissioned to 15 percent. At the same time 40 percent of the commission gets commission. After that the commission for the second and third years is up to 10 percent. After this, the commission agent gets 6 percent of the commission every year.
Agents earn millions in 20 years
According to the LIC website, if the customer takes a 20-year policy and deposits a premium of Rs 10,000 per year, then in the endowment policy 20 years later the asset gets 1.35 lakh and a moneyback policy of Rs 1.43 lakh. This is just a customer’s earnings. The more the agent makes the policy, its earnings also increases accordingly.