If you looking for a career as LIC Agent and want to know How Much a LIC Agent can Earn or What is the LIC Agent Commission behind each LIC Plan then you are at the right Place.
I will share a detailed analysis of LIC Agent Salary and How to calculate the Commission for LIC Agent. and also share one Calculator below so that you can find out the exact value of the commission for your Policy that your LIC Agent is getting.
Table of Content
Lic Agent Commission Chart Plan Wise:
Here is one small table which denotes which kind of policy gives better commission to the LIC Agent and you can get an idea of how a LIC Agent can start a Passive income by selling LIC policies to the customers.
| Policy Type | LIC Agent Commission for 1st Year |
|---|---|
| New Endowment Plan | 25% |
| Money Back Plan | 20% |
| Term Plan | 25% |
| Health Insurance Plan | 25% |
| Child Plan | 25% |
| Pension Plan | 2% |
LIC Agent Commission Calculator
Now you might have gotten confused after reading these types of LIC Plans categories, but don’t worry here are some policy examples which come under the categories mentioned above.
Passive Income Formula Hidden in LIC Agent Commission:
Now I will show you some tables with Percentage commission for the 1st year, 2nd Year, and till the policy ends. The commission chart will show the hidden secret of Passive income in the LIC Agent Commission Chart.
Commission For Endowment Plan:
An endowment policy is a kind of LIC Policy in which you get Life cover along with a lump sum Guarantee on Maturity. Here are Some Endowment Policy Names: LIC Jeevan Utkarsh, LIC Jeevan Pragati, LIC Jeevan Labh, LIC Single Premium Endowment Plan, LIC New Endowment Plan, LIC New Jeevan Anand, LIC Jeevan Rakshak
| Term Period for Premium | 1st Year Commission | 2nd & 3rd Year Commission | 4th Year Onward Commission |
|---|---|---|---|
| 2 to 4 year | 5% | 2.25% | 2.25% |
| 5 to 9 year | 10% | 5% | 5% |
| 10 to 14 year | 20% | 7.50% | 5% |
| Above 15 years | 25% | 7.50% | 5% |
Commission For Children Plan:
A Children LIC Policy Plan is designed to cover our child’s Future Education and marriage expenses after maturity you can withdraw the Lum Sum and use it.
| Term Period for Premium | 1st Year Commission | 2nd Year Onward Commission |
|---|---|---|
| 2 to 4 year | 5% | 2.00% |
| 5 to 9 year | 8% | 5% |
| More than 9 year | 10% | 5.00% |
Commission For Money Back Plan:
The Money Back LIC Policy Plan gives a fixed return in intervals after the maturity rather than Lum Sum, it is a kind of Pension for the insured person.
| Term Period for Premium | 1st Year Commission | 2nd & 3rd Year Commission | 4th Year Onward Commission |
|---|---|---|---|
| As per plan | 15% | 10% | 6% |
| 12 year | 15% | 8% | 6% |
Also Read: Best and Funny LIC Shayari Hindi
Based on the table above you can use the following calculator to calculate the exact amount a LIC Agent can earn by selling the LIC Policy. A huge commission is given on the first premium payment but if the customer continues the policy, the agent can earn passive commission too.
Tips for Policy Buyers:
Please Note: LIC stands for Life Insurance and does not look at it as an Investment Plan, Life Insurance is purchased so that if in case you get caught in an accident and have a permanent disability or death then your family should not suffer.
That’s why nowadays you might have seen the Loan amount come along with insurance so that if in case the Loan payer gets caught in any serious disability or death then Banks can get back the loan from the insurance company.
If you want to earn a Passive Long term Commission Income, Please do suggest Policy which is benificial to the Customer rather than a policy which can give you a big commission in the first year.
Few words for LIC Agents
That’s a huge income!! Is it for real? Do I have to work 24 hours for this Job? How can I join? I am Indian but living outside India.
Yes, you can just need to apply and get your LIC Agent License