If you are an LIC Agent then you must know about the LIC Club Membership Benefits and Eligibility Criteria.
Various types of LIC Agents achieve different goals in their F.Y. and earn different commissions. Based on this 1971 LIC formed a community called LIC Club Membership.
To manage collab and reward the LIC Agents who perform well and to educate new Agents to achieve their F.Y. goals.
Basic Benefits of LIC Club Membership:
- Car or motorcycle Loan (Interest-free)
- Housing Loan (@5.5% up to 18.5 lac)
- Office allowance up to Rs. 350000
- Computer Loan Advance (Interest-free)
- Furniture Loan Advance (Interest-free)
Targets & Eligibility Criteria for LIC Club Membership:
Now you understand what LIC Club Membership let’s discuss what are the benefits of joining this club and what is the eligibility criteria for it. Before I start let me explain a few terms which are going to be used while explaining the Eligibility Criteria for LIC Club Membership.
- The term “Lives” will be used here which means one living person’s Policy (1 policy of 1 person during current F.Y.)
- Policy Laps Percentage should be less than 15% which means (75 Policy must be continued out of 100 or 17 out of 20 Policy in an F.Y.)
- Lesser the Lapsation Ration More the Benefits you get in your Membership.
- ZTC or STC Training is mandatory after every 4 Years.
These are common Criteria for all Club Membership so fulfill above criteria and then check for specific criteria below.
Your Club Membership for April 2023 to March 2024 if you fulfill the creteria for any Level of Club Membership your Membership will be valid for that year from 1st Sept 2024 to 31 August 2025.
Membership Valid year
Benefits given to Every Club Membership:
There are total 7 different Levels of LIC Club Memeberships for which you can apply and now I will share what are the eligibility criteria for each membership level with what benefits you will get so keep reading below.
1. Distinguished Club Membership:
Eligibility Criteria for applying for Distinguished Club Membership: This is the First step for getting started in your LIC Club Membership journey.
| SR | Parameters | Minimum Value |
|---|---|---|
| 1 | No. of Lives | 40 in a Year |
| 2 | First Year Commission | ₹50,000 |
Benefits for the Agent who joined this Distinguished Club Membership:
| SR | Parameters/Expenses | Benefits Provided |
|---|---|---|
| 1 | Stationery Expenses | ₹500 |
| 2 | Letter Heads, Envelopes, Visiting Cards | ₹100 |
| 3 | Sales Promotion Gifts (SPG) | ₹400 |
| 4 | (Interest-Free) Festival Advance | ₹12,000 |
| 5 | Complimentary LIC Calender, Diary | Free |
2. BM (Branch Manager) Club Membership:
Eligibility Criteria for Applying for Branch Manager’s Club Membership: If you are a new Agent/Agency or an Old Agent both can be eligible here just check the following criteria will be checked for 3 years and you will be valid for 4th Year for BM’s Club Membership
| SR | Parameters (for New Agent) | Minimum Value |
|---|---|---|
| 1 | No. of Lives | 50 per Years for 3 years |
| 2 | First Year Commission | ₹90,000 |
| SR | Parameters (For Old Agent) | Minimum Value |
|---|---|---|
| 1 | No. of Lives | 15 per year till next 3 Years |
| 2 | Policies In Force | 150 |
| 3 | First Year Commission | ₹37,000 |
| 4 | Renewal Commision | ₹53,000 |
Benefits for the Agent who joined this Branch Manager’s Club Membership:
| SR | Parameters/Expenses | Benefits Provided |
|---|---|---|
| 1 | Stationery Expenses | ₹500 |
| 2 | Letter Heads, Envelopes, Visiting Cards | ₹700 |
| 3 | Sales Promotion Gifts (SPG) | ₹500 |
| 4 | (Interest-Free) Festival Advance | ₹15,000 |
| 5 | Complimentary LIC Calender, Diary | Free |
| 6 | Telephone Bill | ₹1800 |
| 7 | Bike Advance/Loan | Interest Free |
| 8 | Group Term Insurance Free | Worth ₹55,000 |
| 9 | Group Mediclaim | upto ₹2,00,000 |
3. DM (Divisional Manager) Club Membership:
Eligibility Criteria for Applying for Divisional Manager’s Club Membership: If you are a new Agent/Agency or an Old Agent both can be eligible here just check the following criteria will be checked for 3 years and you will be valid for 4th Year for DM’s Club Membership
| SR | Parameters (for New Agent) | Minimum Value |
|---|---|---|
| 1 | No. of Lives | 80 per Year for 3 years |
| 2 | First Year Commission | ₹1,58,000 |
| SR | Parameters (For Old Agent) | Minimum Value |
|---|---|---|
| 1 | No. of Lives | 20 per year till the next 3 Years |
| 2 | Policies In Force | 250 |
| 3 | First Year Commission | ₹63,000 |
| 4 | Renewal Commission | ₹95,000 |
Benefits for the Agent who joined this Divisional Manager’s Club Membership:
| SR | Parameters/Expenses | Benefits Provided |
|---|---|---|
| 1 | Stationery Expenses | ₹500 |
| 2 | Letter Heads, Envelopes, Visiting Cards | ₹1150 |
| 3 | Sales Promotion Gifts (SPG) | ₹1000 |
| 4 | (Interest-Free) Festival Advance | ₹20,000 |
| 5 | Complimentary LIC Calender, Diary | Free |
| 6 | Telephone Bill | ₹2400 |
| 7 | Bike Advance/Loan | Interest-Free |
| 8 | Group Term Insurance Free | Worth ₹1,10,000 |
| 9 | Group Mediclaim | upto ₹2,50,000 |
| 10 | Office Allowance | ₹12,000 |
| 11 | Housing Loans up to ₹20 Lacks | @ 5% Interest |
4. ZM (Zonal Manager) Club Membership:
Eligibility Criteria for Applying for Zonal Manager’s Club Membership: If you are a new Agent/Agency or an Old Agent both can be eligible here just check the following criteria will be checked for 3 years and you will be valid for 4th Year for ZM’s Club Membership
| SR | Parameters (for New Agent) | Minimum Value |
|---|---|---|
| 1 | No. of Lives | 100 per Year for 3 years |
| 2 | First Year Commission | ₹2,94,000 |
| SR | Parameters (For Old Agent) | Minimum Value |
|---|---|---|
| 1 | No. of Lives | 30 per year till the next 3 Years |
| 2 | Policies In Force | 400 |
| 3 | First Year Commission | ₹1,47,000 |
| 4 | Renewal Commission | ₹1,47,000 |
Benefits for the Agent who joined this Zonal Manager’s Club Membership:
| SR | Parameters/Expenses | Benefits Provided |
|---|---|---|
| 1 | Stationery Expenses | ₹500 |
| 2 | Letter Heads, Envelopes, Visiting Cards | ₹1700 |
| 3 | Sales Promotion Gifts (SPG) | ₹2000 |
| 4 | (Interest-Free) Festival Advance | ₹20,000 |
| 5 | Complimentary LIC Calender, Diary | Free |
| 6 | Telephone Bill | ₹4000 |
| 7 | (Interest-Free) Bike Advance/Loan | Full Price |
| 8 | Group Term Insurance Free | Worth ₹2,00,000 |
| 9 | Group Mediclaim | upto ₹3,50,000 |
| 10 | Office Allowance | ₹22,000 |
| 11 | Housing Loans up to ₹25 Lacks | @ 5% Interest |
| 12 | Club Convention Expenses | ₹3500 |
| 13 | (Interest-Free) Car Advance/Loan | Up to ₹5,00,000 |
5. CM (Chairman Manager) Club Membership:
Eligibility Criteria for Applying for Zonal Chairman’s Club Membership: If you are a new Agent/Agency or an Old Agent both can be eligible here just check the following criteria will be checked for 3 years and you will be valid for 4th Year for CM’s Club Membership
| SR | Parameters (for New Agent) | Minimum Value |
|---|---|---|
| 1 | No. of Lives | 130 per Year for 3 years |
| 2 | First Year Commission | ₹4,20,000 |
| SR | Parameters (For Old Agent) | Minimum Value |
|---|---|---|
| 1 | No. of Lives | 40 per year till the next 3 Years |
| 2 | Policies In Force | 600 |
| 3 | First Year Commission | ₹2,10,000 |
| 4 | Renewal Commission | ₹2,10,000 |
Benefits for the Agent who joined this Chairman Manager’s Club Membership:
| SR | Parameters/Expenses | Benefits Provided |
|---|---|---|
| 1 | Stationery Expenses | ₹500 |
| 2 | Letter Heads, Envelopes, Visiting Cards | ₹2250 |
| 3 | Sales Promotion Gifts (SPG) | ₹3000 |
| 4 | (Interest-Free) Festival Advance | ₹20,000 |
| 5 | Complimentary LIC Calender, Diary | Free |
| 6 | Telephone Bill | ₹6000 |
| 7 | (Interest-Free) Bike Advance/Loan | Full Price |
| 8 | Group Term Insurance Free | Worth ₹4,00,000 |
| 9 | Group Mediclaim | upto ₹5,00,000 |
| 10 | Office Allowance | ₹35,000 |
| 11 | Housing Loans up to ₹40 Lacks | @ 5% Interest |
| 12 | Club Convention Expenses | ₹8000 |
| 13 | (Interest-Free) Car Advance/Loan | Up to ₹6,00,000 |
| 14 | (Interest-Free) Computer Advance | ₹1,00,000 |
Additional Power of the Level like Account Verification and policy document attesting power
LIC Club Membership Everything Explain in Hindi:
Watch this Video explain in Hindi, few terms may not match the real world please ignore them and research on your own but the following video will give a basic idea about How LIC Club Membership works, what are the eligibility criteria and What benefits you can get on every stage in the membership.
I want to join this Club Membershiop need Help
Pleaes contact your Senior officer