Life Insurance agency is a unique career, it is monetarily rewarding as well as soul satisfying too.The commodity that a life insurance agent sells is unique – you sell and service financial security and hence the pattern of remuneration is also unique. Life insurance agency is the “best paid hard work”. The harder you work the more commission you earn.
Moreover the sales of Life insurance gives repeated commission for one sale and what is more you not only earn for today but put in place a system of earning which will continue even after the agent resigns or dies, provided he has enough business in force as per LIC rules.
Most people come in contact with the life Insurance company through its Agent. The agent is not only the face of LIC but also the first underwriter. An agent helps an individual, families and businesses select insurance policies that provide best solution to the their needs. Agents prepare reports, maintain records, seek out new clients and in the event of a loss, help policyholders settle their insurance claims.
Life insurance Agent provides advise on Life Insurance Planning to protect their family in case of untimely demise of the bread winner or disability or help in providing for annuity or lump sum for retirement.
An Lic agent also contributes towards the economic development of the Nation. The funds so collected towards Life insurance Premium are used for Nation Building activities such as roads, railways, ports, bridges, water supply, housing etc. Top Lic Agents earnings earn higher of 3 to 4 crores per annum. The average gross income of top 20% agents is above 12 Lakhs per annum.