Career as an LIC Agent: What to Expect
LIC jobs in Bangalore is the most sort after career for young and experienced professionals. After successfully completing the LIC agent recruitment process, you can now start your career as an LIC agent! Being associated with LIC, the oldest and most well renowned insurance company in India has its own perks. Now that you’ve chosen this LIC career path, you’ll soon realize it is unique yet it will never disappoint you. Your rewards to join LIC as agebt will depend on how much hard work and dedication you decide to put into this job. Whether you’ve decided to join LIC as agent full time or if this is your second income as an LIC agent you are one step closer to becoming financially independent.
Your LIC career will enable you to grow both personally and professionally. Furthermore, working with Ajay Gupta, who has over 18 years of experience will be an enriching and exciting opportunity to say the least. His comprehensive understanding of insurance and financial planning field will make sure that you reach your maximum potential with ease.
The advantage of having a LIC job as compared to other jobs is that it is far from the mundane! You will never get stuck in any kind of a routine, because of the nature of your work. You will be constantly meeting new people, forming connections and travelling. The LIC career is one where you are the business; therefore you are in total control of how you operate it. It has zero risk but very high rewards. Moreover, as months turn to years, and you’ve established your loyal customer base, most of your business will come from repeat business and/or referrals.
The success of your LIC agency career is highly dependent on the interpersonal bonds you form along the way. Selling an LIC policy to an existing client saves time and energy and therefore is more effective than working with new prospective clients. Career as an LIC Agent is full of opportunities, are you ready for the challenge?
Why you should become an LIC Agent
- LIC Agent is noble profession to provide Life Security to the people of India.
- LIC Agent contribute to the Economic Development of the Country.
- Average income of TOP 20% of LIC Agent is above 12 Lac per annum.
- Prospecting
- Need Analysis
- Plan Presentation
- Closing of Slae
- After Sales Service
- You should be outgoing person.
- Ambition to start own Business.
- Good Communication Skills.
- Should have lot of Perseverance.
- You should have Dedication and Devotion.
- LIC agency is highest paid profession in the world.
- Business with less Capital Investment.
- Royalty Income.
- Freedom to set your own working hours.
- Opportunity to earn as per your potential.
- Out of total insurable population only 40% are covered till today.
- These 40% also are also not adequately covered.
- Only 20% of total agency force is working as Professionals, and these 20% brings 80% of total life Insurance business.
- Low Insurance Penetration.
- Low Insurance Density.
- Low Volume of Life Insurance Premium.
- High per capita Savings.
- Increase in working population.
- Growth in personal Income.
- High Consumer Awareness.
- Strong LIC brand.
- Least Insured life Insurance Population.
- Paucity of Professional Agents.
- Low Insurance Penetration and Density.
- Low percentage share of world market.
- High rate of personal savings.
- Young working population.
- Rising Insurance awareness and
- Strong Brand image of LIC of India.
- Indian household saving in financial sector is 32% of gross domestic savings for the year 2007-08.
- The share of life Insurance premium was 17.9% of gross house hold savings.
- Indian house holds saves more than those in other emerging markets like China and Brazil.
- The corresponding house hold savings in Brazil are 5%, China-15%, UK-2%, USA-1% of gross domestic savings.
| Rank | Country | Market Share |
| 1. | United State of America | 20.46% |
| 2. | Japan | 19.97% |
| 3. | United Kingdom | 8.00% |
| 4. | France | 6.65% |
| 5. | China | 5.12% |
| 6. | Italy | 4.00% |
| 7. | Germany | 4.33% |
| 8. | South Korea | 3.01% |
| 9. | Taiwan | 2.44% |
| 9. | India | 2.30% |
- India has about 40% of young population at present i.e. age group 20 to 49 years. This is expected to grow to 45% by the year 2020. The income level of this group is rising and with increasing life expectancy and concept of nuclear family the need for life insurance will also increase.
- Research by Morgan Stanley shows that India’s working-age population will increase by 136 million by 2020. (China’s working-age population, by comparison, will grow by 23 million.)
- There are 28.4 million families with incomes between Rs. 2 lakh and Rs. 10 lakh per annum. (This is as per the World Bank definition of middle class.)
- The number of such households was 4.5 million in 1995-96 and 10.7 million in 2001-02.
- These households are expected to grow 4 times in next 10 years.
- 83% save for emergencies
- 81% for Children’s education,
- 69% for old age,
- 63% to meet future expenses towards marriages, birth and social ceremonies.
- The projected per capita GDP of India is expected to increase from 18,280 in FY 2001 to 1,00,680 in FY 2026, which is indicative of rising disposable incomes.
- A recent study by McKinsey also predicts that India’s economy will grow fivefold in the next 20 years.
You will be associated with one of the leading Life Insurance Company of the world. The brand image of LIC of India is huge, people in India identifies life Insurance as LIC only. Thus selling life Insurance policies for LIC of India is much easier.
5 Habits of Successful Insurance Agents
The most successful insurance agents budget their time just like one would budget their money. They know where they will be every hour of every day. One of my most successful agents once told me, “if I am doing an activity, I ask myself ‘is this making me money?’ if the answer is no, “I stop and do something that will make me money’” There are 24 hours in a day, you decide how they behave.
The most successful insurance agents are always willing to change. Competition, regulations and laws are out of our control. We must remain flexible and be willing to learn and change to new things. The fatal phrase of failure is “we have always done it this way”. Some people don’t remember pay phones and Block Buster Video who failed to change. Be flexible with your skills and your systems.
The most successful insurance agents are systematic with their work. Just like setting goals and managing time, the successful agent works their craft like a factory conveyor belt. Without a consistent system followed daily, there is no consistent sales closed daily. Calls, referrals, follow ups and prospecting are done with an absolute discipline every day without fail.
The successful insurance agent experiences the same highs and lows of their lesser counterparts. However, they push harder in the good times and not allow complacency to slow them down. During the tough times, they work even harder to persevere and not allow a tough market to keep them from achieving their goals. Failure is not an option for the successful agent.
