The Oriental Life Insurance Company, the first corporate entity in India offering life insurance coverage, was established in [[Calcutta]] in 1818 by Bipin Bernard Dasgupta and others. Europeans in India were its primary target market, and it charged Indians heftier premiums. The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider. Other insurance companies established in the pre-independence era included
*Bharat Insurance Company (1896) *United India (1906) *National Indian (1906) *National Insurance (1906) *Co-operative Assurance (1906) *Hindustan Co-operatives (1907) *Indian Mercantile *General Assurance *Swadeshi Life (later Bombay Life)
The first 150 years were marked mostly by turbulent economic conditions. It witnessed, [[Indian rebellion of 1857|India's First War of Independence]], adverse effects of the [[World War I]] and [[World War II]] on the [[economy of India]], and in between them the period of world wide economic crises triggered by the [[Great [[Great depression]]. The first half of the 20th century also saw a heightened struggle for [[India's independence movement|India's independence]]. independence]]. The aggregate effect of these events led to a high rate of [[Bankruptcy|bankruptcies]] and [[liquidation]] of life insurance companies in India. This had adversely affected the faith of the general public in the utility of obtaining life cover.
The Life Insurance Act and the Provident Fund Act were passed in 1912, providing the first regulatory mechanisms in the Life Insurance industry. The Indian Insurance Companies Act of 1928 authorized the government to obtain statistical information from companies operating in both life and non-life insurance areas. The subsequent Insurance Act of 1938 brought stricter state control over an industry that had seen several financially unsound ventures fail. A bill was also introduced in the Legislative Assembly in 1944 to nationalizThe Life Hindi:: भारतीय जीवन बीमा जीवन बीमा नगम नगम ) is the largest state-owned life Insurance Corporation of India (LIC) (Hindi insurance company in India India,, and also the country's largest investor. It is fully owned by the Government of India. India. It also funds close to 24.6% of the Indian Government's expenses. It has
[1]
assets estimated of 9.31 trillion (US$206.68 billion).
It was founded in 1956 with the merger of
more than 200 insurance companies and provident societies.
[2]
Headquartered in Mumbai, financial and commercial capital of India,
[3]
the Life Insurance Corporation
of India currently has 8 zonal Offices and 101 divisional offices located in different parts of India, at least 2048 branches located in different cities and towns of India along with satellite Offices attached to about some 50 Branches, and has a network of around 1.2 million agents for soliciting life insurance business from the public. e the insurance indu
Life Insurance Corporation of India
Type
Government-owned corporation
Industry
Insurance
Founded
1 September 1956
Headquarters
Mumbai, India
Key people
T. S. Vijayan (Chairman) D. K. Mehrotra, Thomas Mathew and A. Dasgupta (MD)
Products
Life insurance Pensions Mutual funds
Total assets
9.31 trillion (US$206.68 billion)
Owner(s)
Government of India
Employees
115,966 (2010)
Subsidiaries
LIC Housing Finance Limited LIC(Nepal)Ltd LIC(Lanka)Ltd LIC(International)BSC(C)
Website
www.licindia.in
stry.
Here�s
a
simple
step -by-step
guide
on
how
to
become
an
LIC
agent
Eligibility: 12th Age
standard 18
pass above
and
Process: Contact
your
nearest
Branch
Office
and
meet
the
Development
Officer
there.
The Branch Manager (I/C) will conduct an interview, and if found suitable, you will be sent to training at Divisional/Agency Training Centre. The training is for 100 hours and covers all aspects of Life Insurance Business. After successful completion of training you will have sit for Pre-Licencing examination conducted by the Insurance Regulatory and Development Authority (IRDA). After successful completion of the examination you will awarded a Licence by the I RDA to work as an insurance agent. You will be appointed as an agent by the Branch Office and you will be a part of the team under your Development Officer. The Development Officer will impart you field training and other valuable inputs which will help you in the market place.
Can
I
Become
An
Agent?
You certainly can if
You are outgoing and like meeting people You are ambitious to own a business You only want your clients to be your bosses And you want to decide your working hours
Unlimited earning potential; A clear career path; all round support through exclusive
advertising, your own in-house consultant, and world-class training:
A comprehensive benefit package Training Careers Rewards & Recognition
They are a key source of business for the organization, and are the continuing link with our clients. That is why; we take a lot of care in recruiting and developing our agency force, so that we continue to set higher standards of quality in service and salesmanship. To cater to the needs of the knowledge-oriented marketplace, we look for graduates who are service-oriented, good communicators and enjoy meeting new people. Prior sales experience is an added benefit.
Some Of The Qualities We seek Are:
Know
more
Self-motivation A master communicator A go-getter A graduate
about
the
benefits
of
becoming
an
LIC
agent
1. Rewarding Career You will help people realise their dreams by fulfilling their financial goals. The difference you make to their lives is more rewarding and satisfying than you could ever imagine. 2. A Successful Team By joining us, you will be a part of the country's finest team of life insurance Agents. Last year, we contributed 1317 members to the Million Dollar Round Table: a global forum that salutes the world's most successful Insurance Agents. 3. Attractive Remuneration We offer one of the best remuneration systems in the industry that not only takes care of your current earnings, but also guarantees an earning for the future. What's more, you can set your own income targets with a potential to earn as much as you want for the rest of your life. 4. Independence As an Agent, you will be a true entrepreneur. You have the freedom to be your own boss: work for yourself, choose your own clients and make your own money. All of this, without your having to make any initial capital investment. 5. World-Class Training We provide you with the best-in-class training systems, since that is what differentiates LIC Agent from the rest. Even if you don't have previous experience in selling, our multi-dimensional training programme conducted by our qualified in-house training personnel, will make you a specialist in life insurance sales. 6. Commitment To Career Agency System Our commitment to the Career Agency System means that, we support you and your efforts not just today, but at every stage of your business. We believe in encouraging our Agents to strive towards the highest levels of success, throughout their careers. In fact, depending on your performance, we also offer a management career option with the company. 7. Infrastructure Support We have invested in creating a state-of-the-art infrastructure at each of our Branch Offices. You will have access to the necessary tools, technology and people support that will enable you to build a profitable long-term business. 8. Full Range Of Products And Services You can offer your customers over 50 product combinations of our unique Products and Riders, to help them meet all their financial goals. In order to give you a greater competitive edge, we are also continuously working on newer and more innovative products.
9. Sales And Marketing Support We support our Agents with innovative sales and marketing tools. The Sales, Promotions and Marketing collaterals that we provide will help you take your business to new heights. 10. Financial LIC offers you and your customer unmatched financial strength and solidity.
Strength
What does an LIC agent do? Most people have their first contact with an insurance company through an insurance sales agent. These workers help individuals, families, and businesses select insurance policies that provide the best protection for their lives, health, and property. Insurance sales agents who work exclusively for one insurance company are referred to as captive agents. Independent insurance agents, or brokers, represent several companies and place insurance policies for their clients with the company that offers the best rate and coverage. In either case, agents prepare reports, maintain records, seek out new clients, and, in the event of a loss, help policyholders settle their insurance claims. Increasingly, some are also offering their clients financial analysis or advice on ways the clients can minimize risk. Insurance sales agents, commonly referred to as “producers” in the insurance industry, sell one or more types of insurance, such as property and casualty, life, health, disability, and long-term care. Property and casualty insurance agents sell policies that protect individuals and businesses from financial loss resulting from automobile accidents, fire, theft, storms, and other events that can damage property. For businesses, property and casualty insurance can also cov er injured workers’ compensation, product liability claims, or medical malpractice claims. Life insurance agents specialize in selling policies that pay beneficiaries when a policyholder dies. Depending on the policyholder’s circumstances, a cash -value policy can be designed to provide retirement income, funds for the education of children, or other benefits. Life insurance agents also sell annuities that promise a retirement income. Health insurance agents sell health insurance policies that cover the costs of medical care and loss of income due to illness or injury. They also may sell dental insurance and shortand long-term-disability insurance policies. The growth of the Internet in the insurance industry is gradually altering the relationship between agent and client. In the past, agents devoted much of their time to marketing and selling products to new clients, a practice that is now changing. Increasingly, clients are obtaining insurance quotes from a company’s Web site and then contacting the comp any directly to purchase policies. This interaction gives the client a more active role in selecting a policy at the best price, while reducing the amount of time agents spend actively seeking new clients. Because insurance sales agents also obtain many new accounts through referrals, it is important that they maintain regular contact with their clients to ensure that the clients’ financial needs are being met. Developing a satisfied clientele that will recommend an agent’s services to other potential customers is a key to success in this field.
Training Our agents go through both generic and specific, professional programs that help them remain wellinformed and knowledgeable about the company’s products in the market. There is a further focus on soft skills such as communication, managing long-term relationships and selling skills, which are very relevant in a service-driven industry like life insurance. State of the art infrastructure training facilities coupled with an excellent faculty, guarantee an exceptional learning environment. For agents who might be occupied with their daily business/professional routines. A 17-18 day training schedule covers the mandatory IRDA training requirements and LIC product-training module. Revision session ensure that the candidates thoroughly understand the course contents and are well prepared for the licensing examination. Theoretical training is interspersed with practical appointment settings with potential customers, giving agents a feel of how their business will work from the very first day. All through, the Development Officer and the management provide continuous support to the advisors in achieving independence towards garnering business.
Career Career development is emphasized upon from the very day the agent joins the system. Though individual meetings with his or her Development Officer, the agent can discuss various issues related to business development and career enhancement. Expectations from the organization in terms of chalking a career in the insurance industry are also discussed.
Absorption into the management is another career enhancement option provided at LIC. This program helps agents build a full time career as a Development Officer in the organization, offering great potential for managing a team of agents and personal development.
Rewards
And
Recognition
LIC agents are constantly recognized and rewarded for their performance. Numerous competitions all year round promote healthy competition amongst agents and recognition for their efforts. Depending on the level of business the agent achieves in a year, he or she can become a member of various clubs such as the Corporate Club, the Chairman’s club, etc. Each of these clubs have specific performance criteria for qualification and members of these clubs are entitled to attend seminars held at exotic international and domestic locations each year. Advisors can also qualify for the renowned MDRT (Million Dollar Round Table), an exclusive international insurance advisors club.
Insurance
Sales
Agents
-
Significant
Points
Despite slower-than-average growth, job opportunities should be good for college graduates and persons with proven sales ability or success in other occupations. Successful agents often have high earnings, but many who assume agent jobs fail to earn enough from commissions to meet their income goals and eventually transfer to other careers. In addition to offering insurance policies, agents are beginning to sell more financial products, such as mutual funds, retirement funds, NSC’s , etc.
Become
an
LIC
agent
today,
read
below
Working
to
know
why
Conditions
Most insurance sales agents are based in small offices, from which they contact clients and provide information on the policies they sell. However, much of their time may be spent outside their offices, travelling locally to meet with clients, close sales, or investigate claims. Agents usually determine their own hours of work and often schedule evening and weekend appointments for the convenience of clients. Although most agents work a 40-hour week, some work 60 hours a week or longer. Commercial sales agents, in particular, may meet with clients during business hours and then spend evenings doing paperwork and preparing presentations to prospective clients.
Employment Insurance sales agents held about 11,00,000 jobs in 2005. Although most insurance agents specialize in life or general insurance, a growing number of “multi -line” agents sell all lines of insurance.
Training,
Other
Qualifications,
And
Advancement
For insurance sales agent jobs, most companies and independent agencies prefer to hire college graduates—especially those who have majored in business or economics. High school graduates are occasionally hired if they have proven sales ability or have been successful in other types of work. In fact, many entrants to insurance sales agent jobs transfer from other occupations. In selling commercial insurance, technical experience in a particular field can help sell policies to those in the same profession. As a result, new agents tend to be older than entrants in many other occupations. College training may help agents grasp the technical aspects of insurance policies and the fundamentals and procedures of selling insurance. Many colleges and universities offer courses in insurance, and a few schools offer a bachelor’s degree in the field. College courses in finance, mathematics, accounting, economics, business law, marketing, and business administration enable insurance sales agents to understand how social and economic conditions relate to the insurance industry. Courses in psychology, sociology, and public speaking can prove useful in improving sales techniques. In addition, because computers provide instantaneous information on a wide variety of financial produ cts and greatly improve agents’ efficiency, familiarity with computers and popular software packages has become very important. Insurance sales agents must obtain a license in from IRDA. Separate licenses are required for agents to sell life and general insurance. Licenses are issued only to applicants who complete specified pre-licensing courses and who pass IRDA examinations covering insurance fundamentals and insurance laws. A number of organizations offer professional designation programs that certif y one’s expertise in specialties such as life, health, and general insurance, as well as financial consulting. Although voluntary, such programs assure clients and employers that an agent has a thorough understanding of the relevant
specialty. Agents are usually required to complete a specified number of hours of continuing education to retain their designation. Employers also are placing greater emphasis on continuing professional education as the diversity of financial products sold by insurance agents increases. It is important for insurance agents to keep up to date on issues concerning clients. Changes in tax laws, government benefits programs, and other State and Central Government regulations can affect the insurance needs of clients and the way in which agents conduct business. Agents can enhance their selling skills and broaden their knowledge of insurance and other financial services by taking courses at colleges and universities and by attending institutes, conferences, and seminars sponsored by insurance organizations. IRDA also has mandatory continuing education requirements focusing on insurance laws, consumer protection, and the technical details of various insurance policies. Insurance sales agents should be flexible, enthusiastic, confident, disciplined, hard working, and willing to solve problems. They should communicate effectively and inspire customer confidence. Because they usually work without supervision, sales agents must be able to plan their time well and have the initiative to locate new clients. An insurance sales agent who shows ability and leadership may become a Development Officer in a B ranch Office. A few advance Assistant Branch Manager (Sales) and higher marketing positions. However, many who have built up a good clientele prefer to remain in sales work.
Life Insurance Corporation of India has eligibility requirements. You should be at least 18 years of age or above and the 12th standard pass. If you are an eligible candidate, try to locate a local branch office of LIC and schedule an appointment with the Development Officer. An interview will be conducted by the branch manager of LIC to determine if you can qualify to undergo training. The training will be conducted by the Divisional/Agency Training Center. The said training is conducted until the 100 hours is complete and it will cover the different aspects of life insurance and the business. Once you’ve completed the training, you will be allowed to take the pre-licensing exam by IRDA (Insurance Regulatory and Development Authority). IRDA will give you a license if you pass the exam and you can now become an insurance agent. The branch office of LIC where you applied will already absorb you into their team of insurance agents. An LIC agent should be ambitious, outgoing, can handle different personalities, and treat clients as bosses. You are free to decide on your working hours so you can pick the most convenient time to work. The good thing about becoming an LIC agent is that you have a chance to earn unlimited income. LIC will provide the needed support which includes advertising, first-rate training, and in-house consultant.
The Best in the Industry LIC only wants quality salesmanship and service. You should be able to meet the standards and requirements of the company before you can be hired. Among the skills that you should possess are – good communicator, service oriented, and enjoy being with other people. Aside from that, you should be self motivated, a graduate, go-getter, and a master conversationalist. You can have a rewarding career with LIC since you will be working with successful agents. When it com es to remuneration, the company provides the best in the industry. You are free to set income targets, choose your clients, and work as if you’re the boss. If you’re seeking for independence in your job, becoming an LIC agent can be your best decision. LIC has more than 50 products that you can offer to potential clients. A lot of people are trying very hard to achieve their respective financial goals and you’re the one who can help them. With your skills and knowledge, you can help LIC grow. The company helps its team of insurance agents attain financial solidity and strength. Other companies don’t do this so you’d better joi n now. ShareThis Article
