Earning and other Benefits:

Career as a LIC advisor is considered one of the highest paid profession in the country. Top performers in LIC are earning nearly 3 to 4 Crores per year. LIC advisors can earn unlimited since there is no specified salary. They get a commission from the policy they sell and they can earn more than their capacity. Apart from this, LIC agents also get some allowances and benefits from LIC club memberships when they have fulfilled the conditions of club membership.

LIC advisors’ earning depends on the commission which is paid by LIC, more premium paid by the people implies more will be the advisor’s commission. The Commission varies from Plan to plan (20%, 25%, 35%), year to year (1st Year Commission will be high, later it will decrease) and on the basis of Term of the Insurance Policy.

Club Membership Benefits for LIC Advisors:

1. Interest free advance for 2/4 wheelers

2. Computer/Laptop Advance

3. Furniture Advance club member

4. Office Allowance

5. Travelling Facility – Air Fare/Railway Fare

6. Tour Allowance

7. Housing Loans at a rate of 5% p.a

8. Advance for daughter’s marriage

9. Telephone Facility

10. Group Insurance

11. Mediclaim Facility

Club GALAXY Benefits:

1. Office Allowance: 50% of the actual expenses as determined below or Rs.1,00,000/- whichever is lower would be reimbursed to the advisor once in a year at the end of the membership year. Allowance may be paid only to the advisors maintaining an office for the purpose of LIC business. For computing all expenses on maintaining the office, things like Rent paid (Actual), Salaries paid to the staff (Actual), Postage expenses incurred (Actual), Amount spent on stationary – Max. of Rs 3,000, General Maintenance and Electricity Charges up to max. Rs 5,000 (25% of the actual electricity bill, provided the office is not at the residence of the Club Advisor), Expenses on Entertainment – max. Rs 5000, Expenses on maintaining personal computer – max. of Rs 10,000.

2. Telephone Facility: Max. Reimbursement of Rs 12,000 per annum would be admissible towards rental and call charges of landline/mobile phone.

3. Supply of Letterheads, Envelopes and Visiting Cards: Letterheads, Envelopes and Visiting Cards – 500 no.s each per annum

4. Club Convention: Member advisor may be allowed to attend club convention at a place decided by the competent authority or will be reimbursed the actual airfare or Rs 60,000 whichever is lower for attending the MDRT meet. They would also be eligible for out of pocket expense of Rs 10,000 for attending the MDRT meet. All the member advisors will be eligible for claiming the reimbursement of MDRT registration fee as per prevailing conditions.

5. Club Blazer: Rs 5,000 for a Blazer as per the colour and pattern specified by the corporation, will be reimbursed once in every three years.

Other Benefits: Daily allowance, Group Insurance, Mediclaim, and Complimentary Diaries.

Advances: Advisors qualified and continuing for this club are eligible for varies advances against renewal commission as per the ‘Scheme of Advance for Advisors’. Conditions, quantum and process for advance is same as it is for Chairman Club Advisors except for ‘Four Wheeler Advance’ which would be as under for the first and subsequent advance for member advisors of this club: Actual price of car or last two year’s renewal commission or Rs 10 Lac, whichever is less.