Question: Can LIC Agent Change His Branch?

What if my LIC agent dies?

In a case of the death of an agent, the commission payable to him shall be payable to the Nominee or Legal Heir of the Agent..

How is LIC maturity amount calculated?

Sum Assured (A): = Rs. 5,00,000.Total Bonus Amount on Maturity (B): * = Rs. 1000.Maturity Amount (A+B): = Rs. 35,000.Period of Maturity = Dec, 2021.

Can I close my LIC policy before maturity?

It is the option to exit from life insurance product before maturity wherein policyholder will get the amount which is called as Surrender Value. A regular premium policy will be eligible for surrendering after the policyholder has paid the premiums continuously for 3 years.

How do you make a complaint against an insurance company?

How To File A Complaint About Your Insurance CompanyContact your insurance agent.Appeal to an executive at the insurance company.Ask a third party such as an ombudsman to mediate your dispute.File a complaint with the state department of insurance, which regulates insurance activity and insurer compliance with state laws and regulations.More items…•

Can LIC agent change his development officer?

No, LIC agents cannot change their Development Officers till they retire. The only option available us they can resign the current agency and start as a fresh agent. … LIC Agent can become LIC Development officer by qualifying in exam conducted by LIC from time to time.

How can I be a LIC agent?

Online Application FormVisit the official website of LIC.Click ‘Be an Agent (Individual)’ under Join Our Team menu tab.Click ‘Apply-Now’ located on right side of the page.Fill in the application form to take it ahead with the branch office.

What is the commission of LIC agent?

Term Plan. A agent gets 25% commission on LIC Jeevan Labh policy. This commission is for the first premium and then 2nd and 3rd year the commission is 7.5% and for 4th year onward till whenever the policy is in force the agents gets 5% commissions on premiums.

Can Lic be done without agent?

However, LIC has facilitated the purchase of an online insurance policy for the convenience of its customers. So, now you can buy LIC policy online without agent. An agent’s commission is included in your premium in an insurance policy sold through an agent.

Can I change my life insurance agent?

“At that point, if you want to change your insurance agent, your only choice would be to change your insurance company.” … If the agent is not willing to satisfy their client, then the customer can appeal to the insurance company to change their agent of record.”

Do LIC agents pay first premium?

Generally, the commissions start from around 10% to 15% of your premium. This is for the first premium. So if you are paying a premium of Rs 40,000, your agent will pocket Rs 16,000. … So the higher the premium you pay, the more the agent benefits.

How much money will I get if I surrender my LIC policy?

Guaranteed Surrender Value: The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

What is the maximum limit of claim amount is eligible under the ombudsman?

Rs.20 lakhsThe maximum limit for the amount under dispute for which the Ombudsman can entertain a complaint is up to Rs. 20 lakhs.

Can I change LIC branch?

To change a LIC BRANCH for your LIC POLICY is very easy. Simply write the mail or give a written request to your home LIC BRANCH mentioning the name of the new LIC BRANCH and your LIC POLICY will be shifted from your old LIC BRANCH to new LIC BRANCH which you demanded.

Where can I complain against LIC agent?

Call Toll Free Number 155255 (or) 1800 4254 732 or. Send an e-mail to use of IRDAI’s online portal – Integrated Grievance Management System (IGMS): Register and monitor your complaint at

What is the benefit of LIC agent?

2] Attractive Remuneration: LIC offers 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. As LIC agent, you can set your own income targets with a potential to earn as much as you want for the rest of your life.

Is there an ombudsman for insurance companies?

Before you can use the Ombudsman Service, you have to follow your insurance company’s official complaints procedure. … You can contact the Ombudsman Service initially for advice, but they can only act after you get a final response from the insurance company, or as soon as the eight weeks are up.

How can I remove LIC agent?

You will need to give a letter explaining why you are unhappy with the agent and ask for a transfer directly. The branch will not be keen to make the change if they get any business from the agent. However, even if you do make the change, it may not help you in any way because your premium will remain unchanged.

Is PPF better than LIC?

The Public Provident Fund tends to provide a far superior rate of returns compared to an LIC policy like Jeevan Anand. What you should do is invest in the PPF and take a term policy online, which is cheaper and faster. In the term policy you do not get your money back, but, you are provided with solid insurance.