Introduction:
Agents are the backbone of LIC of India. The club membership for agents was introduced on 01.04.1971. A landmark decision to raise the status of the profession of insurance agents in this country, keeping in mind the following objectives:
1. To inculcate professionalism in agents.
2. To motivate agents for higher production and consistency of business.
3. To encourage agents to render good service to policyholders.
4. To accord agents a higher status in the organization and society.
Club Membership Levels:
There are 7 levels of Club Memberships:
• Distinguished Agents Club,
• Branch Manager’s Club,
• Divisional Manager’s Club,
• Zonal Manager’s Club,
• Chairman’s Club,
• Galaxy Club,
• Corporate Club.
Exclusive Benefits of Club Membership:
• Long term Goal setting.
• Habit of working throughout the year.
• Habit of record keeping to achieve desired goal.
• Minimization of Lapsation, resulting into more renewal commission.
• More attention on better client service resulting into more new business.
Criteria for Qualifying for Club Membership:
Certain Criteria for New business and Earning levels are to fulfilled during every financial year for No. of years required:
FOLLOWING ADDITIONAL BENEFITS ARE GIVEN OVER AND ABOVE THE COMMISSION’S PAYABLE:
· Office Allowance to maintain your own office
· Telephone / Mobile bill reimbursement
· Reimbursement of Sales Promotional Gift items
· Interest free advance for purchase of Car / Motorbike
· Interest free advance for purchase of office equipment’s
· Interest free advance for training
· Interest free Festival advance
· Housing loan at concessional rate of interest
· Term Insurance and Mediclaim benefits
· Guest house facility throughout India at concessional rates as applicable to employees
· Annual Convention
· Attestation Authority
The Total monetary equivalent of all above benefits ranges from Rs.5,500 to Rs. 5,50,000, depending up on level of Club Membership.
Gratuity
Agents are entitled to get the gratuity at age 60/65 years after serving for minimum 15 years. At present the Maximum Gratuity amount payable is Rs. 3,00,000 depending up on the amount of renewal commission paid during las 15 years before age 60
