Mahila Career Agent in LIC – In today’s world, women are increasingly seeking opportunities to become financially independent, contribute to their families, and pursue their professional dreams. However, many women face obstacles like family responsibilities or lack of opportunities, which hinder their ability to achieve their financial goals. Recognizing this, Life Insurance Corporation of India (LIC) has introduced a special scheme aimed at empowering women by providing a unique opportunity to become a Mahila career agent in LIC. This initiative offers not only a stable income but also the flexibility and benefits that come with working as an LIC agent.
This article delves into the details of LIC’s special scheme for women, outlining the eligibility criteria, the stipend structure, performance expectations, and the potential income one can earn as a Mahila Career Agent.
Introduction to LIC Women Career agent Scheme
LIC, one of the largest and most reputable life insurance companies in India, has long been associated with providing employment opportunities for individuals across the nation. With the launch of this Women Career agent Scheme, LIC aims to specifically target women who aspire to achieve financial independence. Unlike traditional LIC agents, mahila career agents under this scheme will receive a fixed stipend for the first 3 years of their career, in addition to commissions earned through policy sales.
The scheme is designed to provide women with a stable income, ensuring they feel secure while embarking on their career journey as LIC agents. This initiative also aligns with LIC’s goal to foster greater diversity and inclusion within its workforce.
Eligibility Criteria for Becoming a Mahila Career Agent in LIC
Becoming a Mahila career agent in LIC is a straightforward process, provided the candidate meets the basic eligibility requirements. These criteria are designed to ensure that the opportunity is accessible to a wide range of women, regardless of their prior work experience.
Here’s a breakdown of the eligibility requirements:
- Gender Requirement: The candidate must be female.
- Nationality: The candidate must be an Indian citizen.
- Age Limit: The minimum age requirement is 18 years, and the maximum age is 50 years.
- Educational Qualification: A minimum educational qualification of 10th grade (matriculation) is required.
- IRDAI Pre-Recruitment Test: The candidate must pass the IRDAI pre-recruitment test, commonly known as the IC 38 exam. This test ensures that the candidate understands the basics of life insurance and LIC’s policies.
The IC 38 exam is relatively easy to clear, with ample study materials and video tutorials available online. Once the test is passed, candidates are ready to begin their journey as LIC Mahila career agents.
Stipend Structure for Mahila Career Agents
One of the key features of this special scheme is the fixed stipend that Mahila agents will receive for the first 3 years of their career. This stipend provides financial stability during the initial phase of their work, enabling women to focus on building their client base and selling policies.
The stipend structure is as follows:
- First Year: Rs. 7,000 per month (Rs. 84,000 annually)
- Second Year: Rs. 6,000 per month (Rs. 72,000 annually)
- Third Year: Rs. 5,000 per month (Rs. 60,000 annually)
This stipend serves as a safety net, ensuring that female agents have a guaranteed income while they are establishing themselves in their roles. Over the course of 3 years, the total stipend amounts to Rs. 2,16,000.
Performance Requirements: The Key to Unlocking Income Potential
the stipend offers a basic income, Mahila agents are also expected to meet certain performance targets to qualify for the stipend and earn commissions. These performance requirements ensure that the agents are actively working and contributing to LIC’s overall growth.
Required Yearly Performance
- Number of Policies: To qualify for the stipend, female agents must sell a minimum of 24 policies per year. These policies must be sold to 24 different individuals, meaning agents cannot fulfill the requirement by selling multiple policies to the same person. This target translates to an average of two policies per month, making it a manageable goal for motivated agents.
By meeting this target, agents not only secure their monthly stipend but also become eligible for commissions on the policies sold.
Income Breakdown: First Three Years as a LIC Mahila Career Agent
The combination of the monthly stipend and commissions from policy sales results in a lucrative income stream for Mahila career agents. Let’s take a closer look at the potential income during the first three years.
First Year Income
- Stipend: Rs. 84,000 annually (Rs. 7,000 per month)
- Commission: Rs. 48,000 (assuming 24 policies sold)
- Total First Year Income: Rs. 1,32,000
In the first year, agents earn Rs. 84,000 through the stipend, and if they meet the target of selling 24 policies, they will earn an additional Rs. 48,000 in commission, bringing their total income to Rs. 1,32,000 for the year.
Second Year Income
- Stipend: Rs. 72,000 annually (Rs. 6,000 per month)
- Commission: Rs. 48,000 (assuming 24 policies sold)
- Renewal Commission: Agents will also receive renewal commissions from the policies sold in the first year.
- Total Second Year Income: Rs. 1,20,000 + renewal commission
In the second year, agents will receive Rs. 72,000 in stipend, plus the Rs. 48,000 commission from selling 24 policies. Additionally, they will start earning renewal commissions from the policies sold in the first year, further boosting their income.
Third Year Income
- Stipend: Rs. 60,000 annually (Rs. 5,000 per month)
- Commission: Rs. 48,000 (assuming 24 policies sold)
- Renewal Commission: Agents will continue to earn renewal commissions from policies sold in the first and second years.
- Total Third Year Income: Rs. 1,08,000 + renewal commission
By the third year, agents will have a steady flow of income from both their stipends and the commissions they earn on new and renewed policies. As they continue to build their client base, their renewal commissions will grow, leading to a sustainable and growing income.
Additional Income Streams: Renewal Commissions
Renewal commissions are a vital part of an LIC agent’s income. These commissions are paid annually for policies sold in previous years, provided the policies are renewed by the customers. As mahila agents continue to sell new policies, their renewal commissions will accumulate, creating a reliable source of passive income.
For instance, policies sold in the first year will generate renewal commissions in the second year, and policies sold in the first and second years will generate commissions in the third year. This means that over time, agents can expect to earn commissions not only on new policies but also on existing ones, ensuring a steady income stream.
LIC Support System for Mahila Agents
LIC special scheme for Mahila career agents also includes a robust support system to ensure the success of its agents. Mahila agents can receive training and mentorship from LIC branch offices, development officers, and chief life insurance advisors. This support network helps new agents navigate the challenges of the insurance industry and provides guidance on how to effectively sell policies.
Additionally, LIC has satellite offices across the country, ensuring that agents have access to resources and support regardless of their location.
Contacting LIC for Enrollment
For women interested in taking advantage of this opportunity, the process is simple. They can visit their nearest LIC branch or satellite office to get more information about becoming a mahila career agent in LIC. Alternatively, they can reach out to a development officer or chief life insurance advisor for guidance on the application process.
Conclusion
LIC special scheme for Mahila Career Agents is a groundbreaking initiative that offers women a chance to achieve financial independence and professional success. By providing a fixed stipend for the first 3 years, along with commissions and renewal income, LIC ensures that women can build a sustainable career in the insurance industry. With manageable performance targets and a strong support network, this scheme is designed to help women succeed, making it an excellent opportunity for those looking to stand on their own feet and provide for their families.
If you are a woman seeking a stable, rewarding career, Becoming a Mahila Career Agent in LIC could be your path to success. Contact your nearest LIC office today and take the first step toward a brighter financial future.
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FAQs about Mahila career agent
What is the eligibility criteria to become a Women career agent in LIC?
To become a Women career agent in LIC, you must be an Indian woman aged between 18 and 50 years with at least a 10th-grade qualification. Additionally, passing the IRDAI pre-recruitment test (IC 38 exam) is required.
How much stipend will I receive as a Mahila career agent in LIC?
The stipend structure is as follows: Rs. 7,000 per month in the first year, Rs. 6,000 per month in the second year, and Rs. 5,000 per month in the third year.
What is the performance requirement to earn the stipend?
You need to sell a minimum of 24 policies each year, with each policy sold to a different individual, to qualify for the stipend.
Can I earn commissions along with the stipend?
Yes, in addition to the stipend, you will earn a commission of Rs. 48,000 in the first year for selling 24 policies. The same commission structure applies in the second and third years, along with renewal commissions.
Where can I apply to become a Mahila career agent in LIC?
You can visit your nearest LIC branch, satellite office, or contact a development officer or chief life insurance adviser to apply.
Disclaimer: The information provided in this article is intended for general guidance regarding LIC’s women-centric scheme and is based on publicly available details. Terms and conditions may vary, and readers are advised to contact LIC directly or consult with a licensed agent for specific and updated information. This article does not constitute professional financial or insurance advice.