Conditions for Club membership for LIC agents

Life Insurance Corporation of India has more than 12 lakh agents (know more about LIC Profile 2020). Some of these agents are very successful and give consistent business year by year. Based on the performance of these agents, LIC gives them club membership.

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These club memberships are based on the business procured by the agents in the last 3 consecutive years. In other words, the higher the business, the higher will be the club membership.

What are the clubs for LIC agents?

There are 7 different clubs for LIC agents. These clubs are named Corporate Club, Galaxy Club, Chairman’s Club, Zonal Manager’s Club, Divisional Manager’s Club, Branch Manager’s Club, and Distinguished Club for LIC agents. Unique colors differentiate all clubs. The Corporate Club is the highest and most prestigious club for LIC agents. On the other hand, the Distinguished Club is the lowest club for LIC agents.

However, most LIC club member agents are in Chairman’s Club to the Branch Manager’s Club.

Our other posts related to LIC club memberships

Relaxations in club membership conditions for LIC agents

What are the qualifying conditions for LIC club membership?

We are here to show you the qualifying conditions for CM Club, ZM, DM, and BM clubs. Primary qualifying conditions for LIC club member agents have four criteria. These are: 1. The minimum net number of lives, 2—the net number of lives or Total lives in force, 3. Renewal commission paid and 4. year commission paid.

Read our post Terminology that every LIC club member agent must know to understand the terms better. See below these conditions in tabular format:

To become a club member agent, you have to qualify for the conditions of the particular club for 3 years. In other words, to get the LIC club membership, an agent must be eligible for this condition in the qualifying financial year and in 2 financial years out of 3 previous financial years. To know the qualifying requirements of Galaxy Club, please visit our other post: Club Galaxy for LIC agents: All you need to know.

For example, if an agent wants to become chairman club agent, he/she must qualify for all the conditions mentioned in the qualifying year. Suppose the qualifying year is 2020-2021, then the agent must qualify in the year 2020-2021 and 2 years from the year 2019-2020, 2018-2019, and 2017-2018. After qualifying, as stated above, the agent will get a club membership for 1 year.

The club membership year will be from 1 September 2020 to 31 August 2021. The agent must continuously qualify these conditions to maintain and continue the club membership.

Why LIC agents must get a LIC Club membership?

You are one of the agents among the 12 lakh agents of LIC of India and maybe 1 of a thousand agents in your division or branch. How to get yourself recognized and stand out of the crowd. Getting a club membership will surely make you stand out from the crowd and give you recognition. So here is the reason you must become a LIC club member agent:

• Recognition
• Office Allowance
• House loan at subsidized rates
• Interest-free car loan
• Interest-free two-wheeler loan
• Annual family vacation (conditional and club-specific)
• Annual convention participation with air travel (conditional and club-specific)
• Customized stationery with your name and address

Essential Things to Remember!

• Being a club member agent is not a one-time thing; you must give continuous and consistent business to remain a member.
• Doing only new policies will not help you get a club membership; you must be good at servicing and keeping your customers.
• Your first-year lapse ratio must not exceed 15% at any cost.
• Increasing your customer base is more important than increasing your number of policies.
• Though you may feel this awkward If you are trying to become a club member, keep away from club agents who only do minimum qualifying business; you may end up with no club.
• Doing seasonal business will not help you to get a club membership. To get the LIC club membership, you must consistently work throughout the year.
• Always keep yourself updated with all the information related to new insurance products and service-related information. This will help you to give better service and retain the customers.
• Grab the opportunities as and when they come, like plan closures and competitions.
• Do not stick to limited plans. This will make you stereotype, and you may be unable to create a good customer base. Try to sell all the available insurance plans.
• Create different segments for different insurance plans, giving you a diversified customer base and consistent business every time.
• Keep updating your prospecting list.
• Do not hesitate to get references from your existing customers.
• Use technology to its fullest to give better service.

If you have any other LIC servicing questions, just mail us at info@sumassured.in. You can also comment below. Share if you liked this valuable information because Sharing is caring!