Ahead of its Diamond Jubilee year Life Insurance Corporation of India has given a good gift to its agents by changing various norm related to MBG criteria and eligibility norms related to recruitment of agent. This step will be beneficial for both agents as well as Development Officer of LIC. Earlier the MBG criteria for the LIC agents was 12 lives and . 100000/- FYPI in an agency year.
Latest News: LIC Launched New Plan Bima Shree (Plan 848). Click the image or link to Know more
एलआईसी की नयी योजना बीमा श्री (प्लान न. 848)
It will not only help the LIC to retain more agents but also help its Development Officers to recruit more agents as the overall eligibility criteria of minimum qualification of agent reduced to 10th compared to 12th in urban areas and 10th in rural areas. Other than the changes made by LIC, all the other conditions will be governed by the LIC Agents Rules (1972)
Here are the key changes which were approved by the LIC board related to agency matter:
Table of Contents
Agency Performance Review policy (MBG Criteria):
- The Minimum Business Guarantee norms (MBG Criteria) to be achieved by agents during the agency year :
An agent has to procure –
EITHER 6 lives AND .50,000/- FYPI
OR 12 lives
OR . 1 Lac FYPI. Notwithstanding the above, an agent shall be exempt from bringing in the business
required of him, if he has continually worked for the Corporation as an agent for a
period of:- not less than 21 years ; or
- at least fifteen years and he is at least 55 years of age; or
- fifteen years and at any time subsequent thereto there is a business in force in the books of the Corporation under his agency yielding a renewal premium income of not less than Rs. 2,00,000 per annum.
- The criteria for termination of agency for failure to achieve the Minimum Business Guarantee:
If an agent fails to bring in the business required of him as specified in 4(a) above in
an agency year, his appointment shall stand terminated at the end of such agency year
under the provisions of Agents Rules, 1972. - The criteria for re-appointment / reinstatement of agents terminated for failure to achieve the Minimum Business Guarantee: As per Agents Rules, 1972 and amended from time to time
Eligibility conditions for Appointment of Insurance Agents:
Eligible Age:
An applicant must be at least 18 years of age on the date of the application.
Eligible Educational Qualifications:
Passed minimum Class X (matriculation examination), or equivalent examination from
a recognized Board or Institution.Interview Procedure :
Branch Manager to interview all applicants.
Pre-Recruitment training on Insurance to Applicants:
Pre-recruitment Insurance Training (online or offline) to equip the prospective agents
with the insurance, knowledge to appear for insurance agency examination –
for life insurance agent –
25 hours of classroom training; and 25 hours of practical training in accordance with the syllabus prescribed by the authority in life [in Branch Office – the respective Development Officer to impart training and certificate of successful practical training to be issued either by Development Officer or ABM(S)]or BM (S) ; 25 hours of classroom training at the time of renewal of agency (as appointment will have to be renewed after every 3 years);
for a composite agent with respect to the Life aspect –
25 hours of classroom training; and 25 hours of practical training in accordance with the syllabus prescribed by the authority in life As regards Non-Life part, training needs will depend upon the respective Insurers. The Training will be valid for a period of 6 months.
Skill Development Training:
Agents shall be exposed to various training for the purpose of Skill Development including those conducted by National Skill Development Council (NSDC), Government of India, BFSI SSC Financial Sector Skill Council in a phased manner.
Other than MBG criteria and above-mentioned points all other conditions related to LIC agents are according to LIC agents rule 1972 and other circular related to agency conditions and benefits issued later on by LIC. To know more about other changes approved by Board of LIC click the link provided next Board Approved Policy on Agency Matters
I am running an LIC policy since Sep 2010. I have been a member of the MDRT club and club membership as well. Till date I have done more than 620 Policies in the first 5 years.the last year which was my 6th policy yr was a bit difficult phase in business and hence i could do only 6 policies till date with 115,000 premium. will i be able to continue with my agency? what are the MBG norms as per the different years?
Thanks Sir,
FOR Information & Post
thank u sir, i have clarified at branch.concern staff/ d.o no idea(i think they telling lies) regarding circular. i am agent still 1994 august31. last year i have enteed to dm club.still no financial year nearly 16 lives and pre is arounf 95k.by j,arulmozhi.
Sir, my agency ending this month. I paid more than one lac fyfp.but lac of few number of policy. Is it this circular effective from this month??? Plz reply
thank u sir. i have clarified at branch ,concern staff/ d.o .saying dont belive romurs. regarding circular u mentioned.but top afficials saying it is kept in lic noard. still now not approved. field officers fedaration opposing it. so wait and c. which 1 is cooreect. pl clarify my dought.
sir my licence renewal date on 26 august 2016 but this year i did 15 nop and 60000/ fypi, My licence is eligible not terminate
plz clearify
EITHER 6 lives AND `.50,000/- FYPI
OR 12 lives
OR . 1 Lac FYPI . ( one of them ON “LIC CHANGED AGENCY MBG CRITERIA FOR AGENTS”)
I have been working since 1992 regularly but I am not be club member reglarly.Pls advice me.
My Agency year complete on Aug-16
I have completed 12 policy but premium only 75000 should I get extension
I last year I have completed 12 policy premium 90000
sir pl publish revised age proof conditions.
I believe this revision of MBG rule is handy for the dummy agents, particularly Lic employees having dummy agencies.However this new MBG rules will gradually decrease the business and as well as the income o non club Agents.
My agency Month is sep 2016 pls let us know New MBG 6 lives AND `.50,000/- FYPI for agent applicable on our agency My agency is renew on this condition
My wife working as lic agent since 1999 during the every agency year ending completed the minimum guarantee business.Now this year completeed 8policies with 125000/-first year premium. Now my eligibil from next agency year?
Sir my licence renewal date on sep 2016 but this year l did 8 nop and 150000 fypi my licence is eligible not terminate.
Sir my Licence renewal date 14/10/2016 but this year 12 pol and 950000 Fypi my licence is eligible not terminate.
Sir,what is the condition to eligible for bonus commission
if an agent’s agency ending month is july 2016 ? then given below new rules applicable or old ?
EITHER 6 lives AND `.50,000/- FYPI
OR 12 lives
OR . 1 Lac FYPI . ( one of them ON “LIC CHANGED AGENCY MBG CRITERIA FOR AGENTS”)
Sir my agency is Oct 28/10/2009
Current circular Is applicable or not
sir please mail new age proof underwriting condition.by j,arulmozhi
Sir , I have started agency in 1999. continuously doing working. I have completed 15 years of service as an agent. shall i eligible for gratuity. I have done 18 policies in the month of April,2016. My agency year ending is November,2016. But, 18 lives not completed. But, the total amount of premium comes to Rs.1,50,000/-. Whether, my agency is terminates in the month of November,2016. What the new rule. kindly give the reference. Thanking you.
want work to be a lic agent, plz guide me
Hi … You can call me on 9594719666
SIE I COMPLED 7 LIVES 90000 FPI MY AGENCY OCT 2016.MY AGENCY SERVICE 14 YEARS SHALL I ELIGIBLE FOR BONUS COMMISION
I C RAJENDER 00785-800 PLEASE CLARIFY FOR NEW MBG RULE IS BONUS WILL APPLICABLE
i done 7 polices agency year october. please clarify donot delete
KUNAL HARSH LIC of India FYI Rs. 110000,NOP= 5
Thanks Sir
dear sir,
i am a insurance agent in dec. 2013, this is my 3rd year of agency.
1 & 2 year i got 12 live and 1 lakh premium in each year, but this year (3rd) i have only 6 live and rs. 50000/- premium. my question is my agency will be terminated or they give me a chance for next year business.
I have taken LIC agency last year in Nov, 2015 and till date no policies or MBG have been met out or sourced yet due to time constraints. 30th NOV is the last date for policy loggins. i am now interested to take my agency seriously. Can i ask reinstatement of my LIC agency from same life insurer or surrender now to take a fresh agency from another insurer? What should i do? pl reply on my mail id.
Sir,being a LICI agent for 1st time, i have done 10 NOP & 70000/- premium.My agency will end on this November,2016. will i be termineted? or will i continue? for next year!!!
Sir My Agency Year is December 2016 till Date I have done NOP =5 & FYPI is Rs. 106951,will my Agency continue for Next Year.
New mbg rule is elgible for old agent ya new agent pls clarify.my do told me that new mbg rule only for new agents pls sir clarify urgently
Thanks sir bt from which dates & agency years is eligible
Thanks sir bt from which dates & agency years is applicable
sir my agency end in December. .till now I have only 10 lives with 48k..how much still I do..plzz confirm me..I have to fullfill the old criteria or new one?
SIR
I am clia in the vellore divisional
Can i appoint the agent zonal level
My licence will expire on 18th Dec 2016 but I did only 6 nb and premium 60000 may I be considered to continue
HI,
I have completed 5 years as LIC agent and each year completed my target, now I don’t want to work,
kindly confirm, will i eligible for take bones of Polices whcih I have already done within 5 Years,
Rgds,
Vinay singh
Whether Jeevan Akshay policy will be counted as NB (policy) for Agent ?
One policy lapsed on January 2012 without revival. Another policy on same name will be counted after 4 years as NB (NEW POLICY) ?
I have completed 15 agency years as on 14/09/2016.I have satisfied MGB rules every year12 lives and 100000 policies continuously for 14 years and in the 15 th year ie in 15-16 I have done 6pol and 50K + FYP.I applied for gratuity amd our DO says since You have completed only 6 NOP in the 15 th year you are not eligible for gratuity. They say MGB for bonus remains 12 NOP &100000 FYP.
I think this interpretation is wrong amd I am eligible for gratuity. Your openion please.
Sir my agency ending 12/2016 i have done 9new policy with80000 premium will my agecy be continue pls reply
Sir, Meri agency Fifth year Mein terminate Ho gai thi, Aur iske pahle meri agency ek baar reinstatement ho gai thi. Fifth year Mein main meri agency reinstatement nahi kar paya. Ab sixth year hai..kya meri agency sixth year Mein reinstatement ho sakti hai kya ? Please Guide kare.
sir, thanks…lekin mujhe kya rule bataqna hoga….
sir lic agent taken last 2015 first yr business commpleted than 2nd yr no business this ending date 19/2/2016 doing business countinues replay me
Please provide circular for change in minimum business guarantee for LIC agents.
Sir I collected the first year premium Rs. 51000.00 with 3 lives only in last policy year ending on 31.10.2016 due to unfitness of health. My agency will continue or not. Please advice me.
Dear Sir,
I completed more than 16 years as an agent, due to some health problem i completed only 4 policy and premium is 105000/- and sum assured is 1600000/- pl let me know is their any problem for my agency and gratuity.
I have done 5 policy and 400000/-fpa. My agency year completed January can I shall be eligible for bonus?
I have completed 23 years agency years.My agency period is 1st March to 20th February. But this agency Year I have not deposited any business. As per previous rule my agency Year will be continued or not as Per New rule though I have completed 24years agency year. PL let me know.
My mother has started agency on 13.1.77 and continued up to jan 2015 reaching chairman club membership for four years in between. The agency lapsed as ZM club membership in Jan 2016 due to health problems . Now she has regained her heath and wishes to continue as Agent. Is she eligible as per new rules, will the lapsed agencies be renewed
SIR MY AGENCY CODE IS ISSUE ON 26/02/2016. I WANT TO KNOW THAT FOR RCA STIPEND MY LAST DATE IS 26/02/2017 OR 28/02/2017. PLEASE PROVIDE THE INFORMATION AS SOON AS POSSIBLE.
But my DO tell me that my last date for complete the target before 26/02/2017. For RCA stipend of the year. Please insure that the information is provide by you 100% correct because this is a very serious matter for me. Please help me. Very very thanks for you copration
SIR MY AGENCY CODE IS ISSUE ON 26/02/2016. I WANT TO KNOW THAT FOR RCA STIPEND MY LAST DATE IS 26/02/2017 OR 28/02/2017. PLEASE PROVIDE THE INFORMATION AS SOON AS POSSIBLE.But my DO tell me that my last date for complete the target before 26/02/2017. For RCA stipend of the year. Please insure that the information is provide by you 100% correct because this is a very serious matter for me. Please help me. Very very thanks for you copration
Sir please give me answer I am in big tention. Help me
Ulkaria LIC Software is One of the best LIC software for LIC Agent.Ulkaria LIC Software Help LIC Agent in Managing their Policy Record Generates Awesome Reports and also helps in presentation
http://ulkaria.com/
LIC Software
LIC Agent Software
Software for LIC Agent
#LIC_software
#software_for_lic_Agent
My mother has started agency on 13.1.77 and continued up to jan 2015 reaching chairman club membership for four years in between. The agency lapsed as ZM club membership in Jan 2016 due to health problems . Now she has regained her heath and wishes to continue as Agent. Is she eligible as per new rules, will the lapsed agencies be renewed
Please reply
I have completer 10 years of LIC Agency. Now minimum business i.e. 6 policy and fyp 50000 mandatory or not
i’m started as agent on dt. 04.07.16, Pl. advise me the agency first year terms. i.e 6 lives or Rs. 50000/- & 12 lives or Rs. 100,000/-.
Pl. let me know.
You need to complete any one the criteria
1. 6 lives and Rs. 50000 FPI
OR
2. 12 Lives
OR
3. Rs. 100000 FPI
i’m started as agent on dt. 29.06.2008, Pl. advise me the agency year terms. i.e 6 lives or Rs. 50000/- & 12 lives or Rs. 100,000/-.
Pl. let me know.
if an agent has done 6 diiferent lives with 50000 fpi including his/ her live in that 6 lives whether his/her agency will forward to next year or not
Own live is counted only after MBG.
It means agency will be terminated
Sir, I had done 6 lives this policy year as per my agency calender. I am not sure of premium. I want to know whether 50,000 premium should be for this new 6 lives or any premium collection for any lives will do to achieve the MBG.
with only 6 lives, Rs. 50000 FYPI is must.
Sir, I had given PMVVY(Plan 856) for Premium Rs.6,48,645/- for this FY 20-21. Will it be taken for MBG for my Agency year20-21
You will get credit for life but no credit for the premium amount.