top of page
Search

Conditions for Club membership for LIC agents

Updated: 12h

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.



These club memberships are based on the business the agents have procured over 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 seven different clubs for LIC agents. These clubs are named Corporate Club, Galaxy Club, Chairman's Club, Zonal Managers' Club, Divisional Managers' Club, Branch Managers' Club, and Distinguished Club for LIC agents. Unique colours 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 the Chairman's Club or the Branch Manager's Club.


club membership

Our other posts related to LIC club memberships


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. The primary qualifying conditions for LIC club member agents are 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.

ree

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 must meet the club's qualification requirements for 3 years. In other words, to get the LIC club membership, an agent must meet this condition in the qualifying financial year and in 2 of the three previous financial years. To learn about the qualifying requirements for 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 a chairman club agent, he/she must meet all the conditions outlined in the qualifying year. Suppose the qualifying year is 2020-2021; then the agent must qualify in 2020-2021 and 2 years from 2019-2020, 2018-2019, and 2017-2018. After qualifying, as stated above, the agent will receive a 1-year club membership.

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 must LIC agents get a LIC Club membership?

You are one of the 12 lakh agents of LIC of India, and maybe 1 of 1,000 agents in your division or branch. How to get yourself recognised and stand out from 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 subsidised 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)

  • Customised stationery with your name and address


Essential Things to Remember!

  • Being a club member agent is not a one-time thing; you must provide continuous, consistent business to remain a member.

  • Following only new policies will not help you get a club membership; you must be good at serving and retaining 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 is awkward, if you are trying to become a club member, avoid club agents who do only the 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 stay up to date with all information related to new insurance products and services. This will help you provide better service and retain customers.

  • Grab opportunities as and when they come, such as 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, email us at info@sumassured.in. You can also comment below. Share if you liked this valuable information because Sharing is caring!

bottom of page