Transcript Slide 1
LIFE INSURNACE CORPORATION OF INDIA
Welcome you To the profession of LIFE INSURANCE ADVISOR of LIFE INSURANCE CORPORATION OF INDIA
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Life Insurance Agency is considered as the highest paid Profession in the world.
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Earning Opportunities
There is no restriction on the amount of Money that one can earn
Even sky is not the limit IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Advantages over Other professions
Start Business of your own without Capital Investment.
Freedom to set your own working hours.
To be in a Business that gets easier & less demanding as you grow old, compared to mounting pressures encountered in other businesses.
No Compulsory retirement.
Noble profession opens doors for social service
Within a short span of time standard of living could be improved.
A tool in Nation building activities as money mobilised is used for people’s welfare.
Commitment + Time Devoted = Results
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
In India only 26% of Insurable population is insured till date.
Balance 74% of population be insured.
l a a
There is a vast untapped market to explore
26% 74% IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Only 20% of total agency force are working in a professional capacity.
These 20% account for more than 80% of total Life Insurance Business.
20% 80%
Be “ONE” among the “PROFESSIONALS” And earn your fortune 20% Professional agents 80% Business
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Growth Opportunities Life Insurance Market In India is projected to grow from ` 1,09,000/ crores to `2,60,000/- crores within 5 years time.
Be a part of this Growing Industry.
Be a part of LIFE INSURANCE CORPORATION OF INDIA
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
People from all walks of life have entered this profession There are:
•
Doctors
•
Engineers
•
Chartered Accountants
•
Share brokers
•
Lawyers
•
Film personalities
•
CEOs
•
Businessmen
•
Housewives
•
Students & many more
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Just ask your self …… if…..
• Smt..
Ritu Nandu (Raj Kapoor’s Daughter) • Sri.Abhishek Bachan ( Cine artist) • Smt.Ragini Yadav (Daughter of Lalu Prasad Yadav) • Sri.Sri O Madhavan (F/o. Mukesh) • Sri C K Padmanabhan ( Politician) • Sri.A.K.Antony
Were or are agents of this Corporation then What about you?
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
SUPPORT FROM OUTSIDE
We will provide you with world class training and support you need to make your carrier a success.
Regular counseling & monitoring.
Strong back Office support.
50 powerful products to cater to the needs of every individual.
Encouragements through various Competitions & Rewards.
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Attractive Commission Rates
On any standard policy you shall be paid attractive commissions On the premium you get.
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
2 Magic of Renewal Commission 3 CASH JUST FLOWS 4 5 6 7 8 Busi ness in Crs 1 Prm income 1000000 Y r 1 1 350000 75000 75000 50000 50000 50000 50000 50000 9 50000 10 50000 2 1500000 2 525000 112500 112500 75000 75000 75000 75000 75000 75000 3 2000000 3 700000 150000 150000 150000 150000 150000 150000 150000 4 2500000 4 875000 187500 187500 125000 125000 125000 125000 5 6 7 3000000 5 3500000 6 4000000 7 1050000 225000 1225000 225000 262500 150000 262500 1400000 300000 150000 175000 300000 150000 175000 300000 8 4500000 8 1575000 337500 337500 9 5000000 9 1750000 375000 10 1000000 0 Commission earned at the end of each year 10 350000 600000 887500 1187500 1512500 1862500 2237500 2637500 3062500 350000 0 5187500
You earn your own Pension
As years pass, the Renewal Commission starts building up thereby assuring you a pension for the next 20 to 25 years & for your generations to come.
Also Svavalamban & Samvardhan Schemes are available.
WE INSURE and also ASSURE
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
This is the only profession where you are entitled fo
r GRATUITY
(Proportionate to your commission earned) if He has continuously worked as an Agent for 15 or more Qualifying Years or attained 60 years of age whichever is later
Maximum amount of Gratuity admissible is ` 2,00,000
/ IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Club Membership
Club membership is the recognition given for outstanding performance to agents.
Distinguished club Branch Manager’s club Divisional Manager’s club Zonal Manager’s Club Chairman’s club Corporate Club
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Fringe Benefits of Club Membership
Interest free advance for 2 wheeler and 4 wheelers.
Interest free advance for purchase of Personal Computer, Laptop, Furniture etc.
Housing loan @ 5% p.a
Free term Insurance up to 1.5 lacs & 50% concession on group medi claim.
Reimbursement of expenses on stationery , Office, Sales promotion & Gift items.
And many more. Career path DO etc.
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
An Agent will get International Recognition by Qualifying for MDRT ( Million Dollar Round Table)
Type of Performance Commission Qualifying Conditions MDRT ` 8,18,600 Court of the table ` 24,55,800 Top of the table ` 49,11,600 First Year Prm.
` 32,74,400 ` 98,23,200 ` 1,96,46,400
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Benefits by qualifying for
MDRT
Enhancement of selling skills
Increase in production directly resulting in more commission
Development of leadership qualities
Sense of achievement
Recognition as top performers
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Qualities you need to possess
♦
Strong determination, Self confidence
♦
Good communication skills
♦
Willingness to share
♦
Thirst for Knowledge
♦
Quest for Self-Improvement
♦
Eagerness to build relationships
♦
Power to grab opportunities
♦
Time Management
♦
Hard working
♦
Positive attitude, Consistency & Perseverance IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Your Role
To Identify Various Customer needs Suggest Suitable Life Insurance Plans from 50 powerful plans to satisfy those Needs.
Encourage them to buy products PROVIDE EFFICIENT AFTER SALES SERVICE
.
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
r h e e T
There are only 4 Countries* in the world whose population is larger than LIC’s Customer Base
*LIC has more than 30 crores Customers; only China, USA, Indonesia and of course, India have population of more than 30 crores IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
All India Performance as at 31.3.2012
Total Income :
`
2,87,315.38 crores Total Premium Income :
`
2,02,802.90 crores Total Life Fund :
`
12,83,990.72 crores Total Assets :
`
14,17,891.79 crores Total No. of Claims Paid : 185 lakhs Amount of Claims Paid :
`
66,022.82 crores 93.34% of Maturity Claims are settled on or before Date of maturity.
O/s Claims Ratio (MC+ SB) : 0.5% O/s Deaths Claims Ratio : 1.22%
LIC settles 64800 Claims every day ie., 3 Claims per second IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Policies to be guaranteed by Central Government
Section 37 of Life Insurance Corporation Act 1956
The Sum Assured by all Policies issued by the Corporation Including any bonuses declared in respect thereof, and subject to the provisions contained in section 14, the amounts assured by all policies issued by any insurer the liabilities under which have vested in the Corporation under this act, and all bonuses declared in respect thereof, whether before or after the appointed day, shall be guaranteed as to payment in cash by the Central Government.
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Our Organisational Strength
Central Office EAST (Kolkata) N.EAST
(PATNA) WEST (MUMBAI) NORTH (DELHI)
SOUTH (CHENNAI)
CENTRAL (BHOPAL) N.CENTRAL
(KANPUR)
S.CENTRAL
HYDERABAD ALL INDIA ZONES : 8 DIVISIONS : 113 BRANCHES : 2048 SATELLITE OFFICES : 1202 STAFF : More than 1.19 lakhs AGENTS: 12.78 lakhs IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
We are No.1 in Company in India
For generating the highest amount of Net profit (Surplus) in India For being the highest Net worth in India
We are 2
nd
largest I.T. user Company in India
LIC – The Pride of India
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
LIC has crossed 12,00,000 Crores Life Fund
LIC’S Growth Chart 25.7827.83
23.39
21.26
18.65
16.78
809525 686616 572603 463147 385791 999518 1283990 1151201 '04 05 '05 06 '06 07 '07 08 '08 09 '09 10 '10 11 '11 12 '04 05 '05 06 '06 07 '07 08 '08 09 '09 10 '10 11 '11 12
Source : LIC Balance Sheet
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
We are No.1 in World
•
Highest number of Policies sold in a year
•
Number of claims settled in a year
•
To service Highest number of Policies – (Including Group Policies) More than 39 Crores IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Nation Building Activities of LIC
A Life Insurance Agent renders a Social Service to the families as well as generates funds for ……….
LIC’s INVESTMENT AS AT 31.3.2012
Some Highlights
Central Govt.Securities
State Govt.Securities
Power Housing Water Supply/Irrigation/Sewerage Road, Port, Bridges & railways Others Total
(
` in crores) 4,41,760 2,13,913 86,880 41,067 3,774 10,494 21,947 8,19,835
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Be Proud to be associated with the only Insurance Company with Maximum Awards
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Be Proud to be associated with the only Insurance Company with Maximum Awards
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Be Proud to be associated with the only Insurance Company with Maximum Awards
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
NO Performance Results of Life Insurance Companies (First Year Premium) 2011-2012 Company Name 2011-12(Crs) 2010-11(Crs) Difference % Market Share IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
NO Performance Results of Life Insurance Companies (Number of Policies) 2011-2012 Company Name 2011-12(Crs) 2010-11(Crs) Difference % Market Share IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Sri D K Mehrotra , Chairman of LIC Of India handing over a cheque for ` 1137,99,41,404 – the dividend by LIC for the Fin. year 2010-11 to the Union Government. LIC generated a surplus of ` 25624.58 Cr. For the Fin.Year 2011-12. Share to Govt .` 1281.23 Cr., Bonus to Policy Holders ` 24343.35 Crores.
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Performance of LIC vs Private Insurers Insurer LIC Private Sector 31 st March 2010 210014.99 Crs.
Additions in 2010-11 2641.86
31 st March 2011 Generated surplus of ` 22752.34 crores as at 31 st March 2011.
23661.85 Crs.
The cumulative losses of the Life Insurance industry as at 31 st March,2011 stood at ` 20,569 crores IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
INDIVIDUAL DEATH CLAIMS : LIFE INSURERS (2010-11) (Figures in per cent of Policies) Insurer Total Claims Private LIC Total 100 100 100 Clai ms Paid 86.0
4 97.0
3 95.5
8 Claims repudia ted 8.90
1.00
2.04
Claims written back Claims pending at the end of year Break up of claims pending duration wise (Policies) ≤ 3 mont hs > 3 to ≤ 6 mon ths >6 to ≤12 mont hs > 12 mont hs 0.05
0.51
0.45
5.01
1.46
1.93
77.30
36.60
50.51
9.57
25.1
4 19.8
2 4.54
24.85
17.91
8.59
13.40
11.76
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
The procedure to become a Life Insurance Agent
Minimum Age : 18 Yrs.
Qualification : 12 th Pass ( Where population is >5000 ) , 10 th pass ( where population is below 5000)
Formal training for a period of 50 hours.
Qualifying in the examination conducted by Insurance Institute of India.
Field training by Development Officer.
Personal Interview
Issue of Licence by IRDA.
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
50 hrs
Training & its Benefits
* Effective selling skills.
* Innovative marketing strategies.
* Customised training * Goal Oriented approach.
* Through knowledge of products.
* Enhanced professionalism * Ability to build long term Customer Relations.
* Certificate issued by the Insurance Institute of India . IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Coming ………. ..
Working …… Staying
Coming together is beginning Working together in progress Staying together is Success
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
TEAM WORK
TOGETHER EACH ONE OF US ACHIEVE MORE
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
PROCESS
You need to undergo 50 hours IRDA prescribed online training - costs 500/ You need to pass IRDA Online test-objective multiple choice type, 1 hour duration. 50% is the minimum pass marks required- u need to pay 350 online while scheduling the test IRDA licensing after passing the test. DD for 250/ The entire process takes 2 to 4 weeks time and total investment would be 1100/ IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION
Contact: Ajay Gupta Development Officer, LIC of India.
Mobile:9845136164 Website: www.licajaygupta.com
IN TRUE SPIRIT OF SERVING THE PEOPLE AND NATION