Insurance companies may have to pay more !!!!

TRAINING OF AGENTS TO COST MORE

 

Recruitment of agents could slow down as the life insurance industry switches to a new syllabus and examination pattern from October 1.Further, the cost of training agents for insurance companies could go up.While the new syllabus is beneficial, experts in the insurance industry said that recruitment of agents could be temporarily impacted. This could impact business development, particularly in the case of insurance companies which rely heavily on the agency channel. 

 

                                                                 The number of agents in the life insurance industry has fallen drastically after the commission for selling unit-linked insurance products was slashed in September 2010 from 15 per cent to 5-6 per cent.The number of individual agents has gone down from 29.78 lakh in 2009-10 to 26.47 lakh in 2010-11, according to the Life Insurance Council.The insurance regulator has asked the insurers to implement the new syllabus in September but the latter requested for some time. On September 9, the regulator had a meeting with the representatives of life insurance companies and agency training institutes to discuss the modalities of the implementation of the new syllabus from October 1.

 

                                                          One of the concerns raised by the agency training institutes was that training under the new syllabus will take up to 70 hours, which is longer than the mandated training of 50 hours.Insurance companies expressed reservations that if the training hours go up then the costs that they will have to bear will also go up substantially.  

SOURCE:BUSINESS LINE   

PICTURE SOURCE:http://apricons.com

WHY BECOME A INSURANCE AGENT

WHY BECOME AN INSURANCE AGENT IN LIC??

 

 

*EARN WITHOUT ANY CAPITAL

 

*POTENTIAL TO EARN 25K PER MONTH 

 

*ASSOCIATED WITH LARGEST FINANCIAL    CORPORATE IN INDIA 

*BECOME A TRUSTED HEAD IN YOUR  OWN RIGHT

 

*CHANGE YOUR FREE TIME TO MONEY TIME .$$$$

     

Insurance Week

Insurance Week !!!!!!!

Insurance week is celebrated all over India from 1st Sept to 9th Sept .In this Week the largest Financial company was formed .No Doubts its LIC !!! After 55 years LIC is Still growing bigger and Bigger. All LIC Branches across India celebrate the week with Insurance Awareness Campaigns,Contest for agents and Employee and LIC Policy awareness campaign.LIC not only sells policies but passes the message of Insurance through this campaign ,which is good for everyone . Good LIC !!!!!!

Good LIC

Hi All.!!!!
                 Sorry Took a long Time to write This ...Basically Insurance Plans are Two types 1.Pure Endowment 2.Term assurance Plans . Pure Endowment Plan is a plan where the insured should be alive at the end of the term ,then only money goes to him ,If he is dead Money is not given Back.

 
 

I think the Picture would have given the Better Picture about the policy .Another scheme is pure term assurance  in which the policyholder guards against death .In this ,The Money is given at event if death in the policy term  ,if he survives in the end of the policy term ,money is not given back .                                      

 My Trainer always says if show shomething Visually it gets in to the mi9nd easily rather telling someone . All the Insurance Policies in LIC is the combination of the both of these plans .The Different Types of Plans LIC are                                                                                                                                        

1.Children Plans                                                                                          

2.Pension Plans                                                                                           

3.Endowment Plans                                                                                     

4.Health Plans                                                                                             

   5.Term Assurance Plans                                                                                 

  6.Whole Life Plans                                                                                       

      

All Plans are Very good Plans ,saying this not because i am working there but because all the other aspects      related to LIC of India and the money invest in LIC directly goes to Nation building process of India .When u take a policy with LIC ,you are not only securing your family but also you are involved in the process  of nation building .Makes you Proud is-int .thinking of taking of policy ,how to take a policy  only way to take policy is through Agents .What is there for the Agents ,you might have seen Agents collecting premium from policy holder .So why he does that ?? We will see that in Next Post .                                                          

Plans Of Life Insurance Corporation

Life Insurance Corporation Of India has Different Types of Insurance Plans For All Ages  . LIC of India has a department Called a actuarial Dept and They are the one who design all the plans in LIC.The Actuary is the most Wanted people in the Insurance Industry ,if you are a 12th Passed Out and if you have a Interest in Insurance ,then i would Suggest to get in to actuarial science ,because guys who have studied this subject are less so you can mint Money like anything .Giving Advice!!! Well its college fever.Coming back to Plans , you can Choose the Plan you want  and get them .Well That is the beauty in LIC .Tom we will see about the plans in life Insurance Corporation . Oh .I wanna say something to the comment made for the previous post ,People have become completely unethical . Signing Off !!!!                       

History Of LIC

Good LIC .. Today we are going to see the History Of the Life Insurance Corporation of India . Before Independence , Insurance Companies where working in India for one reason to swindle people's money .  There were more than 200 Insurance Companies in India Like, Bharat Insurance Company,United India,National Indian,National Insurance,Co-operative Assurance,Hindustan Co-operatives,General Assurance,Indian Mercantile .The world war I & II and independence struggle in India  had adverse effects in the economy of India and numerous Insurance Companies went bankrupt .The General public were duped and they had no Insurance Cover ..


                                                                           After India got Independence ,our Prime Minister Nehru went around world to get business for India ,but none came forward .Only Russia agreed for technology sharing deal .Nehru came back and decided that India has to take care of its own and create surplus on its own. Then Came Idea of Government Insurance Corporation .Nehru and Group of Ministers decided only way to go forward is to Nationalize the Insurance Business in India to save people from fraud and also to create a Insurance Giant. On September 1st 1955 Life Insurance Corporation Of India was born by unifying all the Private Insurers .Government  Of  India  for  its Part Gave   Rs 5 Crore for a Capital . 

                                                                 Then Started The Golden Era of LIC of India . Now LIC has 8 Zones ,109 divisions, 2048 Branch Fully Computerized Branch offices ,992 Satellite Offices and a Corporate Office . LIC every year ,gives 5 %  of the surplus ( Profits ) as dividend to Govt of India and the last year figure was Rs.1,030,92,26,702/- .  So i would say that 5 Crore is Very good Investment . Next will see the role of LIC in nation building ,Signing off .............
                                                          
Picture Courtesy: indiainfoline              

Good LIC

Hi ...

                           I am Vijay, working in Life insurance corporation of India as Development Officer in Tnagar Branch . I really Honored to be working with the Mighty Financial organization .LIC is the Biggest Life Insurer in Asia and LIC has rich History and It was formed by 1955 by the Indian Government . 

                                                                         

                                                      Now LIC is the  largest Life Insurer in India and has More than 38 Crore Policies and Asset base of Rs 12,00000000000 . Thats a Large and LIC Manages it Correctly and Life Insurance Corporation of India is the only Government Organization where there is no Corruption .

                                         In Indian Insurance Market ,now LIC has market Share of 78% and virtually other 22 private companies share the remaining 22% .LIC also has 14 lakh Insurance Agents which is the largest workforce in the Country . I would to Love go on about it and talk about the career of  LIC Agent  and also about LIC Development Officer career ,I will talk about that in next blog . Also If you have any doubts and issues with the LIC Policy that you already have , please feel free to contact me . Signing Off !!!!