Conditions for Club membership for LIC agents

We are here showing you the qualifying conditions for CM Club, ZM club, DM club, and BM club. Basic 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. First-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 the conditions of the particular club for 3 years. In other words, to get the LIC club membership, an agent must qualify this condition in the qualifying financial year and in 2 financial years out of 3 previous financial years. To know the qualifying conditions of Galaxy club please visit our other post: Club Galaxy for LIC agents: All you need to know

If put this in the example, if an agent wants to become chairman club agent, then he/she must qualify all the mentioned conditions 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, agent will get club membership for 1 year. The club membership year will be 1 September 2020 to 31 August 2021.

The agent must continuously qualify these conditions to maintain and continue the club membership.

You one the agent among the 12 lakh agent of LIC of India and maybe 1 of thousand of 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 of 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

These are some the benefits that a LIC club member agent enjoys.

• Being a club member agent is not a one-time thing, you have to give continuous and consistent business to remain a club member.
• Doing only new policies will not help you get club membership, you have to be good at servicing and keeping your customers.
• Your first-year lapse ratio must not be greater than 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 yourself away from club agents who only do minimum qualifying business, you may end up with no club at all.
• Doing seasonal business will not help you to get a club membership. To get the LIC club membership you must work throughout the year with consistency.
• Always keep your self 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 come, like plan closures and various competitions.
• Do not stick to limited plans. This will make you stereotype and you may not able to create a good customer base. Try to sell all the available insurance plans.
• Create different segments for different insurance plans, this will give 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 it fullest to give better service.

If you have any other questions related to LIC servicing then just mail us at [email protected]. You can also comment below. Share if you liked this information useful because Sharing is caring!