Conditions for Club membership for LIC agents

Life Insurance Corporation of India has more than 12 lakh agents (know more about LIC Profile 2020). Out of these agents, some are very successful and give consistent business year by year. On the basis of the performance of these agents, LIC gives them club membership.

These club memberships are based on the business procured by the agents in the last 3 consecutive years. In other words, the higher the business, the higher will be the club membership.

Contents

What are the clubs for LIC agents?

There are 7 different clubs for LIC agents. These clubs are named Corporate Club, Galaxy Club, Chairman’s Club, Zonal Manager’s Club, Divisional Manager’s Club, Branch Manager’s Club, and Distinguished Club for LIC agents. All clubs are differentiated by unique colors. Corporate Club is the highest and most prestigious club for LIC agents. On the other hand, Distinguished Club is the lowest club for LIC agents.

Although, the majority of LIC club member agents are in Chairman’s club to the Branch Manager’s Club.

Our other posts related to LIC club memberships

Relaxations in club membership conditions for LIC agents

What are the qualifying conditions for LIC club membership?

We are here to show 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.

Why LIC agent must get a LIC Club membership?

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

Important Things to remember!

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 a 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 yourself 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 its 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!