How much money can a LIC agent make?
How much can an insurance agent make? Is the commission to LIC agents is paid only if policy is sold or even on premium paid?
What happens if a LIC agent issued policies and left the agency, will he be paid commission on premiums paid even after he left the agency?
There is no straight rule to calculate how much money LIC agents can make. It all depends on how much policies you can sell.
The factors which may decide the income of LIC agents are:
- Number of Policies sold: The more policy you sell, the more profit you earn. Number of policies decide the profit that can be made by a LIC agent.
- Type of Policy: Types of policies that LIC agent sells is another factor to decide the profits of LIC agents. You can not make profit by selling policies which gives less commission. By selling more number of policies which give higher commission increase the profit.
- Commission Rates: Commission rates not at first time but every year on premium also affects the profits that can be made by a lic agent. Higher the commission rate on premiums, higher the profit by agent.
- Customer Relations: By having great relationship with existing customers can increase the profit margin. Old customers are best sources to get the new subscribers. The old customers referes new cusotmers. By getting new customers through reference agents save the marketing cost.
- Marketing: You market yourself better, more clients you get. By doing perfect marketing, agents can aquire new customers and make more profits.
Overall the profits of agents totally depends on Number of policy sold and Commission. But to achieve the big targets requires great marketing and customer servcies.
Which is more profitable Life insurance or General Insurance? Agent doing Life insurance or agent doing General insurance, which agent will earn more?
General Insurance or Life insurance, the one who works hard will earn more.
There is no hard rule to decide who will earn more. But i believe same efforts are put, General Insurance Agent will earn more than Life Insurance Agent.