AGENTS’ CLUB MEMBERSHIP RULES AND BENEFITS
The concept of Agents” Club membership has been introduced in L.I.C. Of India in the year 1971, and the club membership rules were framed in May 1971
The purpose of introduction of this type of club membership to Agents ,was to give them different status and some monetary and other benefits so that there will be growth in their business performance every year. Accordingly some rules were also made for acquisition / continuation of club membership, and for acquiring membership of a higher club.
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 membership 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.
In first, Distinguished agents club need only 40 no. of lives and Rs.50000 commission in three year continuous consistently to qualifying the club membership.
Important Things to remember!
1. Being a club member agent is not a one-time thing, you have to give continuous and consistent business to remain a club member.
2. Doing only new policies will not help you get club membership, you have to be good at servicing and keeping your customers.
3. Your first-year lapse ratio must not be greater than 15% at any cost.
4. Increasing your customer base is more important than increasing your number of policies.
5. 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.
6. 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.
7. 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.
8. Grab the opportunities as and when come, like plan closures and various competitions.
9. 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.
10. Create different segments for different insurance plans, this will give you a diversified customer base and consistent business every time.
11. Keep updating your prospecting list.
12. Do not hesitate to get references from your existing customers.
13.. Use technology to it fullest to give better service.
Regards
1. Krishna
Agency Code : 07061163
Branch: Sector -37, Chandigarh
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