LIC

Know About Your Life Insurance

Life insurance in India made its debut well over 100 years ago. In our country, which is one of the most populated in the world, the prominence of insurance is not as widely understood, as it ought to be. What follows is an attempt to acquaint readers with some of the concepts of life insurance, with special reference to LIC. It should, however, be clearly understood that the following content is by no means an exhaustive description of the terms and conditions of an LIC policy or its benefits or privileges.

For more details, please contact our branch or divisional office. Any LIC Agent will be glad to help you choose the life insurance plan to meet your needs and render policy servicing.

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:
» The date of maturity, or
» Specified dates at periodic intervals, or
» Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates ‘risk’, substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.  

By and large, life insurance is civilisation’s partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

1.That of dying prematurely leaving a dependent family to fend for itself.
2.That of living till old age without visible means of support. 

Who Can Buy A Policy?

Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest. Policies can also be taken, subject to certain conditions, on the life of one’s spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent’s income and other relevant factors are considered by the Corporation.

Procedure to become LIC agent

Eligibility Criteria

Age: 18 Years and Above (There is no upper limit).
Qualification: 10th Class.

Documents

  • 3 Colour passport size photo.
  • Photo copy of 10 / +2 marksheet/ Diploma marksheet/ Degree certificate.
  • Photo copy of Pan card.
  • Photo copy of address Proof.
  • Photo copy of Aadhar Card.
  • Photo copy of Cheque / Cancelled Cheque.

Fees:

  • Rs.150 for registration.
  • Rs. 250 for online training fees.
  • Rs. 425 + Service Tax for online exam.

Registration & Training
Candidates needs to register Himself / Herself with IRDAI after successful registration candidates needs to undergo training (Online / Offline) either at Divisional Training Centre or at Branch Office to make you aware of theoretical aspects of Life Insurance.

Exam
After successful completion of training Candidates needs to appear to the Pre-Recruitment Test as specified by the Insurance Regulateor which will be conducted through online mode only at NSEIT Center, Basheerbagh, Hyderabad. Exam will be of 50 marks and questions will be of Multiple choice. You have to get 17 marks to pass exam.

License
After successful completion of the examination candidate is awarded a license by the Branch Manager and is eligible to sell Life Insurance Products of LIC of India.