The Life Insurance Corporation of India (LICI) is a pioneer in the life insurance industry. The company was the first life insurance company formed in India and as such it has the largest customer base. As such, LIC has more than 2048 branches operating today. Customers have an inherent trust in the plans offered by the company and so they readily buy LIC insurance policies. Due to this many individuals seek to become an insurance agent and sell LIC policies.
How to sell LIC policy?
To sell a life insurance policy of the Life Insurance Corporation of India (LICI), you have to become an agent with LIC. To become an agent the following steps are required -
- You have to register for agency with LIC.
- Attend a classroom training for 25 hours at a LIC training institute
- There would be an exam conducted by Insurance Regulatory and Development Authority (IRDA)
- You would, then, have to clear the examination to get a license to act as a LIC agent.
Once you get the license, you can sell LIC policies to your contacts by visiting them one-on-one.
Selling insurance policies of LIC
LIC policies can be sold in two ways - online and offline. Let’s understand how these methods work -
- The offline mode of selling LIC policies
You can sell LIC policies by visiting your clients. You have to explain the plan details to your clients. After the client agrees to the policy that you recommend, you should help your clients fill up the proposal form. After the form is filled, collect the premium. Then, you need to visit the office of LIC for getting the policy issued. It is a cumbersome process as you have to physically visit the company premises for entering in the policy details which you have sold.
- Online mode - An easier alternative
Rather than visiting your contacts physically, you can a Point of Sale Person (PoSP) with the help of Mintpro. Mintpro allows you to sell LIC policies online from the comfort of your own home.
Read about How to sell insurance?
How to sell LIC policy online
To sell LIC policies online, you can follow these steps –
- Create a list of all your contacts including family, friends, relatives and acquaintances and then approach them
- Try and find out the financial requirements of your contacts before telling them the details of the policy. Once you find the financial requirements you can understand which policy would be suitable for them.
- Once you have understood the requirement of client, recommend the suitable LIC policy. It can be an endowment plan for savings oriented needs, child plan for child’s future planning, pension plans for retirement planning or unit linked plans for creating wealth
- Once the client sees that the product which you are suggesting meets his/her financial needs, he/she would buy the policy from you. When the client agrees to buy the plan, help them fill up the proposal form online. The form should be filled with the particular details and the details should be correct. If the client does not understand any part of the form, educate him/her about it so that the form is filled after complete understanding.
- After the form is filled, help your clients pay online premiums and help them get the policy thereafter.
That’s it. You can sell your LIC policies easily using these steps.
Know more about How to become an LIC insurance agent.
The Mintpro advantage
Mintpro gives you complete online support for selling insurance policies to your clients. Right from finding the plans suitable for your client to helping them with their claims, Mintpro gives you online assistance. You can use the Mintpro app to sell LIC policies online.
When you sell online, your customers can buy the policy directly from the app and pay the premiums online. The policy is issued at the earliest and your hassles are also reduced.
Your clients can also compare the plans offered not only by LIC alone but also by different life insurance companies. Thus, by comparing, your clients can buy the best policy at the lowest premium rates. Also, the features of every policy are available at your fingertips on the Mintpro app.
Besides helping your customers buy insurance after comparing, Mintpro also gives you end-to-end support. You can provide efficient post-sales service to your clients with Mintpro’s help. You get regular renewal reminders and can track your sales on the app. Mintpro also helps you provide claim assistance to your clients. Thus, Mintpro helps you sell insurance the paperless way. You just need to focus on selling the policy to your contacts and Mintpro would do the rest.
Know everything about LIC agent exam
Read about How to sell LIC policy
I did not know that selling LIC policies would become so easy with Mintpro’s help. I can sell LIC policies online from the comfort of my own home. Thank you Mintpro.
The advantages of Mintpro are too many to count but the best advantage is the ease with which I can sell. The app lets me sell LIC policies online and also helps me keep track of the policies I have sold.
The online medium of selling LIC policies is very easy. I don’t have to visit LIC’s offices anymore as the entire work is done online. It is an easy, simple and convenient way of selling LIC policies.
Mintpro lets me sell LIC policies easily. Gone are the days when I had to go to LIC’s offices to deposit the policy. Now, everything can be done online. The process is fast and easy too.