START-UP OPPORTUNITY AS LIC ADVISOR

Similar documents
Life Insurance Agent 1

CHAPTER 5 FINDINGS, SUGGESTIONS AND CONCLUSION

Life insurance industry in India

Travel Insurance and Assistance in the Asia-Pacific Region

Guarantee your family s financial future, no matter what life has planned for you

Leadership in life insurance. April 2008

Travel Insurance and Assistance

Insurance: The World to Come

Macro Economic & Demographic Trends: India

Protects your family's future through regular savings

RURAL INSURANCE-GOVERNMENT INITIATIVES

LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE

The Power of Protection Confidence in the future. Global Report

Actuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of

Investment Theme 3Q18. Ageing Population. Source: AFP Photo

Travel Insurance and Assistance

Impact of Privatization on Indian Life Insurance Industry Post IRDA 2000

Speakers Profile. Heerak Basu Senior Vice President & Appointed Actuary Tata AIA Life Insurance Company Limited

LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE. Dept: Product Development Jeevan Bima Marg Mumbai

LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE

Mounting Role of Banc Assurance in India

DEVELOPMENTS IN BANCASSURANCE - INDIAN LIFE INSURANCE INDUSTRY

LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE. Ref : Actl /PD / 2148 /4. Re: INTRODUCTION OF LIC S CHILD FORTUNE PLUS (Plan No.

Get back what you give and much more

Capital Market Professional Development Program. The Indonesian Capital Market Gateway

Travel Insurance and Assistance

GLOBAL CERTIFICATION IN WEALTH MANAGEMENT CONNECT YOUR CAREER TO THE WORLD WEALTH MANAGEMENT PRIVATE BANKING

Basic Salary : HRA : 6.00 Conveyance Allowance : 1.50 Variable Salary : 7.50

Higher FDI in Indian Insurance sector a buzz for the industry

A STUDY ON FACTORS INFLUENCING OF WOMEN POLICYHOLDER S INVESTMENT DECISION TOWARDS LIFE INSURANCE CORPORATION OF INDIA POLICIES IN CHENNAI

PRESENTING. Canara HSBC Oriental Bank of Commerce Life Insurance JEEVAN NIVESH. Non-Linked Participating Life Insurance Plan

A look at some rapidly growing general insurance markets in Asia

No matter where life takes him, you will be a part of it.

Corporate Governance in India: Developments and Policies

General Insurance Corporation of India Ltd.

Foreign Non-Life Insurers in Japan

JEEVAN UMANG 3 Generation Plan Jeevan Umang with Jeevan Lakshya

Key Benefits of SmartKid Regular Premium. Benefits in Detail

i need an investment that works hard for me finally a plan that creates wealth with confidence

Re: CFA Institute and IAIP comments on Draft Guidelines on Wealth Management/Marketing/ Distribution Services offered by Banks

CHAPTER - IV A COMPARSION OF PUBLIC & PRIVATE COMPANIES IN LIFE INSURANCE WITH THEIR MARKETING STRATEGIES

Insure Egypt

INFORMATION TO BE PROVIDED IN SALES BROCHURE. LIC s New Group Gratuity Cash Accumulation Plan (UIN: 512N281V01)

Strategies for Successful Business in Asia Fasico is proud to be a partner of

MICRO INSURANCE IN INDIA PERSPECTIVES AND CHALLENGES. M Kalyanasundaram Chief Executive INAFI-INDIA

The Policyholders Preference And Satisfaction Towards Life Insurance Corporation of India s Policies.

LIFE INSURANCE AGENT S FEDERATION OF INDIA,(LIAFI 1964 )

Vontobel Summer Conference

PROTECTING your child s passion now made easy

This article is on Capital Adequacy Ratio and Basel Accord. It contains concepts like -

Women Entrepreneurship: Global Trends

Secure 58. Why shouldn't you have the freedom to alter your retirement plan at any time? Birla Sun Life Insurance

Leadership in life insurance. November 2015

Birla Sun Life Insurance. Dream Endowment Plan Freedom to meet your family's dreams with confidence

What information is necessary to make money in the stock market? This is a question all market participants try to answer daily. This looks easy but

Global Investor Survey 2017 Dutch consumers

International Journal of Engineering Research ISSN: & Management Technology March-2016 Volume 3, Issue-2

HSBC Holdings plc Insurance March 2011, Hong Kong. Presentation by David Fried Group General Manager and Group Head of Insurance

AXA Asia Pacific Holdings Limited

Ref : Actuarial / Valuation / 2118 / 4 Page 1 of 9

Charting Brunei s Economy

Insights into Retirement Risks and Opportunities in Asia Pacific Markets

he gives you many sweet surprises give him a surprise of the jumpstart bonus of upto 7%

LIC s JEEVAN ANURAG (Table No. 168)

Shouldn t your insurance plan keep pace with changing times? Dream Endowment Plan Freedom to meet your family's dreams with confidence

Exchange Traded Funds (ETFs): The New Packaged Product of Choice

Financial Access is Not Financial Inclusion:

Global Consumer Confidence

Challenge Status Program

- LIFE INSURANCE CORPORATION OF INDIA CENTRAL OFFICE. Dept.: Product Development Jeevan Bima Marg, Mumbai

Insight into Pakistan Life Insurance Sector

Note. Chairman Madam visits Hannover to attend Messe event and SBI Germany s jubilee event

HDFC Bank Recommendation: Buy

Productivity and Competitiveness Indicators ( )

Agenda. Company Overview Annual Financial Results. Business Review and Prospects

India : Building scale and leadership. Pankaj Razdan Prudential Corporation Asia 1 December 2006

FEES SCHEDULE (COPPER / GOLD)

CHAPTER 4 THE HISTORICAL EVOLUTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS IN INDIA

Future Generali Saral Bima

2017 Global Trends in Investor Relations

Your wealth, your family, your enduring legacy. AIA Platinum Legacy (VIII) grows and protects your wealth for the next generation.

The launch pad for your child s bright future

Foreign Exchange Reserves in India

World s Best Investment Bank Awards 2018

Overview of retirement adequacy and impact of NPS

Takaful Business Challenges and Opportunities

FEES SCHEDULE (SILVER/PLATINUM)

FPSB India / Public FPSBI/M-VI/02-01/10/SP-22

Session - International Diversity Labour markets, economic developments, and career information and guidance in OECD countries

DIVERSIFICATION. Diversification

Globalization and Outsourcing Don Rosenfield Session 21

Singapore Fact Sheet GENERAL INFORMATION SHARE CAPITAL

The Value of Financial Planning and Awareness of CFP Certification: A Global Financial Planning Survey Hong Kong Results

2018 CAPITAL GAINS DISTRIBUTION ESTIMATES

Insurance data sources and data needs: Private-sector perspectives. Raymond Yeung, Swiss Re OECD-Asia Regional Seminar, September 23-24, Kuala Lumpur

2012 Canazei Winter Workshop on Inequality

Saral Wealth Plan. Birla Sun Life Insurance. A plan with extra protection for you and your savings

An Overview of Insurance Services in Nepal

The smarter way to a brighter financial future

Actuarial Department, Central Office, Yogakshema, Nariman Point, Mumbai Tel: / , Fax:

Transcription:

Presents START-UP OPPORTUNITY AS LIC ADVISOR Kamlesh Gurbuxani, AIII, CFP CM Development Officer LIC of India

We groom Ordinary People to earn Extraordinary Wealth and make them STAND OUT FROM THE CROWD

What is LIC s Start Up Opportunity? It is an Exclusive Career opportunity provided by LIC of India to Fresh Graduates, Post Graduates and MBAs to become an Entrepreneur. It is Premier Agency Channel (like Nexa of Maruti Udyog) which will cater to Upper Middle Income and High Net worth Individuals. Agents will also deal with Corporates for Business Insurance.

What is LIC s Start Up Opportunity? It is a full time Entrepreneurship Opportunity. Total earnings during 1 st year will be above Rs-25,000 if one performs all the mandatory activities required of them. Total earnings by the end of 3 rd Year will be above Rs-1,00,000 per month.

Activities Required Following Activities are Mandatory: Attend Training Sessions Regularly. Preparing Prospect list of at least 100 People. Meeting at least 4 Prospects Daily. Writing Daily Activity Report and Preparing weekly summary. Attend Weekly Review Meetings.

Selection Process Send your resume on career@licguru.in Appear for Personal Interview. Appear for Aptitude Test.

After Selection: Selection Process 25 Hours Classroom/Online Training. Passing of IRDA Examination. Induction Training for 25 Hours. Issue of Appointment Letter By LIC of India. You will be attached to LIC of India Bhandup (w) Branch on LBS Marg, Mumbai.

Fees Payable Fees: ` 150 Registration Fees. ` 150 Online Training Fees. ` 500 IRDA Examination Fee. ` 200 for Study material Total: ` 1000

Other Requirements Compulsory: Laptop with Printer Software Smart Phone Optional but Desired: Two wheeler/car

About Us You will be trained by Shri Kamlesh Gurbuxani, Development officer, popularly known as LICGURU in LIC of India. He is Associate of Insurance Institute of India and first Development officer in the country to complete Certified Financial Planner (CFP) certification. Training of agents is his main forte. He has compiled books exclusively for LIC agents. 1. PRERANA Induction Training 2. Prerana Underwriting Rules 3. Prerana Update Jeevan Umang 4. Prerana Update Bima Shree & Jeevan Shiromani

About Us He is committed to create a team of Young Entrepreneurs and make a difference in their lives.

Our Mission

Support from our side We have well stocked library of Books, Audio and Video CDs on life Insurance and self development. You will be trained on Need Based Selling techniques. Your activities will be monitored regularly to insure that you achieve your desired target on time. We will make sure that your income will be Minimum Rs-1,00,000 per month within 3 years time.

This Opportunity is for Only 10 Select People.

To Explore Further about this Profession, go through the Following Slides OR Call on 9869624991 for Appointment

Introduction LIC agent is the person who provides advice on Life Insurance Planning to people to protect their family from unexpected events of death, disability and retirement of the bread winner. It is a noble profession indeed. LIC agent also contributes to economic development of the country. As the money collected towards life insurance premium goes towards Nation Building Activities e.g: Roads, Railways, Ports, Bridges, Water supply, Electricity, Housing etc.

Job Profile of LIC Agent The main job of LIC Agent involves: Prospecting: Identifying the prospective customers and fixing appointment. Need Analysis: Identifying the needs and getting the prospect agree that need exists. (i.e. Family Income Provision, Children Education and Marriage Provision or Retirement Income Provision.)

Job Profile of LIC Agent Plan Presentation: Suggesting suitable plans that fulfil the needs as agreed by the prospect. Closing the Sale: Convincing the prospect that you have suggested the best possible solution for his needs and ask for the order. After Sales Service: Provide efficient after sales service and claims settlement.

Attributes You Should Possess To become Successful LIC Agent: You should be outgoing and love to meet people. You should be ambitious to start your own Business. You should have Good Communication Skills. You should have lot of Perseverance. You should be willing to work hard with lot of Dedication and Devotion. You should be prepared to accept rejections as stepping stone.

Benefits of LIC Agency as a Career LIC agency is considered today as the highest paid profession in the world. It also provides you with the Royalty Income. You can start your own Business with less Capital Investment. You have freedom to set your own working hours. You have the opportunity to earn as per your potential. Your work gets easier and less demanding as your business grows. You can Pass this Business to your next Generation as a legacy.

Market Potential 1. Indian Insurance Market: It is one of the least Insured Market in the world. Out of total insurable population only 40% are covered till today. These 40% also are also not adequately covered. Only 20% of total agency force is working as Professionals, and these 20% brings 80% of total life Insurance business. We will help build your career as a professional agent and make sure that you will be among these top 20% agents.

Market Potential 2. Growth Opportunities: a. Low Insurance Penetration. b. Low Insurance Density. c. Low share of world premium. d. High per capita Savings. e. Increase in working population. f. Growth in personal Income. g. High Consumer Awareness. h. Strong LIC brand.

Market Potential a. Low Insurance Penetration: Insurance penetration is measured by Premium as a percentage of GDP. We will come to know about the potential when we compare the difference in penetration level in India with other countries of the world.

Country Penetration (%) Taiwan 16.65 Hong Kong 16.20 South Africa 11.52 Finland 9.53 UK 7.58 South Korea 7.37 Japan 7.15 Denmark 6.95 Italy 6.23 India 2.72 China 2.34 The penetration level in India for the year 2016-17 is about 16% of Taiwan, 24% of South Africa and 38% of Japan. The above figures show that there is tremendous potential available in India to match the figures of Asian and other countries of the world. Source: Swiss Re, Sigma 03/2017

Market Potential b. Low Insurance Density: Insurance Density is the ratio of premium to total Population. We will come to know about the potential when we compare the difference in Insurance Density in India with that of other countries of the world.

Country Density in USD Hong Kong 7065 Finland 4106 Denmark 3742 Taiwan 3598 UK 3033 Singapore 2894 Japan 2803 South Korea 2049 USA 1724 China 190 India 46 World Average 353 Insurance Density for the year 2016-17 in India is just 13% of the world average and only 0.65% of Hong Kong. There is huge potential available just to reach the world average and to reach the figures of Asian and other countries the scope is phenomenal. Source: Swiss Re, Sigma 03/2017

Market Potential c. Low Volume of Life Insurance Premium: Rank Country Market Share 1. USA 21.35% 2. Japan 13.53% 3. China 10.03% 4. UK 7.62% 5. France 5.84% 6. Italy 4.68% 7. South Korea 3.98% 8. Germany 3.62% 9. Taiwan 3.23% 10. India 2.36% Looking at the very low volume of life insurance premium of India, we can assess the available potential of Indian Life Insurance Market. Source: Swiss Re, Sigma 03/2017

Market Potential d. High per capita Savings: Indian People are good savers. Indian Gross household saving in financial sector is 10% of GDP for the year 2014-15. The share of life Insurance premium was 19% of gross house hold savings. (Source: RBI Annual Report 2014-15). Above Saving Habits of Indians Shows that People Believe more in LIC for Savings.

Market Potential Report on the savings pattern states that: 83% save for emergencies, 81% for Children s education, 69% for old age, 63% to meet future expenses towards marriages, birth and social ceremonies. The above pattern indicates tremendous scope for life Insurance products.

Market Potential e. Increase in working population: India has about 40% of young population at present i.e. age group 20 to 49 years. This is expected to grow to 65% by the year 2020. Research by Morgan Stanley shows that India s working-age population will increase by 136 million by 2020. (China s working-age population, by comparison, will grow by 23 million.) The expected increase in young working population shows the potential available in India for Life Insurance Business.

Market Potential f. Growth in personal Income: As per report of National Council of Applied Economic Research (NCAER) 2010-11, There are 31.4 million families ( 160 Million Individuals) with incomes between Rs 3.40 lakh and Rs 17 lakh per annum ( at 2009-10 price levels). The number of such households will be 53.30 millions ( 267 million individuals) by 2015-16. By 2025-26 it will be 113.80 Million Families ( 547 Million Individuals) i.e. 37.20% of total population. The report said that two thirds of the Indian middle class is to be found in urban India.

Market Potential g. High Consumer Awareness: Splitting of joint families, absence of social security scheme and opening up of Insurance sector has contributed to increased awareness about life Insurance. Rigorous advertisement by 24 life Insurance companies has made people realize about importance of Life Insurance. The total First year Premium of life insurance industry has increased from 9,707 Crores in the year 2000-2001 to 1,93,865 Crores in the year 2017-18, showing a compounded annual growth of 19.26% during last 17 years.

Market Potential h. Strong LIC Brand: You will be associated with one of the leading Life Insurance Company of the world. The brand image of LIC of India is huge, people in India identifies life Insurance as LIC only. Brand Value of LIC is ` 30,00,000 Crores, and you will be using that brand on your card. Thus selling life Insurance policies for LIC of India is much easier.

Market Potential Market Share of LIC of India as on 31/03/2018 is as under: First Year Premium in Crores Market Share Number of Policies Market Share LIC of India 1,34,551 69.40% 2,13,38,176 75.67% All 23 Private Companies 59,314 30.60% 68,60,615 24.33% Total 1,93,865 2,81,98,791 The above figures shows dominance of LIC of India even after 18 years of opening of the Insurance sector to private companies.

Market Potential Summary The least Insured life Insurance Population, Paucity of Professional Agents, Low Insurance Penetration and Density, Low Volume of Life Insurance Premium, High rate of personal savings, Young working population, Burgeoning Middle and Higher income class, Rising Insurance awareness and Strong Brand image of LIC of India All these positive aspects provide you with tremendous opportunity to build your career as a Professional LIC agent.

Remuneration Remuneration will be paid to you in the form of Commission as percentage of premium collected through the policies sold by you. It is not a one time commission on a sale made by you. It provides you the royalty income through out the term of policy. As long as policyholder pays the Premium you will get the commission. Moreover this commission is hereditary i.e. it will be paid to your nominees even after your death.

Remuneration The Commission rates on regular premium policies are as under: First year Commission : 7.5% to 25% Bonus Commission : 40% of first year commission. Renewal Commission: 2nd and 3rd Year of Policy : 2% to 7.5% 4th year onwards : 2% to 5%

Remuneration Example of Commission on Regular Policy of Premium paying Term 15 years and above: 1st Year Commission : 25% of Premium. Bonus Commission : 40% of first year Commission (i.e. 10% of Premium) Total 1st Year Commission: 35% of Premium Renewal Commission: 2nd & 3rd Year of policy 4th Year onwards : 7.5% of Premium : 5% of Premium

Year Your Expected Income for Next 5 years: Expected New Premium Expected Income 1 st year 2 nd year 3 rd year 4 th year 5 th year 1 st 12,00,000 4,20,000 90,000 90,000 60,000 60,000 2 nd 24,00,000 8,40,000 1,80,000 1,80,000 1,20,000 3 rd 36,00,000 12,60,000 2,70,000 2,70,000 4 th 48,00,000 16,80,000 3,60,000 5 th 60,00,000 21,00,000 TOTAL 4,20,000 9,30,000 15,30,000 21,90,000 29,10,000 Monthly 35,000 77,500 1,27,500 1,82,500 2,42,500 As Years pass by your Renewal Commission keeps on increasing thereby assuring you a pension for the next 20 to 25 years even when you stop working OR will be paid to your family in event of your death.

Remuneration We will make sure through our meticulous training that your earnings should be as per the chart shown, but that requires willingness on your part to take lot of physical pain.

Club Memberships Club Membership is the recognition bestowed upon the agents to increase their status in the society and in the Corporation.

Club Memberships Following are the levels of club membership depending up on the Business performance: Distinguished Club. Branch Manager s Club. Divisional Manager s Club. Zonal Manager s Club Member. Chairman s Club. Club Galaxy. Corporate Club.

Club Memberships Following additional benefits are given over and above the commissions payable: 1. Office Allowance to maintain your own office. 2. Telephone/Mobile bill reimbursement. 3. Reimbursement of Sales Promotional Gift items. 4. Interest free advance for purchase of Car/Motorbike. 5. Interest free advance for purchase of office equipment. 6. Interest free advance for Training.

Club Memberships 7. Interest free Festival Advance. 8. Housing loan at concessional rate of interest. 9. Term Insurance and Mediclaim benefits. 10. Guest house facility throughout India at concessional rates as applicable to employees. 11. Annual Convention

Club Memberships The total monetary equivalent of all above benefits ranges from `5,500 to `6,20,000, depending up on level of Club Membership.

Gratuity Agents are entitled to get the gratuity at age 60/65 years after serving for minimum 15 years. At present the Maximum Gratuity amount payable is ` 3,00,000.

International Recognition from MDRT Founded in 1927, the Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals, is an international, independent association of nearly 36,000 of the world's leading life insurance and financial services professionals from more than 430 companies in 78 countries. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. MDRT membership is recognized internationally as the standard of sales excellence in the life insurance and financial services business.

International Recognition from MDRT To qualify for the membership of MDRT, agents have to earn the prescribed First Year Commission excluding the Bonus Commission OR brings prescribed First Year Premium during the Calendar year.

International Recognition from MDRT There are three levels of Membership with criteria for MDRT 2019: Sr. No. Membership Criteria First Year Commission without Bonus First Year Premium 1. MDRT Basic ` 9,34,400 ` 37,37,600 2. Court of the Table- COT 3. Top of the Table -TOT 3 Times MDRT 6 Times MDRT ` 28,03,200 ` 1,12,12,800 ` 56,06,400 ` 2,24,25,600

International Recognition from MDRT Through our training process we will make sure that you will qualify for Basic MDRT by the end of 3rd year of your agency.

We Thank you for Reading Such a Long Presentation Till End. If you have made up your Mind to Work Full Time and Be an Entrepreneur mail your resume on career@licguru.in. If you need any further clarification feel free to call on 9869624991. We will appreciate if you can forward this Presentation to your friend who has burning desire to become an entrepreneur.

THANK YOU