BECOME A LIC AGENT

Choose wisely when you will pay the premiums of the insurance plan

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When it comes to select the mode of payment of the premiums for your policy , you have to be very cautious about it.

Who should opt for the single premium :

If your income is good and you can pay hefty amount at a time then you should opt the single premium. Benefits of paying single premium is that you don't have to remember different date that when you have to pay the premium amount.

once you have paid the premium you have to remember that next year in this month i have to pay premium again only.

Who should opt for the Yearly and Half Yearly mode :

If you are a medium class person and your premium amount ranges from amount 10,000-50,000 you should opt for the yearly if amount is less i.e. 10,000 and opt for the half yearly mode if amount is 50,000.

Benefit of paying yearly and half yearly is that you get 1.5 to 3% rebate

Who should opt for the Quarterly mode :

Those people who are belonging from the lower class of the society they are normally opting for the Quarterly mode.

Their is loss in choosing the Quarterly mode because you have to pay more as LIC has to do the administrative work each and every time when you go for paying the premium amount which increase their cost and labor so if you don't want to pay more so choose wisely and live happily.

Choose wisely and live happily

Study material for the IRDA exam perparation for LIC agents

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IC-33 BOOK FREE DOWNLOAD

CLICK HERE TO DOWNLOAD THE BOOK

POWERPOINT SLIDES DOWNLOADS

(click on the chapters to download)

QUESTION BANK OF RECRUITMENT EXAM

(Click on the chapters to download)

Who Should Purchase LIC Policy

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Child
	* For Marriage Planning * For Education / Higher Education Planning
Youngsters
	* Insurance Cover against family owe * Safety against liability / loan * Retirement / Pension in old age
Retired Person
	* Guaranteed pension for LIFE TIME * Life time insurance cover
Most Common Reason
	* Safe Investment * Tax Benefit U/s. 80C * Tax Free Investment / Maturity * Long Term Investment

Eligibility to become a LIC agent

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How you will become LIC Agent ?

Qualification & Tranning :

* Minimum Age : 18 years
* Education : 12th Pass
* Training : 100hrs
* Personal Interview

Investment : Nominal Fees (Appx. Rs.2000/-)

Quality :

* Positive Attitude
* Dream Big
* Commitment
* Hard Work
* Desire to meet people everyday
* Continues Learning

Tax Slabs – Individual Income Tax (FY: 2010-2011, AY: 2011-2012)

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Dated: 1st July 2010

Tax Slabs

1) In Case of Male Assessee:
Income Bracket Rate
0 to Rs. 1,60,000 0 %
Rs. 1,60,001 to Rs. 5,00,000 10 %
Rs. 5,00,001 to Rs. 8,00,000 20 %
Above Rs. 8,00,000 30 %

2) In Case of Women Assessee:
Income Bracket Rate
0 to Rs. 1,90,000 0 %
Rs. 1,90,001 to Rs. 5,00,000 10 %
Rs. 5,00,001 to Rs. 8,00,000 20 %
Above Rs. 8,00,000 30 %

3) In Case of Senior Citizens:
Income Bracket Rate
0 to Rs. 2,40,000 0 %
Rs. 2,40,001 to Rs. 5,00,000 10 %
Rs. 5,00,001 to Rs. 8,00,000 20 %
Above Rs. 8,00,000 30 %
* On final tax amount, a surcharge of 3 %
**No surcharge above 10 lacs.
Exemptions:
1) 80 C Limit Unchanged (Rs.1,00,000)
2) 80 CCF – Additional Rs. 20,000 on investments towards approved Infrastructure bonds
3) 80CCD:
Contribution to NPS and returns on NPS tax free, but withdrawal still taxable

4) 80 D
Mediclaim Premium on the Health of Investment limit
a) Self Spouse and Children Rs. 15,000
b) Parent/Parents Rs. 15,000
c) If Parent/ Parents Senior citizen Rs. 20,000

5) Section 80DD
Deduction under section 80DD
• Exemption given for Expenditure made for a disabled dependant towards Medical
Treatment/Training/Rehabilitation. It also includes the LIC/Insurance premium paid
towards maintenance of such dependant.
• Maximum deduction allowed is Rs. 50,000/- in case of normal disability and Rs. 1
Lakh in case of severe disability.

6) 80DDB
Deduction under section 80DDB
• Exemption given for expenditure incurred on specified disease or ailments such as
cancer/aids.
• Maximum deduction allowed is Rs. 40,000/-. In case of Senior Citizens, maximum
deduction allowed is Rs. 60,000/-

7) Section 80E
Deduction under section 80E
Deduction is allowed for repayment of interest component of Higher Education loan. All
education after Class 12 is allowed, either vocational or Fulltime. But should be from a
school/institute/university recognized by the government.

8 ) Section 80G
• Contribution to exempt charities – 25/50/75/100% depending on the charity and as
per approval
• 100% exemption on donation to political parties

9) 80U
Deduction under section 80U
• Deduction upto Rs. 50,000/- is allowed in case of Permanent Disability.
• In case of Permanent Disability exceeding 80%, maximum deduction allowed is Rs.
75,000/-.

10) Section 24(1)(vi)
• Housing loan interest. Maximum Investment Limit – Rs. 1,50,000 (for loans taken
after 1 April 1999, for loans before that Maximum Investment Limit 30,000).

11) Superannuation – Any contribution made by a company to superannuation fund upto
Rs. 1,00,000 tax free in the hands of the employee

12) Conveyance/Transport Allowance – Any Conveyance / Transport Allowance given to an
employee is tax free upto Rs. 9,600 /- (No Supporting Bills required)
13) Medical Allowance – Any Medical Allowance given to an employee is tax free upto Rs.
15,000 /- (Supporting Bills required)

14) HRA – Any House Rent Allowance given to an employee is tax free upto the minimum
value of the following conditions (subject to – when an employee can produce rent paid
receipts from landlord for the period and if the employee has not availed of tax exemptions
for home loan interest / principal repayment):
a) 50% of Annual Basic (40% of Annual Basic in case of non-metros)
b) Actual HRA received
c) Rent Paid – (10% of Annual Basic)

15) Professional Tax – Any Professional Tax deducted from an employee’s salary can be
reduced from the annual salary income to arrive at taxable salary

16) Provident Fund – Provident Fund contributions (under section 80 C and subject to an
overall investment limit of Rs. 1,00,000 ) deducted from an employee’s salary are tax
exempt.

Income tax slab for the year 2011

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Tax Slab 2011

New Income Tax Slabs for Assessment Year 11-12 for Resident Senior Citizens (FY 2010-11)

S. No.	Income Range	Tax percentage
1	Up to Rs 2,40,000	No tax / exempt
2	2,40,001 to 5,00,000	10%
3	5,00,001 to 8,00,000	20%
4	Above 8,00,000	30%

Income Tax Slabs for Assessment Year 11-12 for Resident Women (below 65 years)(FY 2010-11)

S. No.	Income Range	Tax percentage
1	Up to Rs 1,90,000	No tax / exempt
2	1,90,001 to 5,00,000	10%
3	5,00,001 to 8,00,000	20%
4	Above 8,00,000	30%

New Income Tax Slabs for Assessment Year 11-12 Others & Men (FY 2010-11)

S. No.	Income Range	Tax percentage
1	Up to Rs 1,60,000	No tax / exempt
2	1,60,001 to 5,00,000	10%
3	5,00,001 to 8,00,000	20%
4	Above 8,00,000	30%

For normal category the simple calculation is as follows

Taxable Income in 10% slab maximum tax will be Rs 34000
Taxable Income in 20% slab maximum tax will be Rs 34000 + Rs 60000 total Rs 94000
Taxable Income in 30% slab minimum tax will be Rs 94000

Education and other cess will be in addition to this.

Payment of Premium

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online payment can be paid on:

Portal payment gateway i.e. on www.licindia.in here premium for all policies can be paid except health insurance plans.

Through Banks:

Axis bank

Corporation bank

these two banks are the authorized banks through which you can pay your premiums.

Premium collection by through the franchisees

premium can be collected in cash only
receipts are issued by the collection center
No service charges are required to be paid to the collection centre to avail the facility
Premium cannot be collected for ULIP policies

Following are the approved franchisees

AP Online : www.aponline.gov.in
MP Online : www.mponline.gov.in
Suvidhaa infoserve pvt. ltd. : toll free no: 1800 22 52 25
Easy bill : Toll free no: 1800 11 75 75
Bill desk : E-mail Id - licindia@billdesk.com

Through the Empowered agents: and authorized retired LIC employees (premium point)

Senior business associate (SBA)

LIC's international offices

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A) BRANCH OFFICES

FIJI
LICI House, 11, Butt Street, GPO Box 266, Suva , Fiji
ISD - 00679 Tel No. 3304148 Fax No. 3302662 E-mail: lici@connect.com.fj

Mauritius
LIC centre , John kennedy street P.o. box 310 , Prt louis mauritius
ISD - 00230 Tel No. 2115702 Fax No.2086392 E-mail: manager@licmauritius.intnet.mu

United Kingdom
york house ,10th floor, empire way ,wembley, middlesex, HA9-OPX, UK
ISD - 0049 Tel No. 2033726900 Fax No. 2089025281 E-mail: enquiry@liciuk.com

B) Representative offices

SINGAPORE
10, Anson Road, 25-09, international plaza , singapore, pin : 079903
ISD - 0065 Tel No. 62207181 Fax No. 62201410 E-mail: office@licrepoff.com.sg

C) Join venture companies

Baharin
LIC International B.S.C baharin , ali alwazaan bldg, 1st floor, al khalifa avenue, P.B.No 584,
manama,kingdom of baharin.
ISD - 00973 Tel No. 17210610 Fax No. 17211577 E-mail: licintl@batelco.com.bh

NEPAL
lic NEPAL ltd. kathmandu plaza kamaladi, G.P.O. BOX 21905, Kathmandu , Nepal
ISD - 00977-1 Tel No. 4168539 Fax No. 4168538 E-mail: liccorporate@wlink.com.np

SRI LANKA
lic( lanka ) ltd. sharnell building, 29/2 , visaka road, colombo, sri lanka.
ISD - 009411 Tel No. 2553598 Fax No. 2590495 E-mail: admin@liclanka.com

Reasons why you should become a LIC Agent

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World's largest company with 250 million customer base.

Largest network in the world.

Maximum number of policies in india is with LIC.

Policies for the every Age group with wide variety.

India's only Govt. company, company which supports govt. policies and gives money in the Five year plans.

* Highest Paid Profession

* More Work More Income

* Flexible Working Hours

* You are your own boss

* Minimum Capital Investment

* Long Term Renewal