Thursday, July 7, 2016

HOW TO BECOME LIC AGENT


Register Yourself for LIC Agency:

You can registered with us on http://licindia.in ,click the icon want to be lic agent?
or click the link below

http://agencycareer.licindia.in/agt_req/

Steps:

>Registration
>sponsored agent form
>select sponsor type > Development Officer
>name> Birendra Xalxo
>development officer code> 1611011
>division code> 011
>branch code>11F

Qualification :10th
Minimum/Maximum Age:18 years /No limit
Documents to be uploaded on image(jpg):

1. 10th Certificate
2. Aadhar card
3. Pan Card
4. photo size below 50kb
5. signature size below 50kb
6. Registration Fee 150 to be deposited in branch
7. online/offline training fee Rs 100 link will be sent after the registration fee is deposited.
8. Free practical training by Branch Manager/Assistant Branch Manager/Development Officer for 25 hours.
9. Book free
10.Examination 425 + service tax please pay on https://www.insuranceinstituteofindia.com/

Enroll Now for LIC Agency
LIC OF INDIA
Branch 11F
B-85,
Bhisham pitamah Marg
Defence Colony
New Delhi-110024

LIC Agent As Financial Planner:

Personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.[1] When planning personal finances, the individual would consider the suitability to his or her needs of a range of banking products (checking, savings accounts, credit cards and consumer loans) or investment private equity, (stock market, bonds, mutual funds) and insurance (life insurance, health insurance, disability insurance) products or participation and monitoring of individual- or employer-sponsored retirement plans, social security benefits, and income tax management.
Personal financial planning process
The key component of personal finance is financial planning, which is a dynamic process that requires regular monitoring and reevaluation. In general, it involves five steps:[5][6]

1. Assessment: A person's financial situation is assessed by compiling simplified versions of financial statements including balance sheets and income statements. A personal balance sheet lists the values of personal assets (e.g., car, house, clothes, stocks, bank account), along with personal liabilities (e.g., credit card debt, bank loan, mortgage). A personal income statement lists personal income and expenses.

2. Goal setting: Having multiple goals is common, including a mix of short- and long-term goals. For example, a long-term goal would be to "retire at age 65 with a personal net worth of $1,000,000," while a short-term goal would be to "save up for a new computer in the next month." Setting financial goals helps to direct financial planning. Goal setting is done with an objective to meet specific financial requirements.

3. Plan creation: The financial plan details how to accomplish the goals. It could include, for example, reducing unnecessary expenses, increasing the employment income, or investing in the stock market.

4. Execution: Execution of a financial plan often requires discipline and perseverance. Many people obtain assistance from professionals such as accountants, financial planners, investment advisers, and lawyers.

5. Monitoring and reassessment: As time passes, the financial plan is monitored for possible adjustments or reassessments.

Typical goals that most adults and young adults have are paying off credit card/student loan/housing/car loan debt, investing for retirement, investing for college costs for children, paying medical expenses.[7][8]
Areas of focus
The six key areas of personal financial planning, as suggested by the Financial Planning Standards Board, are:[9]

1. Financial position: is concerned with understanding the personal resources available by examining net worth and household cash flow. Net worth is a person's balance sheet, calculated by adding up all assets under that person's control, minus all liabilities of the household, at one point in time. Household cash flow totals up all the expected sources of income within a year, minus all expected expenses within the same year. From this analysis, the financial planner can determine to what degree and in what time the personal goals can be accomplished.
2. Adequate protection: or Insurance, the analysis of how to protect a household from unforeseen risks. These risks can be divided into liability, property, death, disability, health and long-term care. Some of these risks may be self-insurable while most will require the purchase of an insurance contract. Determining how much insurance to get, at the most cost effective terms requires knowledge of the market for personal insurance. Business owners, professionals, athletes and entertainers require specialized insurance professionals to adequately protect themselves. Since insurance also enjoys some tax benefits, utilizing insurance investment products may be a critical piece of the overall investment planning.
3. Tax planning: typically, the income tax is the single largest expense in a household. Managing taxes is not a question whether or not taxes will be paid, but when and how much. The government gives many incentives in the form of tax deductions and credits, which can be used to reduce the lifetime tax burden. Most modern governments use a progressive tax. Typically, as one's income grows, a higher marginal rate of tax must be paid. Understanding how to take advantage of the myriad tax breaks when planning one's personal finances can make a significant impact.
4. Investment and accumulation goals: planning how to accumulate enough money for large purchases and life events is what most people consider to be financial planning. Major reasons to accumulate assets include, purchasing a house or car, starting a business, paying for education expenses, and saving for retirement.
Achieving these goals requires projecting what they will cost, and when one needs to withdraw funds. A major risk to the household in achieving their accumulation goal is the rate of price increases over time, or inflation. Using net present value calculators, the financial planner will suggest a combination of asset earmarking and regular savings to be invested in a variety of investments. In order to overcome the rate of inflation, the investment portfolio has to get a higher rate of return, which typically will subject the portfolio to a number of risks. Managing these portfolio risks is most often accomplished using asset allocation, which seeks to diversify investment risk and opportunity. This asset allocation will prescribe a percentage allocation to be invested in stocks, bonds, cash and alternative investments. The allocation should also take into consideration the personal risk profile of every investor, since risk attitudes vary from person to person.
5. Retirement planning is the process of understanding how much it costs to live at retirement, and coming up with a plan to distribute assets to meet any income shortfall. Methods for retirement plan include taking advantage of government allowed structures to manage tax liability including: individual (IRA) structures, or employer sponsored retirement plans.
6. Estate planning involves planning for the disposition of one's assets after death. Typically, there is a tax due to the state or federal government when one dies. Avoiding these taxes means that more of one's assets will be distributed to their heirs. One can leave their assets to family, friends or charitable groups.

Remuneration to agents:


Club membership and its benefit:

How an agent can become a club member?

The Agent to follow a simple formula for 3 years only .
To Qualify for the Membership of:
BM Club - Just 4/5 Lives every month (1 Life/Week)
DM Club - Just 7/8 Lives every month (2 Lives/Week)
ZM Club - Just 8/9 Lives every month (1 Life/3 Days)
CM Club - Just 11/12 Lives every month (1 Life/2 Days)
MDRT - Rs.200000 FPI Every Month

About MDRT

Founded in 1927, the Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals®, is a global, independent association of more than 49,500 of the world's leading life insurance and financial services professionals from more than 500 companies in 70 countries. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business.


CORPORATE CLUB – DOUBLE MDRT
Planning & Execution Bring Success

What is Club Membership?

•Recognition for meritorious agents
•Performance reward
•Financial & Non-Financial motivator
•Inducement for higher performance

What are the Clubs?

•Corporate club
.Galaxy club
.Chairman’s Club
•Zonal Manager’s Club
•Divisional Manager’s Club
•Branch Manager’s Club
•Distinguished Agents Club

Distinguished Agents Club

•First Step in Club Membership
•Any Agent who has completed 1-year service will be eligible
•Minimum Net Lives : 40
•Minimum First Yr Comm: Rs.50,000/-

BM Club :

1.Minimum number Of lives: 15
2.Net number Of lives :50
or net number of lives inforce:150
3.renewal commission Paid: 50,000
4.First year commission: 35000

Benefits:
1. Stationery and Office allowance: Rs 1000
2.Sales promotion and gift items: Rs 500
3.Festival Advance: 15000
4.Letter heads with envelopes: 300 per year
5.Visiting Cards: 100 per year
6.Attestation of Age Proof: NA
7.MHR limit:10 lac
8.LIC Guest house: yes
9.Interest free Vehicle advance: two whealer only
10.Housing Loan: NIL
11.Telephone Facility: Rs 1800 per year
12.Group mediclaim: Rs.100,000
13.Group term insurance: 55000
14. Conventions: 2nd Ac Train Fare + Rs.200 per day

DM Club

1.Minimum number Of lives: 20
2.Net number Of lives :80
or net number of lives inforce:250
3.renewal commission Paid: 95000
4.First year commission: 63000

Benefits:
1. Stationery and Office allowance: Rs 12000
2.Sales promotion and gift items: Rs 1000
3.Festival Advance: 20000
4.Letter heads with envelopes: 500 per year
5.Visiting Cards: 150 per year
6.Attestation of Age Proof: yes
7.MHR limit:20 lac
8.LIC Guest house: yes
9.Interest free Vehicle advance: two whealer only
10.Housing Loan: 9 LAKHS Cadre Loan @5% + 11 lakhs Extended @9.5%)
11.Telephone Facility: Rs 2400 per year
12.Group mediclaim: Rs.150,000
13.Group term insurance: 110000
14. Conventions: 2nd Ac Train Fare + Rs.400 per day
15.furniture Advance:35000

ZM Club

1.Minimum number Of lives: 30
2.Net number Of lives :100
or net number of lives inforce:400
3.renewal commission Paid: 147000
4.First year commission: 147000

Benefits:
1. Stationery and Office allowance: Rs 22000
2.Sales promotion and gift items: Rs 2000
3.Festival Advance: 20000
4.Letter heads with envelopes: 750 per year
5.Visiting Cards: 200 per year
6.Attestation of Age Proof: yes
7.MHR limit:30 lac
8.LIC Guest house: yes
9.Interest free Vehicle advance: up to 500,000/-
10.Housing Loan: 25LAKHS, { 11,25000/@5%, + 13.75000/-@ 9.5%}
11.Telephone Facility: Rs 4000 per year
12.Group mediclaim: Rs.200,000
13.Group term insurance: 200000
14. ZM Club Member - Rail Fare I class/II tier AC/III Tier AC sleeper Fare and out of pocket expenses
Rs. 1800

CM Club:

1.Minimum number Of lives: 40
2.Net number Of lives :130
or net number of lives inforce:600
3.renewal commission Paid: 210000
4.First year commission: 210000

Benefits:
1. Stationery and Office allowance: Rs 35000
2.Sales promotion and gift items: Rs 3000
3.Festival Advance: 20000
4.Letter heads with envelopes: 1000 per year
5.Visiting Cards: 250 per year
6.Attestation of Age Proof: yes
7.MHR limit:50 lac
8.LIC Guest house: yes
9.Interest free Vehicle advance: CM Club Max of 6 Lakhs (or) last 2 years Renewal commission
10.Housing Loan: 40LAKHS, { 18.50 LAKHS@ 5%, + 21.50LAKHS@ 9.5%}
11.Telephone Facility: Rs 6000 per year
12.Group mediclaim: Rs.300,000
13.Group term insurance: 400000
14. CM Club Member - Economy class Air Fare/II tier Ac/III tier AC sleeper Fare & out of Pocket expenses
Rs. 3000/-

Galaxy Club: (MDRT)

Eligibility criteria for the Entry and Continuation in the club shall be fixed year by
the Central Office.
Requirement in qualifying year (2014-15):
First Year Commission 10 lakh (without Bonus commission) OR
First year Premium 40 lakh (In case of Single premium 6% credit will be given for First year premium)

Benefits:
1.Main: Not clubbed with Fringe Benefits of any club.
2.Car Advance: Rs.10 Lakhs
3.Office Allowance: 50% of Actual Expenses or Rs.1,00,000 whichever is lower)
4.Telephone Charges : Rental + Calls Rs.12,000 per year
5.Letter Heads and Envelopes : 500 per year
6.Visiting Cards: 500 per year
7.Conventions: Air fare upto Rs.60,000 to attend MDRT meet / MDRT Experience meet + Rs.10,000 out of pocket expenses for MDRT meet
8.Blazer : Rs.5,000 once in 3 years
9.Other Benefits: Same as C.M. Club member
10.Group term insurance==6 lakhs.
11.Mediclame = 4 lakhs.
12.Housing loan===50 lakhs,{ 21.25lakhs+ 28.75lakhs}
13,Festivel adv,==22000/-

Corporate Club:

18 lac First Year Commission (excluding Bonus) in year 2016-17 and 2017-18.

Benefits:
1. Stationery and Office allowance: Rs 125000
2.Sales promotion and gift items: Rs 500
3.Festival Advance: 30000
4.Letter heads with envelopes: 1500 per year
5.Visiting Cards: 1000 per year
6.Attestation of Age Proof: NA
7.MHR limit:10 lac
8.LIC Guest house: yes
9.Interest free Vehicle advance: Rs 30,00,000/-
10.Housing Loan: 60 lakhs. 28lakh @5% and 32lakh@9.5%}
11.Telephone Facility: Rs 15000 per year
12.Group mediclaim: Rs.500,000
13.Group term insurance: 800000

Benefits to ALL AGENTS:

CAR LOAN & QUANTUM*:
•CM Club Max of 6 Lakhs (or) last 2 years Renewal commission
•ZM Club Max of 5 Lakhs (or) 75% of last 2 years Renewal commission
•DM/BM Club Only 2-Wheeler Advance
*Interest-free for CM/ZM & 9% for other Agents – Repayment in 96 months

2-Wheeler advance & quantum
•Same as Car Loan
•Interest-free to Club Members
•9% to other Agents
60 Months recovery from commission

Office Equipment:
•All Club Members are eligible
•Advance upto last year’s Ren Commn
•Interest-free to Club Members
•9% interest to other Agents 36-months recovery
Can be availed 5 times in LIFE.

Medical Treatment of self/family
•Available to Club Members/ERC only
•In case of SERIOUS illness, advance equal to last year’s RENEWAL.
•Hospital Bills etc to be produced 9% interest & 36 months duration

Marriage of self/family:
•Available to Club Members/ERC only
•Advance equal to last year’s RENEWAL.
•Proof of marriage etc. to be given at 9% pa for 36 months

Religious ceremonies:
•Club Members/ERC Agents only
•Last year’s RENEWAL or Rs.25,000 whichever is minimum at 9% interest for 36 months.
It Can be availed 3 times in LIFE.

Repairs to Car/Bike:
•Quotations from Garage
•Upto Rs.20,000 for Car
•Upto Rs.10,000 for 2-Wheeler at 9% recoverable by 36 instalments

Flood/Drought Advance:
•Club Member Agents/ ERC Agents
•Interest-free
Recoverable as per notification

Festival Advance:
•For Agents > 5 yrs : Rs.8,000/-
Agents 2 to 5 yrs : Rs.5,000/-
* Recoverable in 10 instalments

Training Advance:
•Maximum amount of Rs.7,500/-
•Interest-free repayment in 10 months
Any Agent who has completed 5 years of Service is eligible

Gratuity to Agents:
•Every Agent is eligible for Gratuity
•Completed 15 years service
•Should have attained 60 years
•Gratuity is eligible for any Agent who has left the service of LIC provided 15 years service is completed
Maximum eligible – Rs.2,00,000 increased to 3,00,000/-

Group Insurance:
•For all Agents with min 1-yr service
•With effect from 1.9.07
•Agents up to Age: 65 covered
•A very nominal premium is recovered from Commission during September. It is a Boon to all AGENTS of LIC agents.

Group Insurance Details:
Service----Risk Cover----annual premium
1 to 3 years--50000-------120
3 to 5 years--100000------240
5 to 10 years--300000-----720
above 10years--500000-----1200

Meet Bharat Parekh & Ravi Jethani: LIC agents with bigger pay than chairman DK Mehrotra
ByShilpy Sinha, ET Bureau|May 15, 2013, 10.37 AM IST
ET profiles two persons of humble origins who faced the music for their unorthodox career choice, but finally laughed their way to the bank.

While still a teenager, at the age of 17, Bharat Parekh risked being an outcast among his college mates. Not that he indulged in anti-social activities, nor were his friends caste-conscious, all he did was don the role of an agent for the Life Insurance Corporation of India (LIC). It was for Rs 300 a month in 1986 that Parekh sacrificed the charm of college days. Not that he grew up money minded, but he too was faced with the bane most middle class boys still face in India — getting their sisters married respectably.

Parekh, who missed out on watching matinee shows and playing cricket during his youth, is now a millionaire who can afford most luxuries of life. As an agent, his annual income is over Rs 4 crore, around five times more than the Rs 87 lakhs that LIC chairman DK Mehrotra took home last year. The sweat and toil behind selling 1,000 odd policies a year, helped Parekh marry his five sisters off in accordance with the demands of Indian tradition.

But the journey was a rough one. "I was the youngest in the family after five sisters... I needed a job to financially support my family,'' says Parekh. "My sisters asked me if there is anything else I could do. My friends in college stopped talking to me.

An LIC agent was looked down upon and the perception was that only those who had nothing else to do in life became LIC agents.'' Even getting recruited as an agent was difficult given the minimum age for the job was 21. But Parekh managed to find work under a development officer at 18 and has never had to look back since then.

Bharat Parekh
He sells around 1,000 policies a year, the worth of a policy being Rs 2 lakh on an average, and manages to generate a premium of Rs 200 crore for the corporation — the highest generated by any agent in India.

Even as college mates looked down on him and LIC was still taboo for the middle class, finding a prospective bride was an uphill task for Parekh. "I had to produce my Income Tax returns to prove to my potential father-in-law that I earn enough to take care of his daughter and bring up a family,'' says Parekh.

We are a happy family now. But building one was probably more difficult than convincing someone to buy an insurance policy, says Parekh.

Married to Babita, Parekh has no intention to abandon his career of three decades. "It is the world's best profession,'' says Parekh citing the independence it provides and the sky-high opportunity to earn.

Yet, not all LIC agents are as successful as Parekh. What then, is his success formula? "Money is not everything," says Parekh. "I try to understand the family and educational background of a person and then suggest which policy he or she should buy.''

Indeed, LIC agents also play the role of a wealth manager, or a fund manager, for many who are financially illiterate.

"I converted a term plan into a pension plan for a rich, unschooled, widow to ensure her a regular income. Money does not stay with anyone so it is necessary to have a regular income.''

Some learning for a man who dropped out of college for Rs 300 a month!

Ravi Jethani
It is difficult to give up addictions. But once done, life takes a turn for the better and Ravi Jethani can vouch for that.
Fourty two year-old Jethani forsook his stock broking business following wild swings in 2002 when he realised he was staring at steep losses. It was in 2002 that Jethani gave up his job as a sub-broker at Mehta & Vakil, a member of the Bombay Stock Exchange. That was after the technology bubble burst, taking with it many broking firms and families.

What began as a part-time role has come to dominate his life. The sub-broker who sold insurance policies to kill time after stock broking closed at 3.30 pm, made that into a full-time vocation once he realised how reliable and steady the business is, in comparison to stock markets.

It is glamourous to be a stock broker, but not an LIC agent. It was difficult to switch to insurance, but the stability made the sacrifice worthwhile. "My wife did not like the idea initially,'' says Jethani who lives in Mumbai's posh Pedder Road — home to some of the country's richest. "She even asked what's wrong with me. Now, thanks to my success, she trusts my gut.''

More than a decade after choosing life insurance as a career, Jethani earns over Rs 3 crore a year in commission. But that does not come easily. To earn that, he attends, on an average, 2.5 meetings a day and just one in ten meetings leads to a policy sale. That's probably worse than an investment banker's mergers & acquisition strike rate.

But being in one of the richest zones in the country has ensured that the average size of his policies are far higher than the national average. His average policy size is Rs 2 lakh, which is 10 times more than the industry average.

Success came knocking quite early for Jethani. In his first year, he raised a premium income of over Rs 64 lakh for the LIC that pushed him to the Million Dollar Round Table league, a global professional association formed in 1927 to help insurance sales agents improve their technical knowledge. There is a threshold income that agents need to generate to be a part of the club.

"I did not think it would become such a large piece of our business. The best part about the role is that it is like doing social service,'' says Jethani. For him, buying an insurance is not just that, but also a longterm saving. He doesn't sell short-term, equity-oriented policies such as Unit Linked Insurance Plans (Ulips).

The scars of his stock market experience are quite deep. In fact, his happiest moment was not when the LIC chairman presented him an award for his contribution, but when the state-owned insurer wrote a settlement cheque within six hours of an insurance holder's death. So, what is Jethani's regret? "My only regret is that when I grow old, I won't have the energy to go out and meet people."


India's largest insurer Life Insurance Corporation of India (LIC) has signed an agreement with private sector lender Axis Bank as its bancassurance partner wherein the bank will distribute LIC's products to its customers.

In the preliminary phase, the bank will distribute LIC’s life insurance products across its branches in West Bengal, Bangalore and Haryana – Panchkula. Additionally, the bank will also provide post sales services such as premium collection and renewal of policies.

In a statement, LIC said that this is one of the largest bancassurance partnerships after the recent Insurance Regulatory and Development Authority of India (IRDAI) regulations issued on open architecture framework for banks. As on June 30, 2016, Axis Bank had a network of 3,006 domestic branches and extension counters situated in 1,882 centres.

Mukesh Gupta, Executive Director, Bancassurance, LIC said that the coming together of the two major reputed organisations would enable them to combine and utilise the synergies for enhancing customer satisfaction and for serving social objectives of the nation.

From April 1, norms have been revised under which corporate agents like banks are allowed to tie-up with three life, three non-life and three standalone health insurance companies. Earlier, the bancassurance model where banks sold insurance meant that they could only sell products of one life, one non-life and one standalone health insurer. Apart from LIC, Axis Bank also has a tie-up with Max Life Insurance in the life insurance space.

Rajiv Anand, Executive Director & Head Retail Banking, Axis Bank said that banks have increased their role in insurance distribution with bancassurance being the biggest contributor.

"Over the last five years the Life Insurance business at Axis Bank has grown at a CAGR of over 25 per cent. The partnership with LIC would enable us to further expand our existing bouquet of offerings and put forth a compelling proposition for our customers," he said.

Tuesday, May 3, 2016

JOIN LIC OF INDIA CAREER AS LIC AGENCY

READ MORE :
The person who does the job of meeting, explaining and persuading potential customers are called insurance agents. They are the salesmen or intermediaries between the insurer and the public .Agents have to be licensed from the IRDA under the Insurance Act. A licensed agent can work with only one life insurer of their choice . Agents may be individuals or corporate bodies.

Need of an agent in insurance selling:
1. Insurance is a concept that needs to be explained face to face.
2. Personalised guidance can be given only when there is personal interaction between the agent and the customer.
3.The agent gets to meet the proposer personally as he is the first underwriter who gives detail on personal life styles, habits family etc. Which is important for risk evaluation and also helps to understand the specific needs of the prospective customer.
4. The agent is the only one who can explain to the customer how insurance is not just another investment avenue ,but provides timely financial security as well.
5. Each prospective buyer has special needs and requires specialised solution.
6. Personalised guidance can be given only when there is live interaction with the agent.

Appointment of Agents :
1. Not a minor
2. Not be of unsound mind
3. Not found guilty of criminal breach of trust, cheating , forgery, misappropriation , or attempt to commit any offence.
1. Should have passed 10th or 12th or equivalent examination depending on population of peace.
2. Should have passed prescribed examination by IRDA
3. Should have received appointment letter for the company concerned. Function of the agent: The major function of the agent is to solicit and procure life indurance business for the insurer, who has appointed him as an agent . the regulation framed by the IRDA lay down a code of conduct , which says that the agent shall:
4. Identify himself and the insurance company of which he is an agent.
5. Disclose the license to the prospect on demand
6. Explain all available option to the prospect.
7. Recommend a suitable plan taking into account the need of the prospect.
8. Explain the nature and importance of information asked for in the proposal form.
9. Impress upon the prospect the need to disclose all material information truthfully.
10. Make all inquiries about the prospect his/her family history, medical history, special medical reports ,admission of age, income of prospect etc.
11. Inform the insurer about any material facts e.g habits ,that could affect the underwriting decision.
12. Inform the prospect about acceptance or rejection of the policy
13. Ensure delivery of the policy to the insured.
14. Advice policyholders to make nominations.
15. Give assistance to the policyholders and claimants in complying with the requirement.

Continuation of agency:
All insurers insist that a minimum amount of business must be done by an agent in each year. In LIC OF INDIA the agent needs to do twelve lives with one lac of premium.

The agency will be terminated in the following circumstances:
1. Cancellation or non renewal of licence
2. Legal disqualification like permanent incapacity , conviction for criminal misappropriation, criminal breach of trust, cheating or forgery.
3. Offering rebate of the whole or part of the commission. Remuneration to agents: agents may be remunerated in following ways:
4. Payment of fixed monthly salary
5. Payment of commission related to the business
6. Part of fixed salary and part payment of commission based on business done. Term insurance and gratuity benefit payable to agents of LIC of INDIA: Term insurance = average annual commission earned in the three years agency years before agents’s death subject to these conditions:
7. Agent should not have completed 50 years on the date of appointment as an agent.Death must take place before he has completed 60 years of age
8. Agent must have an insurance policy on his own life for at least Rs 5000 SA and the policy must have been in force at the time of death.
9. Agent must have completed at least 3 years as an agent at the time of death.