An LIC agent earns Rs.15,000 per month: Govt

In a reply to parliament, Pankaj Chaudhary, Minister of State in the Ministry of Finance reveals that an LIC agent earns Rs.14,585 per month from commission income.

The data shows that an LIC agent in Andaman & Nicobar earns the highest per month commission of Rs.20,446. 

Arunachal Pradesh and Mizoram occupy the next two spots with the monthly commission income of Rs.19,722 and Rs.19,282.

Larger states in terms of number agents like Maharashtra see an average earning Rs.14,931 per month. Similarly, LIC agents in Uttar Pradesh and West Bengal earn monthly income of Rs.11,887 and Rs.13,512.

Currently, there are close to 14 lakh LIC agents in the industry. 

Let us look at the table to know more:

This has come when the minister was replying to a query on impact of the launch of ‘Bima Sugam’ on LIC agents.

Bima Sugam is a digital platform that will enable investors to buy, renew, port and make claim requests completely online.

The government clarified that the platform will assist agents to service clients and increase their productivity. It said,  “Insurance Regulatory and Development Authority of India has issued the IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations 2024 to provide a regulatory framework for setting-up an Insurance Electronic Marketplace called Bima Sugam. Bima Sugam will feature an assisted sales model which will be an agent / intermediary led model where agents can onboard their customers, sell and service the policies effectively. It will enhance reach and connectivity while reducing operating costs for the agents and intermediaries. It will improve productivity by allowing agents and intermediaries to handle all types of policies – life, non-life, health etc. from a single portal, eliminating the need to manually process or log into multiple insurer portals, thereby increasing agent’s earning and providing stability of income.”