Salary A/c for crediting Commission.

[vvivek22]

Hi Guys,

I was wondering, What is the mode of payment of commission for LIC agents. I mean is it by Cheque, Direct credit (NEFT) or through SALARY A/c.

Does LIC provide Salary Account for LIC agents. If Yes, Which Bank (Corporation Bank, Axis Bank or any other choice of bank).

NB: One of my friend (Inactive LIC Agent) says that LIC provided him Salary a/c with Axis Bank.

Please reply.

Vivek,
Hyderabad

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• FAQ on Salary:

[Madhura]

Does it matter whether the payment is via Cheque or Direct Credit into account? I am happy if I am getting my payment on time, which you will if you work for LIC. If you are agent of LIC, you are not employed by LIC (so no salary account), you are procuring business for LIC and getting commission for that.

[vvivek22]

Oh Yes, It does matter.

Actually, I was contemplating taking up Insurance Agency of SBI or LIC.

The Product features and importantly Commission rates are more or less the same in both SBI & LIC.

I'd like to bank with Axis Bank. But, due to its high balance requirements, I never opened a bank a/c with them.

As already said, one of my friend was provided a Salary a/c in Axis Bank. If thats true, I will go ahead with LIC.

Plz, if you do know the correct answer, then reply. I'm sure it will be of help for other viewers.

Regards

Vivek
Hyderabad

[narayan]

Oh Yes, It does matter.

Actually, I was contemplating taking up Insurance Agency of SBI or LIC.

The Product features and importantly Commission rates are more or less the same in both SBI & LIC.

LIC's product premiums on higher side. Every product has its merits and demerits, no product is same. In LIC name sells that not in case of SBI, it still private company.

I'd like to bank with Axis Bank. But, due to its high balance requirements, I never opened a bank a/c with them.

As already said, one of my friend was provided a Salary a/c in Axis Bank. If thats true, I will go ahead with LIC.

Plz, if you do know the correct answer, then reply. I'm sure it will be of help for other viewers.

Regards

Vivek
Hyderabad

For this requirement please check with LIC Hyderabad or customer care of LIC. By the way, you can also open a saving account with a minimum quarterly balance of Rs.5000/-.

[Madhura]

Just to add here - There is an apprenticeship program in LIC, where the LIC hires agents and pay them salary and other expenses for three years, I think in this case LIC open an salary account for you. Best is check with LIC Office.