Table of Contents
How much commission does a LIC agent get?
Though, Agents earn the commission for the policies they sale. LIC offers 25% to 35% commission on the policy premium for the first year, then 7.5% for 2nd & 3rd Year + 5% till the policy maturity.
Is Jeevan Labh maturity amount taxable?
Yes, the premiums paid towards LIC’s Jeevan Labh policy are exempted from income tax under Section 80C of the Income Tax Act, 1961. Besides, the maturity amount receivable is also tax free under Section 10(10D) of the Income Tax Act, 1961.
What is the IRR of Jeevan Labh?
For sum assured Rs 2 lakh the premium comes out to be Rs 9134 (exclusive of service tax). The above illustrations are for 30 years old, with 10 years premium paying term and 16 years policy term. IRR comes out to be as 2.08% (@4%) and 4.91% (@8%). Returns will further reduce when Service tax added to premiums.
Do LIC agents get commission on Pmvvy?
Ways to buy – Through LIC Agent and Online Insurance intermediaries such as agents and brokers will get a commission of 0.1% on invested amount in a newly launched pension scheme for senior citizen called Pradhan Mantri Vaya Vandana Yojana (PMVVY).
How much commission does LIC agent get on Jeevan Labh?
A agent gets 25% commission on LIC Jeevan Labh policy. This commission is for the first premium and then 2nd and 3rd year the commission is 7.5% and for 4th year onward till whenever the policy is in force the agents gets 5% commissions on premiums.
Is Jeevan Labh 936 a good policy?
LIC Jeevan Labh (Plan No: 936) is one of the effective life insurance plans offered by the Life Insurance Corporation of India. It also provides financial support to the family the needful in case of insured’s miserable demise. People from the age group of 8-59 years can take advantage of this plan.
What is the premium for Jeevan Labh policy?
Sample illustration of LIC Jeevan Labh 936 Premium
Age | Policy Tenure/ Premium Paying Tenure (in years) | |
---|---|---|
20 | 16,699 /- | 10, 682/- |
30 | 16,758/- | 10,770 /- |
40 | 17,013/- | 11,133/- |
50 | 17,826/- | 12,123 /- |
Is Jeevan Labh guaranteed?
LIC Jeevan Labh Plan acquires a surrender value if the premiums are paid for three full policy years and the policy stays in effect for these 3 years. Here’s what paid out as the surrender value: Guaranteed Surrender Value: The guaranteed surrender value is equal to the percentage of the total premium payments.
How is maturity amount of Jeevan Labh calculated?
LIC Jeevan Labh Maturity Calculator
- Sum Assured (A): = Rs. 5,00,000.
- Total Bonus Amount on Maturity (B): * = Rs. 1000.
- Maturity Amount (A+B): = Rs. 35,000.
- Period of Maturity = Dec, 2021.
How do LIC agents make money?
LIC agent can earn unlimited since there is no specified salary. They get a commission from the policy they sell and they can earn more than their capacity. LIC agents’ earning depends on the commission which is paid by LIC, more premium paid by the people implies more will be the agent’s commission.