What is LIC Agent Portability – How To Change Your Lic Agent?
Want to change your lic agent? Do you know that there is something called LIC agent portability rule which is launched last year? But do you know in which condition one can change their lic agent? In this article I will share what is LIC agent portability and how it can be beneficial for you.
Generally in the age of internet, many urban insurance buyers may not find this article relevant. But today also in many places people buying insurance policies through agents only. In fact they come to know about certain investment in the name of lic policy. Other than that there are people who always love to get assisted, rather than doing things own. So, the need of lic agents are huge. Then you want to change them?
Why You May Need To Change Your LIC Agent?
One thing I need accept that LIC is doing an awesome job by empowering more than 10 lakh people (approx) by offering lic agent role. I have seen in my city [Udaipur of state Tripura] where people became full-time lic agent and living a good life out of the commission they earned. But with time competition has increased and also with the penetration of online policies the commission structure has also changed.
Anyway, let’s discuss why someone need to change the lic agent? I think there are mainly 2 reasons to consider in broad way.
Not Getting Good Service: This is totally a valid point that many customers are complaining that their agent was too kind to sell the plan and after that it is very difficult to find that person. In that people who always expect special treatment and then lost the trust from lic and stop paying further premiums.
Agents Quitting: As I have mentioned that many people are working as a full-time LIC agent, there are number of people who are working part-time basis as well. Or you can say work for multiple insurance companies to sell their policies and many not interested to continue as LIC agent any more. In such a case the sold policies were not assisted by any agent and again customers are facing huge problem.
In both the scenarios, lic found that the number of lapsed policies are increasing in numbers which means a bad reputation of lic of India brand and also a huge loss. In that context the term LIC Agent portability is launched. But surprisingly I did not find any information on the official website of LIC.
How To Change Your LIC Policy Agent
Now the key point here is the eligibility criteria of this LIC agent Portability. As per my knowledge, only the Orphan Policies means the polices which are either lapsed as the agent may quit or customer is not interested to continue the policy further due to bad service from the old lic agent are eligible to change lic agent.
LIC is collecting all such polices together and also the good lic agents who can take up more work. And then these polices with the complete details of customers are handed over to new LIC agents so that they re-assist the customers and if possible revive the policy again.
Anyone has any experience about this new LIC agent portability system? I hope any LIC agent can answer this question better from their own experience here by writing a comment below. I would say thanks in advance as this will really help my readers to increase their knowledge on LIC agent portability process.