Want to become a lic agent and make money by selling lic policies? Then you have to know about the LIC Agents Minimum Business Guarantee (MBG) rules or in other words lic agent target per year or lic agent minimum target etc.
This is a very obvious thing, as every sales job has their targets and this rule applied for LIC agents also. You must follow these lic agent termination rules, so that you are aware about and work hard to keep your lic agent licence certificate valid.
What is LIC Minimum Business Guarantee (MBG)?
This rules has been changed recently and after 2016, you can follow the below new rules for Minimum Business Guarantee (MBG).
The Minimum Business Guarantee norms to be achieved by agents during the agency year :
An agent has to procure –
- EITHER 6 lives AND 50,000/- FYPI
- OR 12 lives
- OR 1 Lac FYPI
Do you know what is fypi meaning in lic? It’s First Year Premium (life insurance).
Notwithstanding the above, an agent shall be exempt from bringing in the business required of him, if he has continually worked for the Corporation as an agent for a period of:
- Not less than 21 years or
- At least fifteen years and he is at least 55 years of age; or
- Fifteen years and at any time subsequent thereto there is business in force in the books of the Corporation under his agency yielding a renewal premium income of not less than Rs. 2,00,000 per annum.
The criteria for termination of agency for failure to achieve the Minimum Business Guarantee:
If an agent fails to bring in the business required of him as specified in 4(a) above in an agency year, his appointment shall stand terminated at the end of such agency year under the provisions of Agents Rules, 1972.
The criteria for re-appointment / reinstatement of agents terminated for failure to achieve the Minimum Business Guarantee:
As per Agents Rules, 1972 and amended from time to time.
This article is shared for informational purpose only. For more details about Minimum Business Guarantee (MBG), you can refer to LIC India official website Agents corner page here and explore all the latest rules & rules for LIC agents.
Or else you can contact your nearest LIC branch office and get latest information, in case any changes.