LIC’s Agent Portability-How to change LIC Agent?

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You may buy the LIC policy with the great hope that your agent will service you throughout the policy period. However, what if your agent left the industry or not providing you the proper service? How to change LIC Agent?

Change of LIC Agent

During a time of buying the policy, all insurance agents claim big promises like they always take care of you, any service related issues or ready to serve you in case of sudden demise of a policyholder. But the reality is different. The major problem in an insurance industry is quitting the profession of agents so fastly.

According to IRDA data 2013-14, LIC’s total agent strength was 11, 95, 916 and private companies’ agents strength was 9, 92,584. During 2013-14 FY, LIC added 3.41 lakh agents, but lost 3.18 agents and private insurers added 3.83 lakh agents, but lost 3.40 lakh (All data as of 31st March, 2014). Therefore, agents added by the insurance industry during this period are 7.25 lakh but 6.59 lakh agents left the business.

This is too high and there are many reasons to it like reduction in commission, business competition or got a better profession than this. This is the story about the agents who left the business. However, what about agents who are in the industry, but doing it as a part-time profession?

We may find a majority of agents do this professionally as part time. Hence, in such high attrition rate and agents not committing full time to their service, there is a huge possibility that the policyholder may not get proper service from agents.

Do remember that whether your agent provides you service or not or if he is in the same profession or not, he receives the commission as and when you pay the commission. Therefore, a majority of insurance agents does not care for after sales service. However, few take care of their clients as a goodwill gesture and to garner future business.

As of now, there are no such rules set either by the respective insurance companies or from the IRDA regarding change of agent. However, if we go with the news item published about LIC Agents Portability, then I think it is a right move. I doubt whether this facility already launched or not. Because, there is no such link available on LIC portal or any such official declaration from LIC.

If it is really introduced then sing this facility, if you are not satisfied with the service of an agent, you can switch agent exactly like switching health insurance policy, mobile number portability or changing an adviser in mutual fund investment

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94 Responses

  1. I have purchased a policy in month of march 2021
    So far my policy documents are not recieved by the LIC .
    Ple advice the 2ne line of action

  2. Hello Sir,

    Thank you for the informative write up. This is resourceful.

    I have a query about editing the name on account in the agent’s portal. My wife is a LIC agent and has an agent portal. She has changed her name after marriage and would like to update this in the agent portal as well. Will you have any information about how can we execute this?

    Any sort of information regarding this will be helpful. Thank you again!

    Regards,
    Anu

  3. My wife LIC agent expired due to old age. How to change agent. WE ARE NOT GETTING ANY SERVICES AND HAVE TO APPROACH OFFICES IN PERSON FOR CHANGE IN POLICY NAME

  4. If your LIC agent is troubling you, misbehaved and being personal, can you change the agent by submitting complaint and stop his or her commission further when we pay premium of those policies and ensure that it will be given to the agent who is serving currently?
    I am really in trouble and don’t want to pay my hard earn money to wrong person, please help with guidance.

    1. Dear Smita,
      I am not sure any such rule there. However, you try your luck by directly visiting the branch. One more point, if the agent is misbehaved with you, then why not you complain immediately? Better you take immediate action.

  5. Hi Basavaraj,
    I would highly appreciate of you could help me for my queries below:
    I understand that there is no provision to change the LIC agent and can’t stop agent commission form policy.
    1) Since, my policy (Plan 836) have some rebate offer and i am eligible to get rebate around 2% of premium amount. Please, let me know, how I will get this rebate. I pay my premium online.
    2) Can i transfer my policy from one state/city to another state/city ?

  6. sir, i bought LIC policy from person X, can i handover same policy to person Y after 10-12 years?
    because i have some grudges with person X and i don’t want to keep any relations with him.
    can person X do any bad impacts?

  7. Hi Basavaraj Thanks for Informative Article, I have 2 questions
    1. Due to my good service some of my clients want to transfer their old policies to me, is it possible?and if it is transferred then Can I get their commission too?
    2. My one neighbor was LIC agent in one another district and left agency before some years, She told that do enquiry and take all policies if you can. So is it possible to take all her clients policies when she is not in service from many years.

  8. Dear sir
    all conversations are very useful, i am R.saha newly joined in LIC as agent on July 2019.I have agent code but did not get License no.Currently i got offer in HDFC Life as Bancussance. Want to continue both(part time LIC & my profession job in hdfc life bancussance) is possible ??
    please help me out
    thanks

  9. I have LIC -jeevananand policy since 2012, In my policy showing agent name and branch. I don’t want agent in this policy, is it possible to change agent.

  10. Sir,
    I am a LIC Agent last 6 month in Gonda Uttar Pradesh.i want change disctrict from Gonda to Kanpur due to my family sattel had kanpur.so pls tell me procedure.
    Manish kumar

  11. sir, i have joined tata aia as insurance adviser just a week ago, but not feeling well, can i quit it and join other company like LIC, if yes then what should I do. Will I have to write IRDA exam again for the new company or otherwise.

  12. I have received a call from lic that you can process for complaining your agent that he does not provide you service. And you will directly get the bonus of agent’s commission. Is it possible.

  13. Dear sir

    Can I occupy my sister license as my own license.

    If possible please revert

    Thanks regards
    Neeraj Chandel
    9817405600

  14. I am lic agent and I want to leave this occupation i wana ask that I have worked on lic policy i will get the commission regularly or not.. Please say

  15. Hi Sir

    I received a call from LIC office that if I want I can change my policy from (Customer to Agent) to (Company to Customer),which will help me in getting the dividends given by the company.I do not want my agent should get this because she never supported me after I made the payment.I just want to confirm is there anything like company is paying dividend to its customers.I am afraid it was not a fake call.

    Thanks

  16. i am running lic agency from the last 10 months. is there any procedure to change my do and branch due to some reasons. please explain. i don’t want to work with the current do anymore. if there is no option to change the do , the better option is to leave the agency

  17. hello sir
    i am a policy holder in the vellore circle office , now i want to change this circle office to west bengal of kolkata , is there any online procedure to apply the same , pls help me

    balai mondal

  18. hi,

    I am agent of LIC Ahmedabad branch since last 18 years. my agency is in chairman club membership.

    So I am eligible for around Rs. 60,000/- yearly office allowance. my branch manager hold the same on the basis of that I don’t have office, I am working from my home. (in previous years I got the same as per my agency grade, this is new branch manager had come).

    please help me what to do???

  19. Sir,sir i m a lic agent of one branch. which is very far for my house and it vry much difficult to handle ..i want to change my branch to the nearest branch…..??what is the process??
    Please tell…….

  20. Sir only 3 month done.

    i want to transfer beacause
    it took 2.5 hrs to reach in office.

    where in malad only 2 min.

    So please tell me.

  21. sir, am agent in Hyderabad and am living in Hyderabad(since 8 years) but my friends are in Dist (its my native place) and they want policy from Dist only ( native place) what i have to do?
    1. can i take another licence from Dist ,it is possible?
    2. on that agent code can i do policy from other Dist (native place)?
    3. what have to do explain?

    1. Mohd-You can do the visiting business and submit the proposal in the LIC branch where your friend reside. Otherwise, you can do the business as usual and after a year your friend can request for transfer of policy from your branch to his nearest branch.

      1. visiting business and submit the proposal ,how i get D O CODE and SIGN and BRANCH CODE which one i have to wright .

  22. sir i m a lic agent of one branch. which is very far for my house and it vry much difficult to handle since i m a student of final year…i want to change my branch to the nearest branch…..??what is the process??

      1. Sir,

        Iam working as an LIC agent in chennai.
        Now I got married & settled in Ernakulam (Kerala). So I would like to transfer from Agency from Chennai to Kerala. what is the procedure to get treansfer my licence from chennao Ernakulam with out loosing my seceniorty & my development officer. Now I have completed 5 years.

        awaiting your reply .

        1. Geetha-By providing your husband’s address proof and marriage proof, you can easily transfer agency to Kerala. Not a big issue. But you will no longer be under same development officer.

  23. Hi Basavaraj,

    Can we change the agent of lic, if Yes than what about commission i.e. who will receive benefit.

  24. Can I myself become the agent of my policy? And can I transfer all my policy on my name that is change of agent?

  25. Hi Basavaraj

    I am Suneetha. Recently I was approached by LIC agent (He is middle aged married man with children) to take policy. As I was looking for savings plan, I took a policy from him paying yearly premium of 44000. He was behaving good and my friends also said he can be trusted. So I went a head and took the policy and he done the procedure well. But once I paid the money and after procedure is done, he started misbehaving with me .He started calling to my mobile phone often for unnecessary reasons and he started following me and even came to my PG. When I started fighting back with the help of my brother ,things got ugly and I decided not to keep any further communication with him in future and don’t want to pay his commission. If possible, I want to withdraw my policy and get my paid money back. I have paid only first year premium this January. Is it possible to get my money back ? or Is there any way to change this agent.

    1. Suneetha-No need to worry. Write a complaint to LIC branch manager. Also, inform the same in written to local policy office. What guarantee that after you change agency, he will not trouble you?

  26. A lic agent also works as post office agent is yes or no
    if not how i close my agent lic.no.and how i work for post office agent.
    and what is the commission of post office agent

  27. sir. i recently open one lic policy . i told to lic agent i will pay the instalment monthly basis from my salary account.but lic agent told that he will pay my 6 month instalment. and i will return that money to him. whats fact in this?

  28. Blaming any body is not the point. who are responsible for sharing commission. it is happening in everywhere. even in
    post office also commission agents are sharing commission. for pvt inurance agents also ding the same. that’s why my
    argument is correct that the customer who receives commission has no right to blame the agent. The customer has to choose right agent before giving the prposal to the agent

  29. dear sir,
    i agree that expecting serivice is not illeagal. but you think of ordinary agent. his survivavl become tough.the agnets who are doing it as part time business are root cause for sharing commission. Even if you got angry about my arguement
    also the fact is several customers ask sharing of commission. I raised this point because some of our friends who asks u doubts will know the facts i.e. sharing of commission is illeagal.

    1. Krishnaiah-It your own agent fraternity and LIC officials, who must blame but not customers. It is open secret in LIC that without sharing commission you will not get business. But why the faithful and Govt backed LIC closing eyes and silent on this?

  30. Dear sir I know giving rebate is crime. but lot of customers expect rebate from the agent. (a begging). when they accept they have no right to expect any service. you bring this point to the customers.

    1. agents give the rebates for the want of fulfilling their yearly target. So dont blame customer. this is competition which leads them to give rebate not the customers.

  31. dear basu sir,
    portability of agent is very good issue. I have a doubt. when people take policies they will take rebate from the agent.
    when agent gives rebate the issue is over. when policyholder has taken rebate he has no right to expect any service from the agent.because the agent paid money for that. Just like a voter sells his vote and expects some thing from politician

    1. Krishnaiah-Do you know that giving rebate is ILLEGAL according to IRDA? Also, agent is doing illegal activity by sharing his own commission means his responsibility towards customer not ENDS. Where it is written that if customer got rebate means he has no right to expect any service from agent? Doing illegal thing and justifying it may doubt your own business ethics for other customers (I feel you wrote this comment being an agent).

    2. If a policy agent is troubling us.. teasing us from last complete year or we have a personal issue with that then what to do . Can we change agent.? We don’t want that they get commission from our side

  32. your all informations are very vital for money marketing,I am very glad to receive your informations, thank you

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