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?
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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Smita Korgaonkar
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.
Basavaraj Tonagatti
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.
Sanjay
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 ?
Basavaraj Tonagatti
Dear Sanjay,
1) The premium is adjusted to rebate already.
2) YES.
Gajanan Theng
Dear Sir,
We want to change my lic agent
Please suggest
Basavaraj Tonagatti
Dear Gajanan,
Sadly you can’t
Krunal
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?
Basavaraj Tonagatti
Dear Krunal,
Sadly NO as it is not yet implemented.
VISHAL
Sir LIC agent can do policy in any other LIC branch in India. If possible plz tell.
Basavaraj Tonagatti
Dear Vishal,
Yes.
Sanket
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.
Basavaraj Tonagatti
Dear Sanket,
Sadly as of now, this facility is not activated.
romio saha
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
Basavaraj Tonagatti
Dear Romio,
NO.
siva
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.
Basavaraj Tonagatti
Dear Siva,
Sadly YOU CAN’T.
Manish kumar
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
Basavaraj Tonagatti
Dear Manish,
Visit the branch where you want your agency to be shifted. They will guide you.
ys yadav
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.
Elzy
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.
Basavaraj Tonagatti
Elzy-I think it is some spam.
Neeraj chandel
Dear sir
Can I occupy my sister license as my own license.
If possible please revert
Thanks regards
Neeraj Chandel
9817405600
Basavaraj Tonagatti
Neeraj-No.
Mohit daga
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
Basavaraj Tonagatti
Mohit-If you worked continuously for more than 5 years or so, then you will get the commission. However, please get the confirmation of the same from LIC also.
Nidhi
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
Basavaraj Tonagatti
Nidhi-It is a FAKE call. If they call once again, then inform the Police and also the nearest LIC branch in this regard.
Elzy
Can i become agent of my own policy and get the commission?
Basavaraj Tonagatti
Elzy-Yes.
r k
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
Basavaraj Tonagatti
RK-Yes, you can change.
Amtuzhera
Please give the procedure to change the Development Officer
Basavaraj Tonagatti
Amtuzhera-Contact the Branch Manager.
balai mondal
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
Basavaraj Tonagatti
Balai-Online procedure is not available. However, you can send a letter to Vllore for asking them to transfer the policy to Kolkota. They do it.
Vishal Shah
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???
Basavaraj Tonagatti
Vishal-Agents do many things and officials exactly help to claim such allowances. Hence, better you interact with your officials. I don’t know all these matters.
Prosenjit Sur
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…….
Basavaraj Tonagatti
Prosenjit-Contact the branch manager which is near to your home. He will guide you about how to shift.
suraj
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.
Basavaraj Tonagatti
Suraj-Check with Malad Office.
suraj
Sir
How to transfer agency
plz tell me
Basavaraj Tonagatti
Suraj-Check with Malad branch. I am not an expert on official matters of LIC.
mohd parvez ansari
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?
Basavaraj Tonagatti
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.
mohd parvez ansari
visiting business and submit the proposal ,how i get D O CODE and SIGN and BRANCH CODE which one i have to wright .
Basavaraj Tonagatti
Mohd-DO code not necessary. Branch Manager will do the underwriting for that.
Abhishek rawat
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??
Basavaraj Tonagatti
Abhishek-You have to submit the letter to the branch where your policy docket are there. After this, within few days they transfer your dockets to the concerned branch.
sunita
What is the way to change my lic agent and how can do this to agent of my owns . please tell me sir.
Basavaraj Tonagatti
Sunita-As of now this option is not available with LIC. But why you want to change?
Geetha
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 .
Basavaraj Tonagatti
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.
Virendra Lal
Hi Basavaraj,
Can we change the agent of lic, if Yes than what about commission i.e. who will receive benefit.
Basavaraj Tonagatti
Virendra-As of now NO.
MILAN DHARAMSHI
HOW CAN I PORT MY AGENT ?
Basavaraj Tonagatti
Milan-Check with your insurance company.
Rudresh
Can I myself become the agent of my policy? And can I transfer all my policy on my name that is change of agent?
Basavaraj Tonagatti
Rudresh-You can do so.
Suneetha
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.
Basavaraj Tonagatti
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?
Santosh
Hi Basavaraj,
Can we change the agent of lic
Basavaraj Tonagatti
Santosh-YES.
Kapil bisht
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
Basavaraj Tonagatti
Kapil-I am not aware about agency rules of LIC or Post Office. Better you contac them.
prashanth
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?
Basavaraj Tonagatti
Prashanth-Whether he be give this service till the policy period? Also, what if he not pay the dues timely? You will be under loss. Think and decide.
r k pathak
pl give me cellular of lic agent problity
Basavaraj Tonagatti
Pathak-What?
K.GOPALA KRISHNAIAH
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
Basavaraj Tonagatti
Gopala-I am not blaming customers but to your own fellow agents. Hence, bend them properly and then discuss the rights of customers.
kg.krishnaiah
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.
Basavaraj Tonagatti
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?
kg.krishnaiah
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.
Basavaraj Tonagatti
Krishnaiah-So if someone ask you to commit illegal activity then you do it for your survival?? Sharing commission is illegal but not expecting service from agent is NOT illegal. Mind it.
s k singh
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.
Anil
I want to know how can we change our agent
Basavaraj Tonagatti
Anil-Wait for activation of such facility.
kg.krishnaiah
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
Basavaraj Tonagatti
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).
Sandhya Rawat
How could i change agent or eras agent coz the agènt after the buy policies not cared
Basavaraj Tonagatti
Dear Sandhya,
Sadly YOU CAN’T.
geet
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
Basavaraj Tonagatti
Dear Geet,
If the issue is related to LIC policy, then you can complain with the branch.
tapas bhattacharjee
your all informations are very vital for money marketing,I am very glad to receive your informations, thank you
Chetan Shah
Nice program you start I appreciate you & also join with you