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

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

About Basavaraj Tonagatti

Basavaraj Tonagatti is the man behind this blog. He is SEBI Registered Investment Adviser who is practicing Fee-Only Financial Planning Process and also an Independent Certified Financial Planner (CFP), engaged in blogging since 7 years. BasuNivesh blog is ranked as one among India's Top 10 Personal Finance Blog. He is not associated with any Financial product/service provider. The purpose of this blog is to "Spread personal finance awareness and make them to take informed financial decisions." Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

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Reader Interactions

Comments

  1. Smita Korgaonkar

    September 8, 2020 at 6:14 PM

    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.

    Reply
    • Basavaraj Tonagatti

      September 9, 2020 at 11:04 AM

      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.

      Reply
  2. Sanjay

    August 20, 2020 at 2:35 PM

    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 ?

    Reply
    • Basavaraj Tonagatti

      August 20, 2020 at 4:35 PM

      Dear Sanjay,
      1) The premium is adjusted to rebate already.
      2) YES.

      Reply
  3. Gajanan Theng

    July 4, 2020 at 8:27 AM

    Dear Sir,

    We want to change my lic agent

    Please suggest

    Reply
    • Basavaraj Tonagatti

      July 4, 2020 at 9:48 PM

      Dear Gajanan,
      Sadly you can’t

      Reply
  4. Krunal

    May 27, 2020 at 10:14 PM

    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?

    Reply
    • Basavaraj Tonagatti

      May 28, 2020 at 7:04 AM

      Dear Krunal,
      Sadly NO as it is not yet implemented.

      Reply
  5. VISHAL

    January 22, 2020 at 6:13 PM

    Sir LIC agent can do policy in any other LIC branch in India. If possible plz tell.

    Reply
    • Basavaraj Tonagatti

      January 23, 2020 at 1:26 PM

      Dear Vishal,
      Yes.

      Reply
  6. Sanket

    December 5, 2019 at 11:49 AM

    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.

    Reply
    • Basavaraj Tonagatti

      December 5, 2019 at 8:09 PM

      Dear Sanket,
      Sadly as of now, this facility is not activated.

      Reply
  7. romio saha

    September 20, 2019 at 12:32 PM

    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

    Reply
    • Basavaraj Tonagatti

      September 20, 2019 at 12:39 PM

      Dear Romio,
      NO.

      Reply
  8. siva

    December 27, 2018 at 2:34 PM

    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.

    Reply
    • Basavaraj Tonagatti

      December 27, 2018 at 3:39 PM

      Dear Siva,
      Sadly YOU CAN’T.

      Reply
  9. Manish kumar

    August 27, 2018 at 8:24 AM

    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

    Reply
    • Basavaraj Tonagatti

      August 27, 2018 at 11:08 AM

      Dear Manish,
      Visit the branch where you want your agency to be shifted. They will guide you.

      Reply
  10. ys yadav

    May 11, 2018 at 2:38 PM

    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.

    Reply
  11. Elzy

    April 20, 2018 at 1:09 AM

    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.

    Reply
    • Basavaraj Tonagatti

      April 20, 2018 at 7:14 AM

      Elzy-I think it is some spam.

      Reply
  12. Neeraj chandel

    April 6, 2018 at 7:49 PM

    Dear sir

    Can I occupy my sister license as my own license.

    If possible please revert

    Thanks regards
    Neeraj Chandel
    9817405600

    Reply
    • Basavaraj Tonagatti

      April 6, 2018 at 9:03 PM

      Neeraj-No.

      Reply
  13. Mohit daga

    March 31, 2018 at 7:53 PM

    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

    Reply
    • Basavaraj Tonagatti

      March 31, 2018 at 8:18 PM

      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.

      Reply
  14. Nidhi

    March 22, 2018 at 12:02 PM

    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

    Reply
    • Basavaraj Tonagatti

      March 22, 2018 at 1:17 PM

      Nidhi-It is a FAKE call. If they call once again, then inform the Police and also the nearest LIC branch in this regard.

      Reply
      • Elzy

        April 20, 2018 at 1:44 AM

        Can i become agent of my own policy and get the commission?

        Reply
        • Basavaraj Tonagatti

          April 20, 2018 at 7:14 AM

          Elzy-Yes.

          Reply
  15. r k

    February 27, 2018 at 5:31 PM

    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

    Reply
    • Basavaraj Tonagatti

      February 27, 2018 at 6:11 PM

      RK-Yes, you can change.

      Reply
      • Amtuzhera

        March 12, 2018 at 7:21 PM

        Please give the procedure to change the Development Officer

        Reply
        • Basavaraj Tonagatti

          March 12, 2018 at 7:24 PM

          Amtuzhera-Contact the Branch Manager.

          Reply
  16. balai mondal

    October 14, 2016 at 10:54 AM

    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

    Reply
    • Basavaraj Tonagatti

      October 14, 2016 at 2:18 PM

      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.

      Reply
  17. Vishal Shah

    October 6, 2016 at 11:32 AM

    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???

    Reply
    • Basavaraj Tonagatti

      October 6, 2016 at 2:01 PM

      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.

      Reply
  18. Prosenjit Sur

    October 5, 2016 at 11:10 PM

    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…….

    Reply
    • Basavaraj Tonagatti

      October 6, 2016 at 8:52 AM

      Prosenjit-Contact the branch manager which is near to your home. He will guide you about how to shift.

      Reply
  19. suraj

    September 20, 2016 at 8:54 AM

    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.

    Reply
    • Basavaraj Tonagatti

      September 20, 2016 at 9:39 AM

      Suraj-Check with Malad Office.

      Reply
      • suraj

        September 20, 2016 at 10:40 AM

        Sir
        How to transfer agency
        plz tell me

        Reply
        • Basavaraj Tonagatti

          September 20, 2016 at 10:49 AM

          Suraj-Check with Malad branch. I am not an expert on official matters of LIC.

          Reply
  20. mohd parvez ansari

    September 9, 2016 at 10:34 AM

    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?

    Reply
    • Basavaraj Tonagatti

      September 9, 2016 at 1:10 PM

      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.

      Reply
      • mohd parvez ansari

        September 9, 2016 at 2:34 PM

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

        Reply
        • Basavaraj Tonagatti

          September 9, 2016 at 2:55 PM

          Mohd-DO code not necessary. Branch Manager will do the underwriting for that.

          Reply
  21. Abhishek rawat

    August 29, 2016 at 11:09 PM

    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??

    Reply
    • Basavaraj Tonagatti

      August 30, 2016 at 6:26 AM

      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.

      Reply
  22. sunita

    June 22, 2016 at 12:17 PM

    What is the way to change my lic agent and how can do this to agent of my owns . please tell me sir.

    Reply
    • Basavaraj Tonagatti

      June 22, 2016 at 12:23 PM

      Sunita-As of now this option is not available with LIC. But why you want to change?

      Reply
      • Geetha

        July 29, 2016 at 5:09 PM

        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 .

        Reply
        • Basavaraj Tonagatti

          July 29, 2016 at 5:23 PM

          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.

          Reply
  23. Virendra Lal

    June 7, 2016 at 2:33 PM

    Hi Basavaraj,

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

    Reply
    • Basavaraj Tonagatti

      June 7, 2016 at 3:37 PM

      Virendra-As of now NO.

      Reply
  24. MILAN DHARAMSHI

    May 28, 2016 at 4:52 PM

    HOW CAN I PORT MY AGENT ?

    Reply
    • Basavaraj Tonagatti

      May 28, 2016 at 5:53 PM

      Milan-Check with your insurance company.

      Reply
  25. Rudresh

    March 14, 2016 at 8:36 PM

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

    Reply
    • Basavaraj Tonagatti

      March 15, 2016 at 10:02 AM

      Rudresh-You can do so.

      Reply
  26. Suneetha

    March 1, 2016 at 11:00 AM

    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.

    Reply
    • Basavaraj Tonagatti

      March 1, 2016 at 8:54 PM

      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?

      Reply
  27. Santosh

    February 6, 2016 at 9:39 PM

    Hi Basavaraj,

    Can we change the agent of lic

    Reply
    • Basavaraj Tonagatti

      February 7, 2016 at 11:39 AM

      Santosh-YES.

      Reply
  28. Kapil bisht

    October 17, 2015 at 7:35 AM

    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

    Reply
    • Basavaraj Tonagatti

      October 17, 2015 at 11:46 AM

      Kapil-I am not aware about agency rules of LIC or Post Office. Better you contac them.

      Reply
  29. prashanth

    October 8, 2015 at 9:16 AM

    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?

    Reply
    • Basavaraj Tonagatti

      October 8, 2015 at 10:26 AM

      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.

      Reply
  30. r k pathak

    September 27, 2015 at 2:40 PM

    pl give me cellular of lic agent problity

    Reply
    • Basavaraj Tonagatti

      September 27, 2015 at 5:11 PM

      Pathak-What?

      Reply
  31. K.GOPALA KRISHNAIAH

    September 6, 2015 at 9:20 PM

    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

    Reply
    • Basavaraj Tonagatti

      September 7, 2015 at 12:12 PM

      Gopala-I am not blaming customers but to your own fellow agents. Hence, bend them properly and then discuss the rights of customers.

      Reply
  32. kg.krishnaiah

    September 4, 2015 at 10:09 PM

    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.

    Reply
    • Basavaraj Tonagatti

      September 5, 2015 at 7:55 AM

      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?

      Reply
  33. kg.krishnaiah

    September 2, 2015 at 9:25 PM

    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.

    Reply
    • Basavaraj Tonagatti

      September 3, 2015 at 11:12 AM

      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.

      Reply
    • s k singh

      June 6, 2016 at 3:39 PM

      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.

      Reply
  34. Anil

    September 2, 2015 at 3:08 PM

    I want to know how can we change our agent

    Reply
    • Basavaraj Tonagatti

      September 3, 2015 at 11:44 AM

      Anil-Wait for activation of such facility.

      Reply
  35. kg.krishnaiah

    September 1, 2015 at 8:50 PM

    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

    Reply
    • Basavaraj Tonagatti

      September 2, 2015 at 6:56 AM

      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).

      Reply
      • Sandhya Rawat

        December 24, 2018 at 11:36 PM

        How could i change agent or eras agent coz the agènt after the buy policies not cared

        Reply
        • Basavaraj Tonagatti

          December 25, 2018 at 6:41 AM

          Dear Sandhya,
          Sadly YOU CAN’T.

          Reply
    • geet

      November 5, 2020 at 7:10 PM

      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

      Reply
      • Basavaraj Tonagatti

        November 5, 2020 at 8:35 PM

        Dear Geet,
        If the issue is related to LIC policy, then you can complain with the branch.

        Reply
  36. tapas bhattacharjee

    September 1, 2015 at 2:08 PM

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

    Reply
  37. Chetan Shah

    August 31, 2015 at 9:43 PM

    Nice program you start I appreciate you & also join with you

    Reply

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