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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How can I change my lic agent when giving bad service
Dear Ganesh,
Sadly this option as of now, not implemented by them.
Sir, i want to change my LIC agent. He is not supportive. He doesn't have manner to talk. Tell me the process.
Dear Rahul,
As of now, this option is not available with LIC.
I take 2 months before I taken lic agency
How transfer current branch to new branch
It's possible
Dear Rajashekhar,
As of now, LIC not implemented this feature.
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
Dear Sant,
Whether you purchased it online or offline?
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
Dear Anu,
Approach the LIC branch.
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
Dear Devendra,
Sadly you have to approach the branch.
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.
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.
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 ?
Dear Sanjay,
1) The premium is adjusted to rebate already.
2) YES.
Dear Sir,
We want to change my lic agent
Please suggest
Dear Gajanan,
Sadly you can't
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?
Dear Krunal,
Sadly NO as it is not yet implemented.