How to Become LIC Agent in India?
Challenges of being a LIC Agent and a better alternative
Becoming a LIC Agent is a popular choice for individuals who enjoy being independent and self-employed, rather than staying in an office setting. Simply stated, an LIC agent, as the name suggests, solicits customers to sell them insurance policies of the Life Insurance Corporation of India. In exchange, every time the agent makes a successful sale, he gets a commission. The business model is quite popular in India, and there are more than 10,71,945 active agents as of 31.03.2018 in India.
The apparent allure of being a LIC Agent is, of course, the freedom it offers in the form of emancipation from a 9 to 5 setting. However, there are some significant downsides to this career choice, as well.
- Lack of Income Security – The work is highly volatile, especially for full-time professionals who depend on being an LIC Agent as their primary source of income. It is extremely difficult to generate new leads, and there is tremendous competition in the market from other agents and also other companies. There is very little job security and predictability, which leaves you always searching for the next client, and next paycheck.
- Lack of Long Term Retention of Clients – Competition in the sector is enormous. There has been a surge of insurance companies recently entering the market in India, which has diminished the once paramount status of LIC. Nowadays, people are increasing approaching smaller companies which specialize in a specific type of insurance policies for eg., medical, motor, or life insurance. This means that clients keep switching insurance companies for different needs. Thus, it will be difficult to get repeat business and make long-term clients working for one company like LIC.
- Tremendous Competition from Incumbent Agents – There are already more than 10,71,945 active agents LIC agents in the market. This is an old profession which had developed in times when there was no internet. The tradition is for customers is to buy insurance from people they know and trust. So the network of an agent may be limited to people within a narrow circle, where the people already established have an edge. A new agent will face tremendous competition from not only incumbents in the market but a plethora of online insurance companies on the internet which offer completely paperless solutions.
Looking for an alternative? Try GST Suvidha Kendra
If you are looking for a Franchisee business opportunity, we at GST Suvidha Kendra have an excellent opportunity for you. It is guaranteed to give your regular income, the potential to regularly keep on increasing your customer base, the highest possible commission rate in the industry of up to 50% on a low amount of investment and directly approved and licensed by the Govt.
Who are we?
We at Prologic Web Solutions Private Limited are a licensed GSP partner operating since 2012 and approved by the Goods and Services Network and Govt. of India. Our role is to expand the GST Services Network by bringing in new independent business partners like you, the reader.
Our business model – A robust IT infrastructure is the lifeblood of the GST system. The Govt. has given the responsibility to manage this lifeblood to the Goods and Services Network (GSTN), which acts as a Nodal Agency and further delegates the task to renowned companies like Deloitte, TCS, Ernst & Young, and others, who work as GST Suvidha Provider GSP. GSPs are the responsibility to build interactive software systems that can be accessed by people to connect to the GST Network and avail services like GST Returns filing, utility payment services, money transfer, accounting services, audits, taxation, and many more complementary financial services. The GSPs have recruited us to recruit further independent business partners called GST Suvidha Kendras (GSK), who will take the technology to the taxpayers and be a service provider and official licensee and verifier since the GST IT infrastructure cannot interact will the taxpayers directly for security reasons.
Your role – You will join as a GSTN-GSP authorized and registered GST Suvidha Kendra (GSK). As a GSK, your job is to take the software directly to the taxpayer customer so that he can use the software to file returns for his GST. There are also many other services like money transfer, utility payments, accounting services, auditing, business registration, e-Way bills, and so much more – it is a complete suite designed to meet every requirement that a business customer will have. The best part is that you don’t need expert knowledge in GST or taxation to use the software. All relevant calculations and technical functions will be performed automatically in the backend. Your job is limited to uploading and downloading the correct invoices and authenticating the documents. For this, we will provide you will all the necessary training and learning materials.
Here is how being a GST Suvidha Kendra Partner can be better than LIC Agent
- GST Suvidha Kendra provides long term-term clients
First of all, GST Suvidha Kendra offers more types of Insurance than LIC. We have forged strategic partnerships with key companies in the insurance sector to bring the best plans available. But more importantly, we also provide a host of services other than just insurance policies. Services such as GST returns filing (which has to be done every month), audit, income tax returns, TDS filings, business formation, money transfer, payment of bills, loans, PAN card, etc. means that once you get a client you can retain him by offering multiple services that he requires. More than just insurance.
- The demand and supply gap for GST professionals in the market is huge
GST is the single biggest alteration of tax policy in India, replacing all of the previous indirect taxes such as sales tax, VAT, excise, etc. However, due to multiple changes in the policy, need for frequent returns filing, and the overall emphasis on digital infrastructure, GST is quite an incomprehensible maze for the majority of small and medium businesses in the market. Big companies can afford expensive accountants and lawyers to handle their GST needs. These professionals charge a fortune, which is unaffordable for the vast majority of small businesses. There is thus an urgent demand for an affordable and seamless tax-filing solution which is suitable for the small business and SMEs. This is one of the biggest and most lucrative opportunities of our time. Rarely does a piece of law make such a massive impact on the market. This is the gap that GST Suvidha Kendra fills.
- High Commission Rate
We have an extremely high commission rate where you can earn as much as 50% commission in the majority of our services. We guarantee a totally transparent system with no hidden charges or fine print. A clear and easy to understand commission system – what you see is what you get. There is also an online commission calculator that is set up on our website, where you can gauge your potential earnings. Go check it out. It’s free!
- Anyone can join, and all assistance will be provided to you
No advanced knowledge in finance or taxation is required to become a GST Suvidha Kendra. Your responsibilities will be administrative – limited only to operating the software for which you will be equipped with complete training from our company. A 100% cashback is also offered only our end within 90 days from payment so that you can try out the business opportunity in a risk-free manner with complete peace of mind.