LIC OF INDIA BIMA SCHOOL

Planning for education and marriage of a child is very essential. Successful parenting is no mean accomplishment. A huge contributor to this success is financial planning for one’s child's future needs at the right age! There is really no better gift you can give your child, than the promise of a secure future with LIC plan. LIC eyes schools as policy goldmines to secure the financial future of a child .LIC has taken following steps for the same.
School shall be declared as BIMA SCHOOL by fulfilling one of the following basic condition:
1. Minimum 25 policies of the students from the school in financial year.
2. 1,50,000 first year premium (excluding single premium) with 15 policies of the students procured from the school in financial year.
The incentive of the students as follows:
A) 25 policies or 1,50,000 first year premium and incentive is Rs 7500.
B) 50 policies or 3,00,000 first year premium and incentive is Rs 15,000
C) 75 policies or 5,00,000 first year premium and incentive is Rs 25,000
D) 100 policies or 6,50,000 first year premium and incentive is Rs 35000
After declaring school as BIMA SCHOOL benefit shall be payable in the following forms:
1. Purchase of library equipments
2. Instruments for gymnasium /sports kits/ play instruments
3. Purchase of library books
4. Purchase of class room furniture/office furniture
5. Purchase of computer
6. Construction of toilet
7. Providing drinking water facility
8. Education software

Distribution of student of the year Trophy at School as part of Diamond Jubilee Celebration:




And If now an Employer has LIC Agency : An employer will get commission (premium paid 6,50,000 *35%) 2,27,500 in first year and 7.5% 2nd and 3rd year i.e.48,750 each and thereafter 5% i.e. 32,500 till the policy gets matured.

For taking agency one has to go 25 hours training and then one has to pass the test IC-33 conducted by Insurance Institute of India and the appointment letter will be issued by LIC OF INDIA company.LIC agency is considered today as the highest paid profession in the world. It also provides one with the Royalty Income.

The Commission rates on regular premium policies are as under:
First year Commission 25%
Bonus Commission 40% of first year commission.
2nd and 3rd Year of Policy
Renewal Commission: 7.5%
4th year onwards 5%

This can be very good benefit for the schools as well as the students. One must take benefit of the same