LIC of Life Insurance Corporation of India conducts its business using various channels and introduced the option allowing the registration of merchants on a recent basis. An entity of an organization of LIC could apply for getting a Merchant License. These merchants function similarly to LIC Officers as they will be allowed to provide LIC-based services and product-based services to the customers who walk in to their respective offices. These merchants will be having access to the information system of LIC and thereby use the same for fetching information pertaining to the viewing of policy data, loans data, surrenders, and various other information. They can also request for such policies and programs of LIC using this system.
LIC Merchants and Agents function almost in the same manner and they both work on behalf of the LIC Corporation. They help the individuals or people take LIC policy registration and then collect premiums from them regarding the policy held by them. They would then earn a commission which is computed on the basis of the premium received on the policies which are sold by them to the individuals or policyholders.
LIC Merchant Important Points
LIC Merchant Portal
LIC Merchants can log in to the LIC Merchant Portal by simply visiting this portal separately set for the merchants. The user needs to be authorized to login in to the LIC Merchants Policy Web Portal. This portal is named ‘Merchant Online’ and allows all the Merchants and Agents of LIC to easily access the LIC website and access the data available. They can also utilize the platform for the management and collection of the premiums on the policies sold by them. The major tasks they would do or complete using the portal is the creation of invoice and also making the online payment. Some of the major functions allowed by the LIC Merchant Portal would be as follows:
– Initiate the invoice for the premium collected by the Merchant or Agent
– Totalling of the Cashiers
– Viewing of the Receipts
– Keep track of pending invoices
– Payment of the Invoices using online platforms
– Depositing of invoice
– Queries on the paid invoices
– Update of the pending invoices with the merchant or agent
– Submit Invoice Generate proposal with the Cashier.
Login Process
For login in to the Merchant Portal, the merchant or agent should follow the below-specified steps:
– Step 1: Visit the official website of the LIC Merchant which is the ‘https://merchant.licindia.in/’, using the Browsers like Mozilla Firefox or Google Chrome.
– Step 2: Now in the website homepage with the option to Login, and asking the username and password will appear.
– Step 3: Enter the credentials and login as a merchant of LIC.
– Step 4: Once you enter the SUBMIT button, the account will get opened which can then be used for undertaking all the functions necessarily allowed by the website to be done by the LIC Merchant using the online portal.
It shall be recommended that the credentials like username and password are verified or checked twice before the same is submitted such that it is ensured that no mistake is committed.
Online Invoice Payment by LIC Merchant
For paying an invoice online, the Merchant of LIC can use the Merchant Tools and then click Pay Invoice Online given under the same. There shall be a notification of all pending invoices under the merchant, where he can pick the one for making the payment and submit the same. It will ask for the confirmation of the amount to be paid and then lead to the bank page for making the payment. The merchant can use Net Banking for making the payment and pay the invoice online the completion of which will generate a PG ID and also make an acknowledgment of payment ready.
Becoming a LIC Merchant or Agent
Eligibility
– If a person wants to become a LIC Agent or Merchant he or she shall be above the age of 18 years and also a citizen of the country India. The LIC would require the applicant to submit their Date of Birth (DOB) Certificate for the same, hence the applicant shall get the same stamped from the Municipal Corporation.
– The applicant shall also have passed or cleared 10th Grade exams and should have possession of such eligibility certificate signed and stamped by the official of the school or the Board he or she attended.
– The applicant shall also be holding a valid PAN Card which is nothing but the Permanent Account Number issued by the Income Tax Authority of the country. This can be applied online using the website of NSDL or even using some agent who can apply for the same.
Interview and Training
In case the applicant is meeting all the prescribed eligibility criteria, he or she shall move to the next level of becoming a LIC Agent or Merchant. He or she can visit the local branch of LIC and meet the development officer of such branch. The development officer shall then conduct a small interview and if found to clear the interview shall be selected for the LIC Training Program arranged by the LIC. It shall take 25 hours in total and is, therefore, a 25-hour training program.
IRDAI Exam
Once the applicant completes the training program, he or she shall register for the IRDAI exam after studying thoroughly for the test. The preparation materials shall be provided by the LIC branch and there shall also be provided free books for the test. The person should clear this exam for becoming eligible to work as LIC Merchant or Agent. If the person scores at least 40% in this test he or she shall go to the next level and also be given a Letter of Appointment.
Appointment Letter and Final Interview
Now the person shall be issued with an appointment letter with a unique code and shall be taken for a personal interview by the development officer and he shall also be provided with such necessary assistance. For the applicant, a special development officer shall be appointed, whose name will be specified in the appointment letter.
On necessary completion of all these, the applicant shall be appointed as LIC Merchant or Agent and can start functioning as the same under the LIC.
