4 min read
Updated on Mar 07, 2023
MDRT’s full form in insurance is Million-Dollar Round Table. Founded in 1927, this standalone association is renowned across the world. The association comprises some of the best insurance agents from various nooks of the world and professionals from financial services. It started as a meeting of professionals who sold insurance worth INR 10 Lakh in their respective countries. Professionals from around 70 countries and more than 700 organizations are recognized for their commitment and contribution towards insurance sales while maintaining ethical standards.
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LIC has a consistent record of producing a high number of MDRT-qualifying life insurance sales agents. The agents can further their MDRT qualification into Top of Table (TOT) and Coat of the Table (COT) which require the agents to earn higher commission than the MDRT specification. This is made possible by the outstanding ethics and superb client orientation which have been a hallmark of LIC. As a testimony to LIC’s commitment to quality, it has had 16,500,64 agents who have qualified for MDRT in FY 2020-21 and the highest in LIC history. LIC also has internal recognitions and commissions to motivate and engage their agents in a meaningful way. The total 13.5 Lakh sales force of LIC is fully dedicated to safeguarding the interest of their clients and protecting their financial well-being.
If you are a LIC agent who is trying to be a member of MDRT, it can be beneficial for you in many ways. Here are some of the benefits that you can get:
LIC agents who want to be MDRT members would be required to meet some criteria. Here are some of MDRT 2023 requirements in India:
|Requirements for MDRT Qualification||Requirements for Top of Table (TOT) Qualification||Requirements for Court of Table (COT) Qualification|
|Annual Income – INR 12,71,600||Annual Income – INR 76,29,600||Annual Income – INR 38,14,800|
|First Year Commission – INR 7,34,200||First Year Commission – INR 44,05,200||First Year Commission – INR 22,02,600|
|First Year Premium – INR 29,36,800||First Year Premium – INR 1,76,20,800||First Year Premium – INR 88,10,400|
You need to know that the qualification requirements may change according to the discretion of the MDRT Board of Leadership. You would be required to meet these criteria set by MDRT. In case you have already met the previous year’s requirements for the same level, you would not need to meet the updated requirements.
Read More: LIC vs Other Private Insurance Companies in India – Know Differences
To apply for an MDRT membership, you have to apply and the steps are quite easy. Here are they mentioned below:
MDRT is a promising platform for LIC agents as they can come across opportunities for career development. It can work as a motivating factor and can help them start performing well.
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You have to submit production proof that is equal to or more than the minimum criteria that have been set by the association.
The MDRT membership validity lasts for 1 year, after which you would be required to renew it.
Yes, the deadline is 1st March of the membership year. MDRT does not accept applications after 31st December each year.
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