MDRT in LIC – LIC MDRT Eligibility, Qualifications, Steps to Apply
.png "MDRT in lic complete information about mdrt in lic")
When it comes to insurance companies in India, LIC, or the Life Insurance Corporation of India is counted among the most trusted names. It is one of the oldest and most reliable insurance companies in India. LIC has a large number of agents working across the country to sell policies. The company rewards its best agents through commissions and global recognitions. LIC agents who demonstrate exceptional work and client service are recognized as members of the MDRT or the million-dollar round table. In this post, let us discuss MDRT in LIC, understand its eligibility criteria, and how to become an MDRT agent.
As we talk about insurance in India, Life Insurance Corporation of India (LIC) is perhaps the first name that pops into our minds. The reason is that LIC is one of the oldest insurance companies in the country and the sales force of the company has more than 13.5 Lakh sales agents. The top sales agents from various insurance companies are recognized on a global level at the Million-Dollar Round Table (MDRT).
What is MDRT Full Form in Insurance?
MDRT stands for 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.
What is MDRT in LIC (Life Insurance Corporation) of India?
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.
How becoming an MDRT Agent in LIC can be helpful?
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:
- As the job prospects and income are concerned, your avenues for growth can widen up
- You can be in touch with professionals who are known for their expertise in insurance and even learn some skills from them
- You will be able to attend exclusive events that are held globally
- You can get a permit for professional development programs and training.
LIC MDRT Eligibility Criteria in India 2024 of Agents to Qualify for MDRT Membership
LIC agents who want to be MDRT members would be required to meet some criteria. Here are some of MDRT 2024 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.
Steps to Apply for MDRT Membership 2024
To apply for an MDRT membership, you have to apply and the steps are quite easy. Here are they mentioned below:
- The first thing that you would be needed to do is to visit the official website of MDRT
- You will now find an option called ‘Join’ in which you can click
- You will get ‘View membership requirements for’, under which you have to select India
- You can then check out the production requirements
- At this point, you have to download forms that are relevant
- Documents that you need to submit are the Income Form, Official letter from LIC verifying your reported production, and Forms certifying commission and premium
- Now hit ‘Apply for Membership
- You now have to pay the required fee as per the level for which you are applying.
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.
FAQs: MDRT full form in Insurance and MDRT criteria, requirement in LIC
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.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Other Life Insurance Products
Latest Post
Expectations are abuzz in the Insurance sector as the newly elected government is gearing up to present its first Union Budget on July 23, 2024. The budget this year is likely to offer a vital opportunity for the Insurance sector to get a step closer to the 'Insurance for All by 2047' goal set by IRDAI. It is likely to address the key challenges towards achieving this goal while enhancing economic significance and growth in the future. Penetrating the rural market will remain a priority while emphasizing life insurance as a way of mobilizing savings.
Let us take a look at the highlights of the Union Budget 2024 and other previous year's Budgets and how they influenced the insurance sector.
.png)
Policyholders purchase Health Insurance plans to avail medical coverage against diseases and accidental injuries. The policyholder pays a premium in exchange for the coverage offered by the health insurance plan and it includes features like hospitalization expenses, daycare treatments, domiciliary costs, critical illnesses, AYUSH treatments, and other benefits like free medical check-ups among others.
Depending on the policy and the policy provider, health insurance plans cover several features, while it excludes some. Different health policies may cover different features. However, some common features are covered by almost all policies. In this post, we will discuss the common features and health insurance coverage available.
In today's busy world, it is easy for people to forget their car insurance renewal date. However, missing the timely renewal of your car insurance makes you vulnerable to several penalties for driving an uninsured car on the road. Also, in case of an accident, your vehicle will not be covered by your car insurance provider. Hence, it is very important to keep a tab on the validity date of your vehicle insurance. The government of India provides several ways for vehicle owners to check their vehicle renewal status online. Let us learn about them in this post.
Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homoeopathy, which are combinedly referred to as AYUSH is an alternative branch of medicine and treatment that is used to cure several diseases. All the treatments that come under AYUSH have been in use for thousands of years now. These treatments are rooted in the ancient culture of India and were used by early human civilizations to cure many health conditions in the past. Even today, AYUSH treatments are widely available and popular among many, which is the reason why insurance companies cover AYUSH treatments under most insurance plans.
With each passing year, as people tend to grow older, the constant anxiety of having age-related and other diseases scares them. Further, the increasing cost of medical treatment is another scary situation that most people dread. In such a situation, having a life insurance policy is a must to ensure safety from the frequent costs of medical treatment and hospitalization that an individual or a family might suffer. India has several health insurance providers offering good and comprehensive policies. In this post, let us discuss them to help you buy the best policy.
Schedule a Call
+91
