LIC Gyan: For Agents - 5 ways to increase your customer base

Knowledge is Power

In any sales field, Knowledge is power and Customer is always the King. Having information on the recent changes in the Environment and keeping the customer's requirements close to heart always helps an insurance agent to better help his clients. Also, techniques used by other agents can be successfully replicated for increased sale. Given below are certain tips to increase your customer base.

1. Environment Change: Increased limits for Child plans

In March 2013, IRDA allowed the increase of limit from 2 lakhs to 5 lakhs, the sum assured for child's policies, without considering the amount of insurance cover of the parent.
The Opportunity:

  1. If you have existing customers to whom you have proposed till 2 lakhs, you can now approach them again proposing to increase the limit.
  2. For a new customer, you can increase the coverage limit at initiation.

The Target:

  1. High net-worth individuals with children and free cash
  2. Previous customers who wanted more cover for their children

2. Environment Change: Policies closing in the near future

LIC of India is retiring about 35 policies from 1 October 2013 based on instructions from IRDA. Many of these policies have good benefits for the customer. One major change is that most policies can not be given on the lower limit of 7 years. The other is the passing on of the service tax component to the customers (which accounts for an increase of about 3% in the premium paid. While this is a small amount proportionally, when looked at a horizon of 20 years (typical policy terms), you pay approx 20 X 3% overall for one year.
The Target:

  1. High net-worth individuals
  2. Prospects who have a potential benefit from the older policies, e.g., investors who want short-term plans or unit plans
  3. The list of policies in retirement is updated here

3. Information: Jeevan Akshay for UK Returnees

People who have legally stayed in the UK for a considerable time - 5 years or more - have some insurance balance go into their NHS accounts. These funds can be transferred only into a pension plan in India. This is the perfect opportunity for Jeevan Akshay. So find all your contacts returning back from the UK to explore this opportunity.
The Target:

  1. Persons who returned back or are planning to return from the UK
  2. Ask existing clients who have relatives and ask for a refrerence.

4. Information: Jeevan Arogya Benefits

Jeevan Arogya is a health plan from LIC. Currently, for claims, the photocopy of the bills is sufficient proof of spending. So this can be proposed to all those persons who already have cashless facility with other insurers. Also, you can target those employees who already have health insurance from their employers. A way of scouting for suspects are to get to the nearest corporate hospital who have had expenses greater than Rs.15,000 in the previous year.
The Target:

  1. People who already have health insurance from their employers
  2. People who already have health insurance from other companies, cashless or otherwise.
  3. People who are in non-permanent jobs.

5. Technique: Join with a CA

Most of the big-ticket businesses are driven by Chartered Accountants (CA). This is typically the modus operandi:

  • The CA has clients who needs different types of investment plans to cover their tax and other liabilities.
  • The CA suggests the options to the client. The CA also lets you know the client who needs a big-ticket insurance
  • You approach the client to service his insurance needs (life and health)

This is a win-win for everybody involved.

Keep your Purpose in Mind

While the above techniques would anyway help you garner good sales, please bear in mind that LIC of India aims to provide insurance to every one. The aim is to cover all the families with at least the breadwinner's life covered. So please target at increasing coverage. And use the standard time tested techniques:

  1. Make a Suspect List
  2. Mark your Prospects
  3. Meet them on a regular basis
  4. Network for mutual benefit

Happy Selling!

Source of Information and Acknowledgements

  1. Mr. ShivSharan, Senior Branch Manager, Malleswaram Branch, LIC of India, Bangalore
  2. Mr. Ramachandra, Asst. Branch Manager (Sales), Malleswaram Branch, LIC of India, Bangalore
  3. Mr. Sudarshan S., Development Officer, Malleswaram Branch, LIC of India, Bangalore

From the meeting conducted on 27 Jun 2013

Did the information help you?

Use the suggestions and let me know if they help you. If you have more suggestions, please let everyone know for mutual benefit.

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Dr.ARVIND KR.SINGH JHA 3 years ago


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purnasrinivas 3 years ago from Bangalore Author

Thank you Dr.ARVIND

manohar 2 years ago

its very good sir.....

vishal kumar 2 years ago

Its very very important for me

jaiprakash 2 years ago

Satya Narain 2 years ago

Good tips to convince the customers.

purnasrinivas profile image

purnasrinivas 2 years ago from Bangalore Author

Thank you Satya for your comments

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Winter Rain 23 months ago

Very informative

vivek 23 months ago

Good one

purnasrinivas profile image

purnasrinivas 23 months ago from Bangalore Author

Thank you aruna, winter rain and vivek for your valuable comments.

vikesh dogra 23 months ago

Good one

k.Sridharan lic pondichrrry 22 months ago

Very good information .thank you sir.

Hemant Kanase 89E Br. 20 months ago

Dear Sir Thanks for infermation very Good for me also other Lic agents. Thanks again.

Narayan Murthy 19 months ago

In your suggestions under "The Target" you have marked out the following category also:-

People who are in non-permanent jobs.

Can you please explain this point elaborately in details.

Narayan Murthy (9883351993) LIC Agent

Himadri choudhury das 19 months ago

Thank you very much for your valuable suggestions.... LIC AGENT, GBO52 SILPUKHURI GUWAHATI, ASSAM please give me such type of information on my email id :


anil pandey 18 months ago

Good idea for agents but not enough

I want new idea for close the customer


please suggest

Bimal lic branch 89f 17 months ago

Very nice idea

Nirupama lic branch 89f 17 months ago

Excellent idea

Nirupama lic branch 89f 17 months ago

Excellent idea

atul c bhagat 90A 16 months ago

Information given is good

have to implement it


samit kumar jha 14 months ago

i samit kumar jha hereby by declared that the particular are given above true to the best of my knowledge andbelieve it.

samit kumar jha

malda branch-1


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