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

Updated on December 10, 2013

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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Comments

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    • profile image

      vimlesh marwah 

      7 months ago

      sir please advise me how to increase my lic agent performance

    • profile image

      Nataraj 

      10 months ago

      Its Really Good Things, I will try the best with help of things what you said.

      Thank you Madam.

    • profile image

      akrastogi001@gmail.com 

      13 months ago

      I want new idea for close the customer.Thanks!

    • profile image

      samit kumar jha 

      2 years 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

      cell-09474348085

    • profile image

      atul c bhagat 90A 

      2 years ago

      Information given is good

      have to implement it

      Thanks

    • profile image

      Nirupama lic branch 89f 

      2 years ago

      Excellent idea

    • profile image

      Nirupama lic branch 89f 

      2 years ago

      Excellent idea

    • profile image

      Bimal lic branch 89f 

      2 years ago

      Very nice idea

    • profile image

      anil pandey 

      2 years ago

      Good idea for agents but not enough

      I want new idea for close the customer

      thanks

      margiakp@gmail.com

      please suggest

    • profile image

      Himadri choudhury das 

      2 years 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 : himadrigbo2@gmail.com

      Thanks

    • profile image

      Narayan Murthy 

      3 years 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

      mknarayan.murthy2011@gmail.com

    • profile image

      Hemant Kanase 89E Br. 

      3 years ago

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

    • profile image

      k.Sridharan lic pondichrrry 

      3 years ago

      Very good information .thank you sir.

    • profile image

      vikesh dogra 

      3 years ago

      Good one

    • purnasrinivas profile imageAUTHOR

      purnasrinivas 

      3 years ago from Bangalore

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

    • profile image

      vivek 

      3 years ago

      Good one

    • profile image

      Winter Rain 

      3 years ago

      Very informative

    • purnasrinivas profile imageAUTHOR

      purnasrinivas 

      3 years ago from Bangalore

      Thank you Satya for your comments

    • profile image

      Satya Narain 

      3 years ago

      Good tips to convince the customers.

    • profile image

      jaiprakash 

      3 years ago

      Jaiprakash1555@yahoo.com

    • profile image

      vishal kumar 

      3 years ago

      Its very very important for me

    • profile image

      manohar 

      3 years ago

      its very good sir.....

    • purnasrinivas profile imageAUTHOR

      purnasrinivas 

      4 years ago from Bangalore

      Thank you Dr.ARVIND

    • profile image

      Dr.ARVIND KR.SINGH JHA 

      4 years ago

      good.

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