MDRT in LIC – LIC MDRT Eligibility, Qualifications, Steps to Apply
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 |
|
|
||
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Annual Income – INR 76,29,600 | Annual Income – INR 38,14,800 | ||
| First Year Commission – INR 7,34,200 |
|
First Year Commission – INR 22,02,600 | ||
| First Year Premium – INR 29,36,800 |
|
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
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.
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.
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