Where Can I find an LIC angent who returns the commission?
I heard from many of my friends that some LIC agents returns back their commission (Full or part) for the first year. I wanted to know if there is any body
- james mLv 51 decade agoFavourite answer
Rebating is illegal. An agent can lose his/her license and be fined for such shinaningans as that.
Rebating also creates unfair competition.
If two agents are competing for the same business, their rates are exactly the same, but one agent tells the client that he/she will pay part of his/her commission to him/her, just to get the business, it's illegal, unethical, and immoral.Source(s): Retired agent, 30 yrs.
- satheeshLv 41 decade ago
You may find them anywhere. But remember it is not at all fare. It is the insurance company is paying the commission to the agent for educating the customer and marketing their product. The customer gets benefited from the service of a qualified insurance agent. And this is now free of cost. What the customer is paying is to the insurance company and not to the Agent. Further in India it is against the Act and the Agent's licence will be cancelled. Accept the dignity of others. I am a Bank officer and not an insurance Agent.
- Anonymous1 decade ago
It's illegal to do and sure you may not care since the agent is breaking the law. But, if they're unethical enough to do something like that wouldn't you rather get the right plan from someone you could actually trust.
"I'm breaking the law, but you can trust me that this is a good plan..." Yeah, I don't see how that goes together.
Insurance is a regulated industry and if you want a good deal find a good broker that can show you multiple companies and answer your questions to your satisfaction. That's why you're put at a disadvantage trying to go direct or using one these large online companies. They all have the same price as the boutique broker, but they can never compete on service.
I can't tell you how many people ask me if I can do anything about the price. Yeah sure...instead of $1 million of coverage but $900,000 and I'll knock 10% off the cost. (insert sarcastic tone here)
Hope that answers your question.
- tmuthiahLv 51 decade ago
LIC agents work for a return commisssion from
the LIC. They don't work for charity.
A few of such agents return a part of their commission to their clients,just because their clients demand . Agents have to give in , in consideration of the business they are getting
We don't know where you live. How can we find some agent in your area who can part with the whole or the part of his commission to you when we have no your whereabouts.
- What do you think of the answers? You can sign in to give your opinion on the answer.
- 1 decade ago
You are not specific in your question and so i cannot give you the suggestion regarding this.
Please specify what type of insurance are you searching and of which company, and also the location where you are.
The agents will probably give you some sort of discount to you if you request them, it may be "0%" to "25%" of there "commission", some times.
I think they are not voilating the law, they are giving the discount from there own pocket, to you to get a "new customer". Getting 80% of commission value is better than not getting any commission to them.
Mark this as aswered, if it has answered your question.
- Abhay GadiyarLv 41 decade ago
Absolutely illegal, unethical and immoral to expect return of commission from agent.
Do you return part/full salary to the company when you receive it?Source(s): I am LIC agent
- Joshi ALv 51 decade ago
As my friends have sadi it is against business ethics to offer and accept rebate. rebating (as it is commonly known) is unethical and illegal. It is barred by IRDA though many agents practice rebating just because they do not want to lose the client.
Note: Become an agent so that you can retain the entire commission.
good luck !
- 1 decade ago
I HAVE HEARD OF PARASITES. THOSE WHO ASK EVEN A PART OF THE HARD EARNED MONEY OUT OF ON E'S EFFORTS I CAN COMPARE HIM/HER ONLY TO A PARASITE. WELL, CAN YOU ASK YOUR DOCTOR, LAWYER, AUDITOR A PART OF FEE, (JUST A PART OF FEE) THEY GET FOR THEIR SERVICES TO YOU. WHAT STOPS YOU ( HIS SERVICES ARE ON AS NEEDED BASIS, YOU CAN CHANGE YOUR MAN ANY TIME). A PROFESSIONAL LIC AGENT LIKE ME ENABLE YOU TO GET THE BEST COVERAGE FOR YOU AND FAMILY, CHARGING YOU NOTHING AND CONTINUES TO BE IN CONTACT WITH YOU FOR THE REST OF YOUR LIFE/ MY LIFE IN YOUR INTEREST, FEELING THE NECESSITY TO SUPPORT YOU PROFESSIONALLY, TO BRIDGE THE LACK OF TIME OR KNOWLEDGE TO KNOW EVERYTHING YOUR SELF. DO YOU KNOW THAT ONLY THE INCOME THROUGH COMMISSION EARNED, KEEPS THE AGENT GOING AND ENABLES HIM TO SEND THE 'INSURANCE MESSAGE' OF THE ONLY 100% INSURANCE CORPORATION TO THE PEOPLE. IT IS UNETHICAL TO SNATCH FOOD FROM ONE'S MOUTH. IN THIS WORLD NOTHING COMES FREE, AT A REBATE, WITHOUT COMPROMISING ON QUALITY. ARE YOU READY TO COMPROMISE ON QUALITY SERVICE? THINK AND LET ME KNOW AT email@example.com