ERC -Eligible For Renewal Commission for LIC agent
LIC Agent have to do Minimum business every year to save his LIC Agency other wise LIC agency code will be terminated and renewal commission of previous policy commission will be stopped,just because LIC agent was not eligible for renewal commission.
Minimum target of LIC agent in a year is like below
6 Lives with Rs 50,000 premium
1 lac premium with any number of lives
12 lives with any amount of premium
but if LIC agent will be associated with LIC of India minimum 5 year or more he may be elligible for renewal commission of his previous done policy.
Agent eligible for Renewal commission after termination if.
Agent has fulfilled MBG for at least 5 years since joining and 25 lives are in force as on the date one year prior of his termination (at the end of previous agency year)
( or )
Agent fulfilled MBG for minimum 10 years since their appointment.
( or )
Agent , Who has been terminated under clause regulation 16. ( Physically or mentally in capacity for carrying function of agent) has fulfilled MBG for at least 2 years since appointment and 12 different lives in force on date immediate prior to termination.
What Is ERC for LIC agent?