Know All About LIC Merchant

Who is a LIC Merchant?

LIC Merchants are professionals or entities authorized by LIC to perform various customer-related tasks. These tasks include accessing policy data, handling premium collections, and managing other policy-related operations. They work similarly to LIC office executives and can offer most LIC services to walk-in customers. LIC Merchants have access to the LIC system, which allows them to view policy data, loans, surrenders, and other information. All of these programs can be requested through LIC merchants.

Key Responsibilities of a LIC Merchant:

• Collecting premiums from policyholders.

• Generating and managing policy invoices.

• Providing policy-related information to customers.

• Assisting in policy loans, surrenders, and renewals.

• Managing online transactions via the LIC Merchant Portal.

LIC Merchant vs. LIC Agent

LIC Merchants and LIC Agents are important components of LIC's operational structure. While their roles are similar in some ways, they have a few differences, such as:

LIC Merchant Portal: Features & Functions

The LIC Merchant Portal simplifies the operational workflow for LIC merchants by offering a wide range of features, including:

Invoice Management:

• Generate invoices for premium collection.

• Update pending invoices.

• Pay invoices online via net banking.

Query Handling:

• Submit and track queries regarding invoices and payments.

• View paid invoice details.

Receipt Management:

• View and print premium receipts.

• Address issues related to receipt generation.

Quick Login to LIC Merchant Portal

Follow these steps to log in to your LIC Merchant account:

Step 1: Visit the LIC Merchant Policy Portal.

Step 2: Select the "Merchant Portal" under the "Online Services" tab on the homepage.

Step 3: Click on the "Login" option.

Step 4: Enter your username and password.

Step 5: Double-check your login credentials and click "Submit".

Online Invoice Payment Using Net Banking

Step 1: Go to Merchant Tools and click on "Pay Invoice Online".

Step 2: Select the pending invoice you want to pay.

Step 3: Confirm the invoice balance and choose your bank for payment.

Step 4: Complete the payment and return to the LIC website.

Step 5: Note the PG ID and print the payment acknowledgement for your records.

Steps to Become a LIC Merchant or Agent

Eligibility Requirements:

• Minimum Age: 18 years or older.

• Educational Qualification: Completion of the 10th standard from a recognized institution.

• PAN Card: A valid Permanent Account Number (PAN) is mandatory.

Required Documentation:

• Date of Birth Certificate.

• School Certificate (10th standard).

• PAN Card.

Application Process:

Step 1: Visit your nearest LIC branch and meet with the development officer.

Step 2: Undergo an interview to confirm your eligibility.

Step 3: Complete a 25-hour training program conducted by LIC.

Step 4: Register for and pass the IRDAI (Insurance Regulatory and Development Authority of India) exam.

Step 5: A minimum score of 40% is required to qualify.

Step 6: Upon passing the exam, you will receive an appointment letter with a unique code.

Step 7: Attend a final interview with the development officer.

Step 8: Learn practical aspects of working as a LIC Merchant or Agent.

Tips for Success as a LIC Merchant

• Stay updated on LIC’s latest policies and procedures.

• Build strong relationships with customers by providing excellent service.

• Use the LIC Merchant Portal effectively for smooth operations.

• Regularly check for pending invoices and receipts to maintain transparency.

Wrapping It Up:

Becoming an LIC Merchant or Agent is a fulfilling career opportunity for individuals looking to work with one of India's leading insurance providers. Following the steps outlined above, you can embark on a successful journey in the insurance sector. You can contribute to LIC's mission of securing lives nationwide with dedication and the right training.

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