A LIC Merchant is an individual appointed by the LIC of India for the premium collection process.These merchants work like a link between LIC and the policy buyers. They provide customers' details about the premium collection and update its details. The LIC Merchant Policy Portal section of the LIC official website allows registered LIC merchants to view their information and transactions with the company.Read more
Buy LIC policy online
Guaranteed maturity with life
cover for securing family's future
Tax saving under Sec 80C &
Sovereign guarantee as per
Sec 37 of LIC Act
This portal allows registered merchants to view their merchant status, past business details and submit any queries to LIC.
LIC of India conducts all of its business across various channels and has recently introduced merchant registrations. Any entity or LIC organization can apply for a merchant license. LIC merchants are similar to LIC office executives as they can provide 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.
LIC has an extensive network of LIC agents and LIC merchants working on their behalf. They assist in registering citizens for insurance and the subsequent collection of premiums. A commission is charged by LIC agents and merchants for policies sold by them.
You can quickly access the LIC merchant portal. This is a separate LIC portal that allows authorized users to log in to the LIC merchant policy web.
Merchant online is the LIC merchant policy portal, enabling all LIC agents and LIC merchants to access the LIC website. Merchants and agents may use this platform to manage the premium collection. Their tasks include policy invoice creation and online payment.
LIC Merchant Portal allows the following main functions:
Generate Invoices for Premium Collection
Invoice Generate Proposal with Cashier
Any Pending Invoice Update
Paid Invoice Queries
Pay Invoice Online
Receipts can be viewed
Totals for Cashiers
You need to follow the steps below to log into LIC Merchant Account:
Step 1: Visit the LIC merchant policy portal.
Step 2: Select the tab "Merchant Portal" from the homepage, which is a list of options under "Online Services."
Step 3: Now choose the login option from the drop-down menu.
Step 4: Continue by entering the username and password.
Step 5: Then send in the details.
Step 6: Before clicking the submit button, double-check that your login information is right.
Net banking can be used to pay invoices involving cash on the LIC merchant policy platform. To pay an invoice online, go to Merchant Tools and click on ‘Pay Invoice Online. It will display all pending invoices that allow you to pick and submit the preferred one. It will ask you to confirm the balance of your invoice payment after which you can choose your bank to proceed with payments.
It will take you back to the LIC website after a successful payment where PG ID will be displayed. It further allows you to print your payment acknowledgement.
For generating premium receipts by the LIC merchants or agents, a new window will open on the website with the receipt. To display premium receipts and invoices on the LIC retailer website, pop-up windows are used. If the receipt is not produced automatically, there are specific steps suggested by the insurer.
To solve the problem, you can do one of two things:
When you click 'Click here,' a new window will open with the receipt.
To get the receipt number and payment date, go to Merchant Tools and click on 'Queries.' You can then click on 'View Receipts' once they have the receipt number.
Here's a rundown of how to become a LIC Merchant or agent:
To become a LIC agent, you must be at least 18 years old and a citizen of India to participate. Your Date of Birth (DOB) certificate will be required for this. If you don't have your DOB stamp, go to a nearby Municipal Corporation to get it.
To become a LIC Agent, you must have a school-issued and signed official certificate. If you have cleared the tenth grade but don't have your diploma certificate, you can apply for it at your school.
It is the last piece of paperwork you need to become a LIC agent. You may need s PAN Card or PAN Number (Permanent Account Number). PAN Card is a necessary document to proceed, else your policy request may be rejected.
If you have all of the relevant documentation, you are ready to proceed. You can meet the development officer at your local LIC branch. They will conduct your interview to confirm eligibility and provide an acceptance certificate for the LIC Training program. There will be a 25-hour training program.
You must register for the IRDAI exam after completing the personal training. Make sure you study thoroughly for the test. You may inquire about preparation materials at the LIC branch office like free course books. This exam will determine whether you are eligible to work as a LIC Agent. To advance to the next level and receive the appointment letter, you must score at least 40% on the test.
You will receive an appointment letter with a special code after successfully qualifying for the test. You are now required to meet with a development officer for a personal interview and additional assistance. A special development officer will be assigned to you whose name and position will be included in your appointment letter.
After the interview and the LIC training, an individual can become a respectable LIC Merchant or Agent. Another interview will be taken by the development officer. This time, trainees are given some facts and taught how to get started as a LIC agent along with other important details.
Those who wish to become LIC Merchant or Agent must read this article. They would need to follow the steps mentioned above to become a successful LIC Agent or Merchant.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
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