Know All About LIC Merchant

A LIC Merchant is an individual appointed by LIC of India for the premium collection process. These merchants work like a link between LIC and the policy buyers. They provide the customers' details about the Premium collection and also 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.

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This portal allows registered merchants to view their merchant status, past business details and submit any queries to LIC.

Who is a LIC Merchant?

LIC of India conducts all of its business across various channels and has recently introduced merchant registrations. A merchant license may be applied for by an entity or a LIC organization. LIC merchants are similar to LIC offices in that 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 via them.

LIC Merchant and Agent

LIC has an extensive network of LIC agents and LIC merchants working on the Corporation’s behalf. They assist in registering citizens for insurance and the subsequent collection of premiums. The commission is charged to LIC agents and merchants as a percentage of the premium received for policies sold by them.

LIC Merchant Quick Login

One 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.

LIC Merchant Portal (LIC agent portal)

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 
  • Deposit Invoice
  • Pay Invoice Online
  • Pending Invoice
  • Receipts can be viewed
  • Totals for Cashiers

LIC Merchant Login Process

One needs to follow the steps below in order 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.

LIC Merchant - Online Invoice Payment using Net Banking

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 then click on ‘Pay Invoice Online. It will display all pending invoices, allowing you to pick one and submit it. It will ask you to confirm the balance of your invoice payment, after which you can choose your bank and be taken to the bank's payment portal.

It will take one back to the LIC website after a successful payment, where it will display one's PG ID and allow them to print their payment acknowledgment if necessary.

LIC Merchant Complaints; Unable to View/Print Premium Receipt/Invoice

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. This can be problematic at times. If the receipt is not produced automatically, there are specific steps suggested by the insurer. To solve the problem, one can do one of two things:

When one clicks '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.' One can then click on 'View Receipts' once they have the receipt number.

How to Become LIC Merchant or Agent?

Here's a rundown of how to become a LIC Merchant or agent:

Eligibility Requirements Documents

To become a LIC agent, one must be at least 18 years old and a citizen of India to participate. One's Date Of Birth (DOB ) certificate will be required for this. If one doesn't have their DOB stamp, they can go to a nearby Municipal Corporation to get one. 

Qualify in 10th Standard from School

To become a LIC Agent, one must pass the 10th-grade exams and have a school-issued and signed official certificate. If one has passed the tenth grade but doesn't have one's diploma, they can apply for one from their school.

Must have A PAN Card

It's the last piece of paperwork one needs to become a LIC agent. One may need their PAN Card or PAN Number (Permanent Account Number).  If one doesn't have one, one can go there and register, or one can also apply online.

Interview and Training

If one has all of the relevant documentation, one is ready to proceed to the next level. One can meet with the development officer at one's local LIC branch. Their interview will be conducted by a development officer, and if they are eligible, they will be accepted into the LIC Training program. There will be a 25-hour training program. 

Prepare For IRDAI Exam

One must register for the IRDAI exam after completing the personal training. Make sure you study thoroughly for the test. One may inquire about preparation materials at the LIC Branch. They also provide free books. This exam will determine whether one is eligible to work as a LIC Agent. To advance to the next level and receive the appointment letter, one must score at least 40% on the test.

Appointment Letter & Interview

One will receive an appointment letter with a special code after successfully qualifying for the test. One is now required to meet with a development officer for a personal interview and additional assistance. A special development officer will be assigned and his name and position will be included in the appointment letter one gets.

Attending Interview& Training will be the Officer

This is the final move, and 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, he will provide the trainees with some facts, will direct them further, and will tell them how to get started as well as other important details needed to be a successful LIC agent. With this, one can get all set to begin their career as a LIC Agent.

Over to you!

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.

Written By: PolicyBazaar - Updated: 23 August 2021
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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