LIC Agents Portability – How to change your LIC agent

  • Can I change my LIC insurance agent?
  • How to change LIC Insurance Agent?
  • I want to remove my LIC agent but want to continue the policy.

If these are the questions running in your mind, then there is a news for you. As per UNI News, LIC agent portability system is going to be true in coming days. That means now you can change your LIC policy agent and look for a new agent or in fact take care of your LIC policy by own.

Check out the latest news from LIC of India : Bonus rate 2015-16

Is LIC Agents Portability Required?

LIC is the largest insurance company in India, where there is no competition with the next player if you compare the no of policies or even no of insurance agents. Many people are making huge passive income and many are doing as full time business.

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But do you really need LIC agent in 2015? Even if buy a policy from your LIC agent, do you really need to change your LIC agent as he/she is not helping you anymore?

I want to answer the question in 2 ways:

No, I don’t need lic agent, I don’t think LIC Agents Portability will work

This statement is true for me and many other people who have the access to better internet connectivity and also have proper knowledge LIC online portal facilities. When I can buy a policy online, pay the premium online and also surrender any policy by visiting or calling LIC customer support, then why I need an LIC agent in 2015?

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Yes, I need LIC Agent and I think LIC Agents Portability will be helpful for me

I also agree with this process, because the first criteria is not fit for majority of the people in our country. LIC is doing very good business in rural areas or small towns with the help of their agent network. In those areas people are mostly depending on LIC agents for any activity and they are bound to follow their agents promises due to lack of online access facility or basic knowledge of internet.

How to change your LIC agent

Well, the change of lic agent is not depending on customers expectation, as per my understanding. This facility is launched by lic of India to handle the huge number of lapsed polices only. E.g. for many policies the agents might have left the job of an agent after making the sale or many lic agents are working part-time basis and doesn’t bother to serve their customers after sale of policy.

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In such scenarios, customers are also not reluctant to pay further premiums as their agent is no more collecting the policy premium or customers are not interested to continue the premium due to bad services. In such a case LIC agent portability will come into picture.

LIC will allot such policies to new agents with their address details so that they can provide better services and revive the lapsed policies. I think this is the way lic agent portability will work. You can also contact you nearest branch if you are not satisfied with your lic agent’s service.

About the author: Santanu

I'm Santanu, co-founder of mydailylifetips.com. Love to read & write about Life hacks, How to guides, Money Saving tips and travel stories on this space. Checkout my first Hindi YouTube Channel on Personal Finance Guide.

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