Lic agency
Umesh Dwivedi
(Querist) 17 April 2012
This query is : Resolved
R/SIR,
If i have a lic agency and after 3 years i got a govt. job, then may i continue with LIC agency or not.If not then the work that has been done by me in last 3 years, its commission i will get or not.Plz help me..
Thanking you.
ajay sethi
(Expert) 17 April 2012
with govt job you cannot carry on agency work . get agency transferred in favour of your wife . for work already done you will continue to get commission
Shonee Kapoor
(Expert) 17 April 2012
I don't know about LIC, but some private players require 5 years of work, thereafter you can keep getting commission lifetime.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Sudhir Kumar, Advocate
(Expert) 17 April 2012
One more thing you have to keep ion mind that if agency is transferred to family member then also if it is proved that it is you who is doing insurance job in the name of family member still action can be initiated against you. In case you are filling forms of the clients in your ahndwriting (whihc all agents do) then LIC being Govt company can be compelled through their Chief Vigilance Officer to provide this evidence to your department.
Rest is your luck.
I am unable to agree or disagree with the views of Mr Ajay Sethi on the issue if yiou can be allwed to receive commmission for the past work. In any case you will have to disclose thins income to the dpeartment as it is lawful income and has to be counted in income tax.
prabhakar singh
(Expert) 20 April 2012
I think you might have got your past commission.For future you can not sale any policy.
