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Insurance agents’ pay structures may vary widely as they are influenced by experience, location, product specialisation, and sales quantity. These agents normally get paid via the commissions they are able to earn from the policies they sell. At times, the commissions are significant due to a strong client base and high-value policies.
Commission structures may vary by insurance company and product type. Mostly, the commission is a typical percentage of the policy premium, which includes the first-year commission and renewal commission from the following years. Additional bonuses or incentives may be available to accomplish sales targets.
It can help you get more referrals, show industry trends, help in partnership, and, in general, improve professional development through colleagues’ help and materials sharing. Professional relationships with counterparts in your community can also increase your credibility when dealing with other professionals.
The insurance companies provide technology tools, marketing materials, training programs, ongoing support, and compliance assistance to help agents effectively perform their duties. The level of support can be of different types and depends on the company and the experience of the agent.
Independent insurance agents can benefit from various tax advantages**, including deductions for business-related expenses like office supplies, travel costs, professional dues, etc. One can consider consulting a tax professional to figure out their eligible deductions.
Buy ₹1 Crore Term Insurance at Just ₹576/month*
Exclusively For Salaried Individuals
4 Plan Options
Life Cover upto 70 years
Optional Accelerated Critical Illness benefit
Inbuilt Terminal Illness Benefit
Life Cover
₹1 crore
Premium:
₹576/month*
ABSLI Salaried Term Plan (UIN:109N141V04) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
*LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Annual Premium: ₹ 6400/- ( which is ₹ 576/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
**Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
ADV/6/25-26/348
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