Lok Sabha Question No. 2118 (UNSTARRED), answered on 2024-08-05
Subject: Data of LIC Agents
Ministry: FINANCE
Asked by: Adv Dean Kuriakose

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES

## LOK SABHA UN-STARRED QUESTION NO- 2118

TO BE ANSWERED ON MONDAY, AUGUST 5, 2024 / 14 SHRAVANA, 1946 (SAKA)

## Data of LIC Agents

## 2118.   ADV DEAN KURIAKOSE:

Will the Minister of FINANCE be pleased to state:

- (a) whether the Government has any data of the number of Life Insurance Corporation of India (LIC) agents working in the country and their average monthly earnings from that;
- (b) if so, the details thereof, State-wise;
- (c) whether the Government anticipates any fall in their earnings after the Bima Sugam portal launched by the LIC;
- (d) if so, the details thereof;
- (e) whether the Government proposes to compensate the LIC agents for the fall in their earnings due to the launch of Bima Sugam portal; and
- (f) if so, the details thereof and if not, the reasons therefor?

## ANSWER

## MINISTER OF STATE IN THE MINISTRY OF FINANCE

## (SHRI PANKAJ CHAUDHARY)

- (a) to (b): The details of number of agents of Life Insurance Corporation of India (LIC) and their average monthly earning State-wise, as provided by LIC, are placed at Annexure A.
- (c) to (f): Insurance Regulatory and Development Authority of India has issued the IRDAI (Bima  Sugam  -  Insurance  Electronic  Marketplace)  Regulations  2024  to  provide  a regulatory  framework  for  setting-up  an  Insurance  Electronic  Marketplace  called  Bima Sugam.  Bima  Sugam  will  feature  assisted  sales  model  which  will  be  an  agent  / intermediary led model where agents can onboard their customers, sell and service the policies effectively. It will enhance reach and connectivity while reducing operating costs for  the  agents  and  intermediaries.  It  will  improve  productivity  by  allowing  agents  and intermediaries  to  handle  all  types  of  policies  -  life,  non-life,  health etc. from  a  single portal,  eliminating  the  need  to  manually  process  or  log  into  multiple  insurer  portals, thereby increasing agent's earning and providing stability of income.

*****

Annexure A Annexure  referred  to  in  part  (a)  to  (b)  of  the  answer  of  Lok  Sabha  UNSTARRED

## QUESTION NO.2118 for reply on 05.08.2024

| State                    |   No. of Agents |   Average earnings per Agent per Month (in Rs.) |
|--------------------------|-----------------|-------------------------------------------------|
| ANDAMAN &NICOBAR ISLANDS |             273 |                                           20446 |
| ANDHRA PRADESH           |           66199 |                                           14709 |
| ARUNACHAL PRADESH        |             646 |                                           19722 |
| ASSAM                    |           35530 |                                           14407 |
| BIHAR                    |           82045 |                                           12767 |
| CHANDIGARH               |            2886 |                                           11241 |
| CHHATTISGARH             |           23652 |                                           14860 |
| GOA                      |            4131 |                                           15044 |
| GUJARAT                  |           72478 |                                           15556 |
| HARYANA                  |           29980 |                                           13262 |
| HIMACHAL PRADESH         |           12731 |                                           10328 |
| JAMMU &KASHMIR           |            8421 |                                           13126 |
| JHARKHAND                |           32598 |                                           13388 |
| KARNATAKA                |           81674 |                                           13265 |
| KERALA                   |           48445 |                                           12548 |
| MADHYA PRADESH           |           63779 |                                           11647 |
| MAHARASHTRA              |          161357 |                                           14931 |
| MANIPUR                  |            1004 |                                           14995 |
| MEGHALAYA                |             757 |                                           18188 |
| MIZORAM                  |             238 |                                           19282 |
| NAGALAND                 |             535 |                                           18704 |
| NCR OF DELHI             |           40469 |                                           15169 |
| ODISHA                   |           55457 |                                           13221 |
| PUDUCHERRY               |            1654 |                                           15644 |
| PUNJAB                   |           28826 |                                           13373 |
| RAJASTHAN                |           75310 |                                           13960 |
| SIKKIM                   |             554 |                                           18008 |
| TAMILNADU                |           87347 |                                           13444 |
| TELANGANA                |           46940 |                                           14737 |
| TRIPURA                  |            4489 |                                           15382 |
| UTTARAKHAND              |           16504 |                                           10561 |
| UTTAR PRADESH            |          184036 |                                           11887 |
| WEST BENGAL              |          119975 |                                           13512 |

Note: The earning of the agents at  Lakshadweep, Leh and Daman are included in Kerala, Jammu and Kashmir and Gujarat respectively.