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Ever wondered whether agents who wax eloquent about the importance of buying adequate insurance, bought insurance for themselves?
Majority of LIC's (Life Insurance Corporation) eight lakh agents are said to have an average cover of Rs 5 lakh to 10 lakh while a good number of the 144 MDRT (Million Dollar Round Table) agents in the country have life cover worth between Rs 50 lakh and Rs 1 crore.
And the number of MDRT members from India is said to be gradually increasing with the opening of the insurance sector.
But what is MDRT all about? The MDRT (Million Dollar Round Table), founded in 1927, is a premier association of the world's top sales professionals in the life insurance business with a total world wide membership of 25000. The eligibility criteria is based on commissions earned on an annual basis on the sale of policies. In India the minimum eligibility is commission earnings of Rs 4,90,000 per year.
India to date has 140 agents as MDRT members and the number is said to be rising. Though over 400 agents of LIC qualify to be MDRT members, a good number are not yet members considering the high annual membership fees of $350. The fact that a number of LIC agents are part timers could also be another of the reasons.
To qualify as a member of Court of the Table, one-up on the ladder, annual commission earnings have to exceed Rs 14.7 lakh. An MDRT member other than the prestige attached to the label, gets the advantage of interacting with his counterparts across the globe and share knowledge of prevailing market trends.
The insurance sector has opened up and awareness about insurance is growing. The mood in the industry is upbeat and the day is not far when more and more agents will be bitten by the MDRT bug.
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