LIC Merchant Portal Login 2024 - Complete Process

By Okbima 28 Feb 2024
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The LIC Merchant Portal Login 2024 is an online platform designed for merchant of LIC to easily access and manage their accounts. With a user-friendly interface and a complete process, merchants can conveniently log in, view policies, track commissions, and perform various transactions. 

 

What is an LIC Merchant?

An LIC Merchant is like a helper for LIC of India, the insurance company. Their main job is to take care of collecting money (premiums) from people who have LIC policies. They also handle records, which are like important papers with details about each person's insurance. If you have questions or need help with payments or when your policy matures (finishes), you can ask merchant of LIC, and they'll assist you. It's like they work as a link between the insurance company and the customers, making things easier for everyone.

 

How to Register for LIC Merchant Portal or Become LIC Agent?

Merchants have the benefit of easily registering as a merchant by following a few simple steps through the LIC's portal. To start, access the "New User Sign UP" page. Then, effortlessly follow the user-friendly process.

Step 1: For a new user, go to the “LIC Merchant Page” page, and click on the “Sign UP” button.

 

Step 2: Fill out the lic merchant form with your phone number, email, and other required details.

Step 3: Submit the form and wait for your Activation Email.

Step 4: Once you receive the activation email, click on the provided link to activate your account.

Step 5: Log in to the LIC Merchant Portal using your Username and Password.

 

How to Reset Merchant of LIC Portal Password?

Merchants have the convenience of easily resetting their merchant password through the LIC's portal by following a few straightforward steps. To begin, simply access the "forgot password" page. Next, effortlessly navigate through the user-friendly process provided on the page.

Step 1: Visit the LIC Merchant "Forgot Password" page, and enter your User ID and the Email ID associated with your account.

 

Step 2: Click the "Mail New Password" button and an email containing a new password will be sent to the address you have registered.

Step 3: Check your email for the system-generated password. 

Step 4: Log in to the LIC Merchant Portal using the system-generated password. Navigate to the profile or settings section to change your password. Follow the provided options to set a new password of your choice.

 

How to Change Merchant LIC Portal Account Password?

As a merchant, you can easily change your merchant account through the LIC's portal by following a few simple steps. Firstly, visit the designated "change passwords" page. Then, proceed with the simple process on the page.

Step 1: Log in to your LIC Merchant Account or visit the "Change Password" page, and provide your User ID, Current Password, and the New Password you want to set.

 

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Step 2: After entering the details, click on the "Reset" button.

Step 3: Upon successful password change, a confirmation message will be displayed, indicating that your password has been updated.

 

How to Update/Change Merchant of LIC Email?

The LIC offers the portal to change your email ID as a merchant by doing the simple steps such as visiting the “update email ID” page, and doing the process.

Step 1: Visit the "Update Email ID" page, and enter your User ID, Password, and the New Email ID you want to update. 

 

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Step 2: Click on the "Update" button and wait for the system to process the information.

Step 3: If the update is successful, you'll receive a success message, indicating that your email ID has been updated in the Merchant Portal.

 

Merchant of LIC Responsibilities

The responsibilities of merchant LIC portal include assessing the creditworthiness of potential policyholders, explaining the available insurance plans and their benefits, handling customer queries and complaints.

  • Generating Invoices: They create bills (invoices) for the premiums that customers need to pay for their LIC policies.
  • Updating Pending Invoices: Keeping track of any bills that haven't been paid and providing updates to ensure everything is up-to-date.
  • Resolving Paid Invoice Queries: Addressing questions or concerns from customers who have already paid their bills.
  • Creating Deposit Invoices: Generating invoices for deposit transactions related to insurance policies.
  • Online Payment Processing: Helping customers pay their insurance bills online through secure payment methods.
  • Addressing Pending Invoice Queries: Assisting customers with any questions or issues related to unpaid bills.
  • Providing Receipt Viewing: If customers want to see proof of their payments, the LIC Merchant can help them view receipts.
  • Collection Totals for Cashiers: Summarizing the total amount collected and providing this information to the cashiers.
  • Customer Premium Collection Portal: Managing a portal where customers can conveniently handle their premium payments and related transactions.

 

Functions of Merchant LIC Portal (LIC Agent Portal)

The merchant of LIC portal, or LIC Agent Portal, is designed to make things easier for merchant LIC and enhance transparency in the system. 

Here are its main functions:

  • Premium Collection: The merchant LIC portal allows merchants to efficiently collect premiums from customers, making the payment process smoother.
  • Invoice Generation: The Merchant LIC portal can generate invoices through the portal for premium collections, ensuring a clear record of payments.
  • Pending Invoice Updates: Keeping track of any outstanding bills and providing updates on pending invoices to maintain up-to-date records.
  • Resolving Paid Invoice Queries: Addressing and resolving any questions or concerns from customers who have already paid their premiums.
  • Deposit Invoices: Creating invoices related to deposit transactions, providing a comprehensive record of financial transactions.
  • Receipt Viewing: LIC merchants can view and access receipts through the portal, offering customers proof of their premium payments.

 

Can You Become a LIC Merchant?

Becoming an LIC merchant offers a promising business opportunity. As a LIC merchant, you act as a financial intermediary between customers and LIC, one of the largest insurance companies in India.

  • Age Requirement: You need to be 18 years or older. Provide valid proof of age, like a birth certificate.
  • Education: Complete at least a 10th-grade exam from a recognized board. Carry a certificate as proof of your education.
  • Identity Card: Hold a valid Permanent Account Number (PAN Card). If you don't have one, get it from the nearest government office with the required documents.
  • Interview Process: Submit the mentioned documents and meet the branch officer at the nearest LIC branch. Clear the interview arranged by the development officer.
  • Mandatory Training: If you pass the interview, LIC of India organizes a 25-hour training program. Details will be provided by the officials.
  • IRDAI Exam: After training, register on the IRDAI official website. Take the mandatory exam to become an LIC Merchant. Request study material from the LIC branch, prepare and score at least 40% to qualify.
  • Appointment Letter: Upon passing the IRDAI exam, receive an appointment letter. This letter includes a unique code, the development officer's name, and your assigned work location.

 

Customer Care Support for Merchant LIC Login

If you're an LIC merchant and encounter any problems logging into the LIC Merchant Portal, there's a dedicated customer support team to help you out. Here are the contact details.

  • Email: agent_support@licindia.com, or dev_support@licindia.com
  • Toll-free Numbers: 022-67090501, or 022-67090502

Feel free to reach out to them if you have any issues or need assistance. They are there to help you with any login-related concerns. If you want to know more about accessing the LIC Customer Portal, you can inquire with the customer support team, and they'll guide you through the process.

 

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Conclusion

In conclusion, the LIC Merchant Portal serves as an essential platform for LIC agents and merchants to efficiently manage their businesses. It offers a wide range of services and features such as policy issuance, premium collections, and customer management. The portal's user-friendly interface and advanced technology enhance convenience for users, eliminating the need for manual paperwork and reducing the chances of errors.

FAQs

Currently, Life Insurance Corporation operates with a network of 2048 branch offices, 113 divisional offices, 8 zonal offices, 1381 satellite offices, and a central corporate office. All of these units are fully computerized.

Agents receive a commission for selling policies. LIC provides a commission range of 25% to 35% on the policy premium for the initial year, followed by 7.5% for the second and third years, and an additional 5% until the policy reaches maturity.

Using the LIC Merchant Portal or paying for Premium collection is completely free of charge.

LIC Merchants and Agents perform responsibilities akin to representatives of the LIC Corporation. They assist individuals in enrolling for LIC policies and gather premium payments on behalf of policyholders.

The LIC Merchant Premium Collection portal allows merchants to log in using their unique ID and password to complete premium payment tasks in a convenient online platform.

To obtain an LIC merchant ID, you should contact LIC customer support or visit their official website for further instructions and the application process.

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