Life Insurance Agency Transfer
As per IRDA one life insurance agent cannot work with more than one life insurance company. Though the agent is free to transfer his agency from one company to another but he / she cannot be working for two insurers at the same time.
The process to transfer Life Insurance agency from any other life insurer to LIC of India is very simple you need to resign from your current life insurance company and have the Form 1C issued from them. Once you have the Form 1C, you can apply with a insurance agency transfer letter at the nearest LIC Office along with a written application and your documents.
Procedure to transfer a life insurance agency
First you need to get a NOC (no objection Certificate) letter from your present insurance company. You need to apply with your nearest LIC of India office. If you know some development officer or a CLIA (chief life insurance advisor) you can approach them directly. Even if you do not know anyone at LIC you can approach the Branch Manager and he will allocate you to a team under guidance of someone senior.
Once the branch has received you application they will check the documents and will call you for a brief introduction with the Branch Manager.
After the interview with the Branch Manager you would be allocated a LIC agency within 10 days.
Documents required to transfer the agency
- Application for transfer of agency
- 2 (two) passport size photograph
- One ID proof
- One address proof
- Form 1C issued by current life insurer