Kolkata: Life Insurance Corporation of India (LIC) agents have suggested the introduction of a senior agency scheme for expanding the agent network.

Life Insurance Agents’ Federation of India zonal secretary Shyamal Chakraborty says the club-member agents’ service should be actively utilised for agent network expansion drives.

According to the proposal, senior agents should be empowered to recruit junior agents, who will work under them. The junior agents will be allowed to sell policies of smaller values for two years. Thereafter, on the recommendation of the senior agent, a junior agent can be promoted and made a senior agent.

At present, LIC has approximately 9 lakh agents, of whom a little over 1 lakh agents are club members. Compared to it, the total agent force of the private sector players is between 50,000 and 55,000.