Hi

Does anyone know how to calculate the commission for an insurance agent? What I knew is from the premium, the agent will get the commission for the next six years, but does anyone know in actual how is the calculation?

Thanks.

Great Eastern Commission

1st year - 45%
2nd year - 35%
3rd year - 20%
4th year - 10%
5th year - 5%

if i am not mistaken

different products different commission~

usually traditional products only will get 35% commision, 45% for wat products?

Hi

Can you give me a simple calculation of values?

Thanks.

Is tat commision for selling Savings Plan?

how about AIA, anyone knows how much commisiong agent will get for selling Savings Plan?

Thanks

But some team do take more and less % from commision as a part that they train u it seems.

Investment Linked Policies = 25%
Traditional Insurance Products = 30% (or was it 35% sorry I forgot )

This does not include your high fringe producer bonus and other bonuses.

Which means:

Premium / month: RM200
Total Purchaser: 20 person

By using the % given by you, a GE agent can gain RM4600/month??!! Wow, that's huge!!

Yes, insurance agent is a very lucrative job...

How do u calculate?
Let say 1st year 45%
200 x 0.45 x 20
Rm1.8k monthly

The commission structure is similar to all insurance company for the same category of product/plan as it is governed by Bank Negara.

Yes, the basic commission are the same for all companies, but the persistency bonus and production bonus do vary a bit.

For great eastern heard they offered pencen for all insurance agent if work more than 10 years.. is it true?

I had a good chat with an insurance director 36yrs old (started as a salesman) and he shared a little. Under prudential (if he's not lying), the commision for 1st year is 50% and following yr cascade up to 5th yr (Its in SG btw). He even showed me his income tax to IRAS (LHDN) of 258k for 2015 so can imagine la. At his level hes relying income from downlines and newbloods + prudential salary itself.

Anyway, from his input, I was curious and put them into excel, it does show the potential income of being a kuli insurance agent. Can find below


http://www.megafileupload.com/g8wl/Basic_commision_calc.xlsx

😍😍

It's applicable to every insurance company, as far as I know is have to work until age 60 then will be rligiblr for it.

starting next year no more commission for insurance agent?

which is better ... aia agent or great eastern agent .. based on commision and benefit

Starting next year there will be a new distribution channel where customers can sign up for an insurance product themselves, something like self service, so there won't be any commission since no agent involved. But agents can still receive commission if customers sign up for an insurance product with the agents.