Things to Know Before Becoming a Life Insurance Agent in India
When someone becomes a life insurance agent, the sky’s the limit for them. There are several opportunities – for not just career growth but personal growth as well. It can be a very fulfilling job for many individuals. Their job involves selling life insurance to community members so they can be protected in case of unavoidable circumstances.
Life insurance agents must give sound financial advice to clients depending on their needs and requirements. Also, The primary role of a life insurance agent is that of a communicator, one between the company and the customer.
The insurance market in India is slowly growing, and people are becoming more aware of it. Individuals are involved in this market either as employees or as customers.
To become an insurance agent, the individual must fulfil certain criteria, including some steps. However, In this article, you will learn about the steps involved in becoming an insurance agent, and the requirements and courses that can help you become one.
7 Easy Steps for Insurance Agent Registration
STEP 1: The individual must determine the type of insurance agent they wish to be. There are captive insurance agents who work for one organisation. There are independent insurance agents or insurance brokers who work for more than one insurance provider.
STEP 2: Commercial insurance products and personal insurance products. Individuals should carefully choose the type of insurance product they wish to sell.
STEP 3: After analysing what product they sell, the individuals should check the licensing requirements for an insurance agent in their state. The name of the licence will differ based on the state they live in.
STEP 4: Before taking the insurance licence test, the individual must show proof of completing the training classes.
STEP 5: After passing the state insurance test, the individual must submit all documents needed for licensing to the state licensing authority. The authorities may run background checks, including collecting fingerprints.
STEP 6: The individual would then need to sign up with the best POSP company in India. They will be required to fill out an application form and be granted appointment and binding authorisation, which will be mentioned in the state licence.
STEP 7: The last step is to find and cater to customers’ needs.
Now that we have explored the seven easy steps for insurance agent registration, one might be interested in getting into the field.
There are some things the individual should know before becoming a life insurance agent in India.
Requirements to Become an Insurance Agent
To become an insurance agent, there are some minimum requirements. The individual should have a minimum of a high school diploma and an authorised state insurance licence. The licensing requirements vary from state to state.
One may need several licences if one wishes to sell different kinds of insurance.
Courses That Can be Helpful
Aspiring life insurance agents should preferably pursue bachelor’s degrees in business, marketing, finance, or psychology. This would help them sell their products, deal with clients and customers, and promote them.
Most of these courses would help the agent develop skills to help them sell their products.
For the General or Life Insurance licence, the candidate must complete 50 hours of training from an institute approved by IRDA. They must fill out the form with the correct details and pay a certain registration fee.
The examination authorities then complete their selection process in three stages.
Being a life insurance agent is a very fulfilling task and a good job. However, a very important virtue of knowing is patience. Success or a good amount of money does not start coming in immediately. The agent has to be patient and wait for their success to come.
The job of a life insurance agent is to act as a facilitator and communicator. One must know these important things before becoming a life insurance agent in India.