Becoming A Life Insurance Agent
Are you or someone you know planning to become a life insurance agent? Starting a career as a life insurance agent can be challenging, but it is rewarding as a whole. Once you know how to get there, things will be easier. Being an insurance agent is a rewarding career opportunity for freshers and working professionals. But if you wonder, “What is the process of becoming a life insurance agent?” By the end of this article, you will explore the process of joining a life insurance company as an agent. Learn how you can join RenewBuy and contribute towards saving people’s lives and their families.
What is a Life Insurance Agent?
Life insurance agents help customers select the right insurance product for their life, financial, motor, and health insurance needs. Their role doesn’t end here, but they are responsible for explaining the premiums, coverage, and terms and conditions of the policy. While working independently or with a life or general insurance company, an insurance agent represents the company, their products, and benefits and assists them afterwards. A life insurance agent can sell various insurance policies, including endowment plans, term plans, ULIP, retirement plans, money-back plans, or any other depending upon the needs of an individual.
As an independent insurance agent, you can work on your own conditions and earn potential income. Sounds like a dream career opportunity? Learn the complete process of becoming a life insurance agent or become a POSP advisor with RenewBuy.
Types of Insurance Advisors
Since the finance industry is booming, career opportunities are expanding more than ever. You can explore the career choices mentioned below.
Internal Insurance Sales Agent
As an internal insurance sales agent, you are appointed to work full-time with any life insurance company and become their representative to sell their insurance products. You are responsible for capturing new and old clients so they don’t switch to competitors.
Captive Insurance Agent
This kind of insurance agent sells only one selected product of one insurance company under a contract. They acquire full knowledge of the product and assist the customers in buying it depending on their personal needs. The insurance agent receives a fixed salary, variables, and benefits.
Independent Agent/ Point of Sales Person
The Insurance Regulatory and Development Authority of India (IRDAI) permits the life/ general insurance companies and intermediaries to appoint individuals as Point of Sale Persons (POSP) to sell insurance. As a POSP, you can sell multiple insurance products from different insurance companies. The IRDAI licenses these POSPs so they can sell various insurance products to their customers.
Eligibility Criteria to Become a Life Insurance Agent in India
The eligibility criteria can defer insurer to insurer, but the basic criteria are mentioned below to become an insurance agent in India.
Education: The applicant needs to have a secondary education (10th grade) certificate.
Age: The applicant must complete 18 years of age.
IRDAI Certification: Complete training and certification mandated by IRDAI.
State License: Qualify a state-level of exam to get a license to sell state-regulated policies.
What is the Process of Becoming a Life Insurance Agent?
If knowing about different insurance policies catches your interest, and you want to gain in-depth knowledge and pursue it as a career, then becoming a life insurance agent is your right choice. The easiest way to become a life insurance agent is to complete your training course and get a POSP certification. We have explained the process of becoming a life insurance agent in simple words, check it out.
Decide what kind of insurance agent you want to become: Before starting your career as an insurance agent, you must ensure that you are sure about the career choice and decide what insurance product you want to sell. You can decide by visiting different opportunities at different life insurance agencies or brokers and select one per your qualifications and interests.
Meet educational qualifications: A high school degree is enough to become an insurance agent, but having a college degree can help you in sales and establish a trusted relationship with customers. You can also go through the state-related licensing guidelines to assist the customers efficiently. Whether you want to sell life insurance or general insurance, it is vital that you meet the basic eligibility criteria and restrictions.
Take an insurance license exam: To get a license, you need to qualify for a pre-licensing exam and sell insurance products, like whole life insurance, health insurance, or accidental insurance. First, log in to the insurer’s website and provide the necessary details. Before appearing for the exam, it is necessary to complete a training module available online. After completing training, you can apply for an exam and qualify for it. This exam evaluates your knowledge of insurance products, guidelines, and policies. The exam is objective, and you need to require at least 17 marks out of 50. Furthermore, you can enhance your knowledge using online resources, like tutorials, e-books, online courses, etc.
Apply for a license: Once you qualify for the exam, apply for a life insurer broker license. You need to prepare necessary documents like identification proof, educational certificates, exam scorecards, and others as required by the insurance broker or insurance company. Submit the application and fees, and forward your application to IRDAI. Once approved, you can sell insurance policies legally in India.
Become an Insurance Agent with RenewBuy
RenewBuy offers attractive benefits and career development opportunities for partnered POSP advisors or insurance agents. You just need to follow the below-mentioned steps
Create Account: Visit the official website of RenewBuy, or you can download the handy mobile RB Partner Mobile Application and create your account. Provide the required information.
Document Submission: Submit all the required documents for KYC as Aadhaar Card, PAN Card, 10th passing certificate, etc.
Document Verification: RenewBuy quality team verifies all the documents.
Online training and examination: Your training process will start, pass the pre-licensing exam for various products and start selling.
Final Words
The process of becoming a life insurance agent is very simple once you meet the basic eligibility criteria. You must complete the training process, pass the IRDAI examination, and gain the certifications to sell various insurance policies. Whether a fresher, homemaker, retiree or working individual, working as an insurance agent increases your monthly earning with attractive payouts and gives you the advantage of working for yourself. Also, this provides you with the facility of working from anywhere. No more waiting, start your journey as a RenewBuy POSP advisor now!