How to Become an Insurance Agent ?

Written by Shiksha Press

Updated on:

How to Become an insurance agent – Job, Earnings and Skills 

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Due to Covid-19, the concern of life has increased a lot. In such a situation, people affected by minor health problems have started thinking a lot about their health and life insurance. In such a situation, the career prospects in the insurance sector have increased a lot for the students who have passed 12th. Along with getting a good salary in the insurance sector, you can also get a good position. Let us know what are the career prospects in the insurance sector.

How to Become an insurance agent ?

To become an insurance agent, students must have at least 10th pass. Earlier this educational qualification used to be 12th pass. But it has now been reduced. After this you will have to give an interview to the insurance manager. After the interview, 15 days training is given to the candidates. After training, one will have to pass a test to be conducted by the Insurance Regulatory and Development Authority of India. After passing the test, the branch appoints you as its insurance agent.

More Details About Insurance Agent – 

To become an insurance agent, a person has to appear in the examination conducted by the Insurance Regulatory Authority of India (IRDA) and pass that examination. As we all know, there are many insurance companies in India. Therefore, to become an insurance agent, first of all a person should choose the company whose policy he can sell. Because selling more policies means earning more.

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And after that the interested person should go to any branch of the selected company and tell them about their desire to become an insurance agent. Now when the exam will be conducted by their company or by the Insurance Regulatory Authority of India. You will be called to take the exam or you can take this test by knowing yourself. But before that make sure to check your eligibility.

Eligibility to Become an Insurance Agent:

The person applying to become an insurance agent must be above 18 years of age.

The person should have a bachelor’s degree, although some companies consider 10th and 12th pass person also eligible to do this work.

It is mandatory for a person wishing to become an insurance agent to pass the examination conducted by the Insurance Regulatory Authority of India (IRDA) or any other insurance company.

According to the Insurance Regulatory Authority of India (IRDA), a person aspiring to become an insurance agent must undergo at least 100 hours of practical training from an IRDA-approved institution.

After that, after filling the application form of the selected company, attaching all the required papers in it, the application form should be submitted in the office of the authorized officer of the selected company. Some nominal fee may also have to be paid while submitting this application form.

After the submission of the application, the person will be given the license of an insurance agent by the authorized officer. The validity of which will be for 3 years only. The person should get it renewed before the expiry date.
How to choose the best insurance company:

Before choosing a good insurance company, a person who wants to become an insurance agent should first choose the type of insurance. Generally insurance can be divided into two parts. Life insurance and general insurance |

Life Insurance:

Life insurance means that insurance. whose duration is longer. And it is invested in it for long term. The benefit of this insurance is given to the family members on the death of the insured, or to the insured person on completion of the policy term.

General Insurance:

General insurance can be used to mean such insurance, which has not been determined in life insurance. General insurance mainly includes health insurance, automobile insurance, etc. The structure of this Insurance has been made keeping in view the business and business.

Therefore, first of all the person has to choose, what will he sell to the customers ie people. Will sell life insurance or general insurance or both. Because to sell different insurance products, a person will need different licenses. After that the insurance agent needs to do research on various insurance companies available in the market like LIC, Bajaj Allianz, ICICI Lombard, Tata AIG, National insurance, New India insurance, HDFC Ergo, Max life insurance etc.

And find out, which insurance product of which company is more popular. And then take stock of himself whether he will be able to sell this popular product to his customers. One should always choose the company which people can easily trust. And more and more of its products should be popular.

Tips to become a successful insurance agent:

  • The same promises should be made to their customers, which the insurance company is actually giving. Most of the insurance agents lie to the customers in order to meet their target. Due to which they are not able to be successful in this business.
  • Keep yourself updated with the new products of the company and the knowledge of the insurance sector.
    Should participate in seminars or conferences organised by insurance companies.
  • An insurance agent needs to be updated with the technology of internet. So that he can also get customers for his business through internet.
  • If a cheap new product of the insurance company has come, then the insurance agent should make it accessible to the people through social media or other platforms.

These skills are essential for insurance Agent –

Good communication skills
Good personality
Be sure of your words
Ability to Convince Customers
To be completely honest

Here is the insurance agent earning and career scope:

As an insurance agent, you can earn 40 to 50 thousand rupees every month.
You will get 25 to 35 percent commission in the first premium.
You will get good subsidy on various loans.
Apart from this, you will get good commission even after forming your team.

 

 

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