How to Become Insurance Agent in Bangalore
At TATA AIG, we are committed to growing together with our insurance agents. We offer them the necessary tools and support needed to succeed. As a TATA AIG insurance agent in Bangalore, you will have the opportunity to build a meaningful career while helping others secure their futures with trusted insurance solutions.
Whether you are starting fresh or looking to take your career in a new direction, joining TATA AIG as an agent allows you to make a positive impact while achieving your own professional goals. We provide comprehensive training and ongoing support to ensure you thrive in this rewarding field.
There are two types of insurance agents: POSP and an individual agent. Read on to discover how to become an insurance agent in Bangalore with TATA AIG, the benefits of partnering with us and the eligibility requirements you need to fulfil.
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Who is a POSP Insurance Agent?
A POSP is a Point of Sales Person, who is an insurance agent. They are someone who sells insurance plans that offer complete protection along with tax benefits. These agents primarily deal with pre-underwritten insurance products, which are simpler and easier to sell. They can work with one insurer at a time. To become an insurance agent, you should fulfil a few criteria, which we have discussed in the latter part of this article.
They offer pre-underwritten products that the IRDAI especially approves for sale. These products are straightforward, providing fixed and transparent benefits, which makes them easy for customers to understand without the need for detailed explanations. POSPs are limited to selling only simple, low-risk products and cannot deal with complex, high-risk or customised policy offerings.
Who is an Individual Insurance Agent?
An individual insurance agent can sell a wide range of insurance products approved by the IRDAI, whether they are pre-designed or custom made for each customer. Unlike POSP agents, individual agents can offer more complex policies, including higher-risk products. They can work with one general insurance company, one life insurance company and one standalone health insurance (SAHI) company at a time.
They play a vital role in helping clients understand different insurance options and can tailor policies to match each client’s unique needs. Furthermore, individual agents provide guidance and advice on policy matters, making it easier for clients to choose the right coverage. This flexibility allows them to address more specific customer needs and offer a variety of solutions.
Difference Between POSP and an Individual Insurance Agent
| Parameters | POSP Insurance Agents | Individual Insurance Agents |
|---|---|---|
| Training | It requires approximately 15 hours of comprehensive training that covers a wide range of insurance products, industry regulations and sales techniques. | It requires about 25 hours of basic training focused primarily on simple insurance products. This training ensures that agents can effectively sell different types of policies. |
| Insurance Agent Test | POSPs are required to pass a basic online assessment, which is often less rigorous than that for insurance agents. This allows them to start selling insurance more quickly but with limited product knowledge. | To obtain a licence, individual insurance agents must pass a comprehensive examination conducted by the IRDAI. The IRDAI exam for insurance agents tests their knowledge of insurance products, regulations and ethical practices. |
| Products and Sum Insured | POSPs are limited to selling basic insurance products that come with fixed benefits and lower sums insured. This restriction means they focus on simpler, more straightforward options for their customers. | Individual insurance agents have the flexibility to sell a wide range of approved products, including complicated and high-coverage options. This allows them to meet their client's diverse needs effectively. |
| Type of Customer Base | POSPs typically serve customers who are looking for simple and clear insurance solutions. Their focus is on providing basic products that appeal to clients seeking straightforward coverage without complications. | Insurance agents can cater to a diverse range of customers, including those with complex and specialised insurance needs. Their training enables them to provide tailored solutions to meet individual requirements. |
| Validity of Certification | The certification for POSPs is valid for 3 years and may require regular updates or renewals. | The certification for individual insurance agents is valid for a longer period until the agent surrenders the agency. |
| Pay Scale and Remuneration | POSP advisors earn depending on the type and number of insurance plans they sell, which often results in a lower pay scale compared to individual agents. Their earnings are more variable and based on sales volume. | Individual insurance agents generally have a high pay scale because they sell high-coverage insurance products with typically higher premiums. Their commissions can be substantial based on the value of the policies sold. |
Benefits of Becoming a General Insurance Agent in Bangalore with TATA AIG
Becoming an insurance agent with TATA AIG in Bangalore offers numerous advantages. Here are a few key ones:**
-High Income: One of the primary benefits is the potential for a good income. As a POSP insurance agent or an individual insurance agent, you earn quite well. You earn commissions based on the insurance products you sell, allowing you to increase your earnings with every successful transaction.
-Work From Home: The work-from-home facility provides you with the flexibility to manage your time effectively. You can balance your professional and personal life while reaching clients from the comfort of your home.
-Start Earning Early: Starting your journey as an insurance agent enables you to start earning early. With a quick registration process and minimal training time, you can begin generating income soon at the age of 18 only.
-Being Part of a Stable Firm: Working with TATA AIG also means being part of a stable and growing company. This stability offers job security and opportunities for career advancement.
-Develop Skill: You will have the chance to develop critical business skills, such as sales techniques, customer service and financial planning, which are valuable in any career.
-Flexibility: Being an insurance agent allows you to choose your working hours, making it an ideal option for those seeking autonomy in their professional lives.
Eligibility Criteria to Become an Insurance Agent in Bangalore
To become an insurance agent in Bangalore, certain eligibility criteria must be met. Passing this qualification for insurance agent ensures that candidates are equipped with the necessary knowledge and skills to represent the insurance company effectively.
Here is the list of the eligibility criteria:
-Educational Qualifications
The basic educational requirement for becoming an insurance agent is to have cleared at least the 10th standard. Candidates must also be over 18 years of age.
-Exams for Insurance Agent
Once the educational requirement is met, aspiring insurance agents must complete mandatory training. A 15-hour training program for a POSP agent along with an online exam from the insurer and a 25-hour training program along with an IRDAI exam for insurance agent for an individual agent is required for those wishing to become a POSP or an individual insurance agent in Bangalore.
The POSP agents do not need any exact passing mark to get the job. However, the cutoff for Individual Insurance agents is 15%.
This training covers the essential knowledge of insurance products, sales techniques and regulatory guidelines. Upon successful completion, certification is provided, qualifying the individual to sell basic insurance plans such as health, life and motor insurance.
-Background Check
TATA AIG will conduct background checks to ensure that potential agents maintain a strong record of integrity and credibility. As the role involves dealing with sensitive financial information, trustworthiness is a key requirement.
-Digital Literacy
Since many insurance transactions are now conducted online, a working knowledge of digital tools is essential. Agents must be proficient in using technology to engage with customers, process applications and complete transactions efficiently.
Documents Required to Become an Insurance Agent in Bangalore
To apply for the position of an insurance agent in Bangalore, you will need to submit the following documents:
-ID Proof: This can be either your PAN card or your Aadhaar card.
-Passport-Size Photographs: A few recent passport-sized photos are required.
-10th Class Marksheet: Your educational qualification needs to be verified, so include your 10th class marksheet.
-Cancelled Cheque: A cancelled cheque bearing your name is needed for financial verification.
Why You Should Join TATA AIG?
Joining TATA AIG as an insurance advisor comes with numerous advantages. Here are some compelling reasons to consider:**
-Supportive Work Environment: TATA AIG fosters a progressive work culture that encourages personal and professional growth. During work hours, you will be constantly surrounded by like-minded individuals who will motivate you to succeed.
-Recognition and Rewards: Your hard work will not go unnoticed by us. We have rewards programs that celebrate outstanding performance and achievements, motivating you to improve continuously.
-Focus on Career Development: At TATA AIG, we prioritise long-term growth. Our supportive culture is designed to help you advance in your career, providing opportunities for continuous learning and development.
-Learning Opportunities: You will be part of a dynamic learning environment with access to product experts, certified trainers and a network of experienced agents. Each day will offer chances to enhance your skills and knowledge.
-Digital Proficiency: Our digital platforms enable you to stay updated with the latest technology trends. This will enhance your digital skills and keep you competitive in the fast-evolving insurance landscape.
Who Can Become an Insurance Agent in Bangalore with TATA AIG?
TATA AIG provides a fantastic opportunity for a wide range of individuals to embark on a fulfilling career as an insurance agent, offering numerous growth possibilities.
-Homemakers: For homemakers looking to achieve financial independence, becoming an insurance advisor is an excellent option. This role allows them to earn a steady monthly income while receiving expert training to enhance their skills and career prospects.
-Business Owners: Entrepreneurs can leverage their existing customer networks by becoming insurance agents. This opportunity allows them to increase their income while helping their clients secure the right insurance coverage for their needs.
-Financial Advisors: Individuals already working in the financial sector can expand their services by entering the insurance field. They can offer various products, including vehicle insurance and travel insurance, helping clients safeguard their lives and assets.
-Aspiring Professionals: Anyone interested in building a rewarding career can consider becoming an insurance agent. The insurance industry welcomes professionals from all backgrounds, including retirees and those looking to utilise their networks to generate income.
What Our Partners Say About Us?
"I have been working as a TATA AIG insurance agent for the past two years, and it has been a life-changing experience. As a homemaker, I was looking for a way to earn an income while managing my home responsibilities. TATA AIG provided the perfect platform with flexible hours and expert guidance.” - Radhika S., Homemaker from Bangalore.
"Joining TATA AIG as an insurance agent was one of the best decisions I made for my business. Being a business owner, I already had a strong customer base, and offering insurance products helped me provide more value to my clients. The support from the TATA AIG team has been fantastic. I have been able to grow my income significantly, and I am excited to continue this journey with them." - Krishna Gowda, Small Business Owner from Bangalore.
Wrapping Up
All said and done, becoming a POSP insurance agent or an individual insurance agent with TATA AIG in Bangalore is a straightforward process. All you need to do is register online, complete the required training, obtain your insurance agent licence and start selling insurance products.
The benefits are plenty and amazing. From earning a good income and enjoying work from home flexibility to gaining valuable business skills and working with a stable, growing company, you will get it all!
If you are looking for a rewarding career that offers financial independence, flexibility and professional growth, agent registration with TATA AIG is the perfect opportunity. Take the first step toward a fulfilling career with TATA AIG and unlock the potential to grow, succeed and make a positive impact on people's lives.
Start your journey today!
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.
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