How to Become Insurance Agent in Delhi
In these uncertain times, having an additional source of income is a smart choice. People look for ways to make money other than their regular income source. But how about if you not only earn money but also make a difference in other people’s lives?
Yes, you can certainly do that by becoming a general insurance agent in Delhi. It not only gives you a convenient medium to earn income, but you will also advise people on making healthy financial choices by investing in various insurance plans.
There are two types of insurance agents: POSP and individual insurance agents. To become an insurance agent in Delhi is easy. All you need to do is meet the basic eligibility criteria and pass the insurance agent test. In this blog, we will delve deep into how to become an insurance agent.
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Who is a POSP Insurance Agent?
A Point of Sales Person or POSP is an insurance company agent or representative who is authorised to sell pre-written insurance plans to customers. These individuals are authorised because they have passed the exam for an insurance agent conducted by an insurance provider and acquired a licence.
Depending on their interest, POSP agents can offer customers different types of insurance policies, such as health insurance, motor insurance, etc.
The key responsibility of the POSP insurance agent is to act as a representative of the insurance provider. They help customers pick the insurance plan that fits their requirements and streamline the whole insurance purchase process.
Who is an Individual Insurance Agent?
An individual insurance agent is a type of insurance professional who sells pre-written and customised insurance plans to customers. To become an individual insurance agent, applicants need to undergo a comprehensive 25 hours of mandatory IRDAI-approved training.
This training equips them with the necessary knowledge and skills. After the training, they need to pass an IRDAI exam for insurance agents. Only after passing the test will they get the insurance agent licence, ensuring their preparedness for the role.
As specialised professionals, individual insurance agents are versatile and adaptable. They are allowed to sell a wide range of insurance plans, such as health insurance, motor insurance, fire insurance, etc., to customers, showcasing the variety in their profession.
An individual insurance agent can work with one general insurance company, one life insurance company and one standalone health insurance (SAHI) company at a time.
Difference Between POSP and Individual Insurance Agent
| Parameters | POSP | Individual Agent |
|---|---|---|
| Products and Sum Insured | Point-of-sale persons sell pre-written or basic insurance plans to customers. The sum insured by these plans is generally lower. | An individual insurance agent sells pre-written and customised insurance plans to customers. Since these plans are customised based on the customer's needs, they generally have a high sum insured. |
| Training | To become a POSP insurance agent, applicants need to complete the mandatory 15-hour training, which covers different topics related to insurance types, regulations and more. | To become an individual insurance agent, applicants need to complete the mandatory 25-hour training, which covers different insurance policies, regulations and more. |
| Insurance Agent Test | After completing the training, applicants need to pass the insurance provider's online assessment. | Individual insurance agent applicants need to pass the IRDAI test. |
| Validity of Certification | After passing the test, applicants will get a POSP certification and licence, which is only valid for 3 years. After its expiry, it requires regular renewal. | The certification and licence of an individual insurance agent are valid for a longer duration until the applicant decides to surrender them to the insurance agency. |
Benefits of Becoming a General Insurance Agent in Delhi
There are multiple benefits of becoming a general insurance agent in Delhi with TATA AIG. Some of them are listed below:
-High Income
One significant reason for becoming an insurance agent in Delhi is the opportunity to earn a high income. Unlike a regular job, the income here is not limited to a fixed salary.
The more insurance policies you issue, the higher your commission will be. So, by being an insurance agent, individuals have a scope to make a high income.
-Be Your Boss
Another benefit of becoming a general insurance agent in Delhi is that you are your boss.
Depending on your time and comfort, you can decide how many hours you want to spend selling insurance plans to your customers and on a schedule that best suits you.
-Work From Home
Most individuals want to join as insurance agents because of the flexibility to work from home. This will help them earn money without disturbing their other responsibilities.
Individuals can work from home since they can contact customers over the phone or email and sell insurance policies online as well.
-Zero Investment
To become an insurance agent in Delhi, you do not have to make any financial investment. You can become an insurance agent with zero investment.
All you have to do is invest your time and efforts in selling insurance plans to customers.
Eligibility Criteria to Become an Insurance Agent in Delhi
Becoming an insurance agent is a straightforward process. However, individuals first need to meet some eligibility criteria. The eligibility criteria include:**
-General Eligibility Requirements
-Minimum Age: The minimum age to become an insurance agent in Delhi is 18 years.
-Educational Qualifications: Another essential requirement an individual needs to fulfil is an educational qualification for insurance agents, which is a 10th pass certificate.
-Training: Another eligibility requirement applicants need to fulfil is completing mandatory insurance training from an IRDAI-approved institute. The training duration for a POSP insurance agent is 15-hours and for an individual insurance agent, it is 25 hours.
-IRDA Exam: Completing a training program is not enough; individuals also need to clear the insurance agent tests. The IRDAI authorises the exam for insurance agents for individual insurance agents. The POSP insurance agent needs to pass the online assessment conducted by the insurance provider.
The POSP agents do not need any exact passing mark to get the job. However, the cutoff for Individual Insurance agents is 15%.
-Professional Experience: To become an insurance agent in Delhi, it is preferable to have expertise in the insurance field. However, this is not a mandatory requirement.
Documents Required to Become an Insurance Agent in Delhi
Here is the list of documents applicants need to submit to become an insurance agent in Delhi:
Recent coloured photographs.
10th class mark sheets.
Copy of PAN card.
Address proof such as passport, utility bills and aadhar card.
Cancelled cheque and bank account details.
Steps to Become an Insurance Agent in Delhi with TATA AIG
If you want to become an insurance agent in Delhi with TATA AIG, you need to follow the below-mentioned steps:
-Step 1: Online Registration Process
The first step to becoming an insurance agent with TATA AIG is to register. Applicants need to open the TATA AIG agent registration page, fill out the required details on the form and click on the “Proceed” button.
-Step 2: Complete the Training Program
After completing the registration process, applicants need to undertake the necessary training suggested by the IRDAI. The 15-hour training course for POSP agents and a 25-hour training course for individual insurance agents from an IRDAI approved institute.
The training program will give ideas about insurance types, regulations, the process to follow and more. After completing the training, applicants need to take an insurance agent test to acquire an insurance agent licence.
-Step 3: Obtain the Insurance Agent Licence
If you have cleared the insurance exam, you are eligible to apply for a licence issued by the IRDAI. The licence ensures that the applicant is authorised to sell insurance plans to customers.
-Step 4: Start Selling Insurance Products
Once you have a licence issued by the IRDAI, then you are eligible to work as an insurance agent for TATA AIG.
Besides this, applicants are also advised to learn about insurance regulations, communication skills, behaviour skills and more to sell insurance plans to customers more efficiently.
Who Can Become an Insurance Agent in Delhi?
Becoming an insurance agent in Delhi is easy. Anyone who meets the eligibility criteria can become an agent. Below are some of the individuals who should consider becoming an agent.
-Elderly or Retired Professionals:
These individuals are often retired from full-time jobs and have the time to engage in new activities. Many retirees seek ways to stay busy, and becoming an insurance agent in Delhi can be a great option. It allows them to utilise their experience, stay socially active and earn additional income while contributing to their communities.
-Homemakers:
Homemakers looking to earn money can also become agents. They do not need to leave their household responsibilities, as they can work as insurance agents at their convenience without disrupting their daily tasks. This chance allows them to contribute to their family finances while balancing their home life.
-College Student:
Becoming an insurance agent can be a great chance for college students. It allows them to earn an income while developing valuable skills in communication, sales and customer relationship management. This experience can also enhance their resumes and prepare them for future career opportunities.
-Financial Advisors:
Individuals who are already working in the finance field can take a step forward by becoming insurance agents. They already have experience and knowledge about the industry, so they can sell insurance products more easily to customers. Furthermore, it will also help them diversify their work profile.
Why Become an Insurance Agent in Delhi With TATA AIG?
There are a wide array of reasons for becoming an insurance agent in Delhi with TATA AIG.
We are a reputed insurance provider, and are well-known in the market. Moreover, we have over 20 years of experience.
We at TATA AIG offer a progressive and growth-oriented environment to all our insurance agents.
To upskill yourself, we have a dedicated platform named TATA AIG Academy, from where you can learn a lot about insurance markets.
We have different reward programs for agents to value their efforts and hard work.
Furthermore, with our incentive program for insurance agents, we encourage them to work harder.
How Much Can an Insurance Agent Earn?
The income of an insurance agent in Delhi depends on how many insurance policies he issues or renews in a month. The income of an insurance agent may vary from person to person.
Insurance companies have a different commission set for the agent on the insurance policies. The more policies the insurance agent issues and renews in a month, the more his income will be.
Conclusion
With inflation on top, having a good source of passive income is also crucial for individuals. Considering this, many people look for a second source of income, and for such individuals, becoming an insurance agent is a good choice. It not only provides a means of earning income but also helps in improving the lives of other people.
At TATA AIG, we encourage individuals to work with us for the betterment of society. To become an insurance insurance agent with TATA AIG, you need to visit our agent registration page and carry out the procedure.
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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