Agent is a person who acts as a link between two willing parties. So, Insurance Agent is a person who acts as a link between Insurance Company and customers.
Working as an Insurance Agent, is a high paying profession. Some insurer pays as high as 40% of premium as commission. It’s not a difficult or complex process to become an Insurance Agent.
Here are some of most Frequently Asked questions about being an Insurance Agent; the answers to these FAQ’s are based on guidelines issued by LIC (Life Insurance Corporation). Most of rules are controlled by IRDA (Insurance regulatory and development Authority), and rules are applicable to all Insurers. However some insurers have specified other conditions.
The minimum qualification requirement is 12th standard or its equivalent. So it’s not required that one has to hold a bachelors degree to become and LIC agent. However a degree holder is more preferred by private insurance companies. If a person has completed his 12th STD or its equivalent such as 2nd PUC in Karnataka and fulfils other requirements, than he is eligible to apply to work as a LIC agent.
The question frequently asked is, what is the minimum age to work as a LIC Agent? Well to do a valid contract one has to be at least 18 year old, and to work as an LIC agent one have to sign a contract with LIC. So, a person has to be at least 18 year old to work as LIC Agent.
There is no bar on maximum age and any one can apply to work as LIC agent, if he is 18 or elder.
Process is quite simple and not a complex one. The process is explained stepwise below:
These are not the legal requirement but if an Agent has these qualities, than he has more chances of success.
There is no rule of minimum Policies to be sold to continue to work as an Agent. However Insurance agent is required to sale at least 12 Policies in a Policy year, to become eligible to receive the commission on premium paid for Policies issued in any Previous Policy years.
Yes, you can become an Insurance Agent. There is no restriction on any employee to work as an insurance Agent. Since you carry your Insurance business after office hours, working as an Insurance Agent can be a great source of additional Income.
The some major insurance Companies in India are: