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.
What is the minimum Qualification required to become an Insurance Agent?
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.
What are the minimum and Maximum Age criteria?
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.
What is the process to apply to work as LIC Agent?
Process is quite simple and not a complex one. The process is explained stepwise below:
Find out where is the nearest LIC office, just have a walk one will find it easily as LIC offices are spread all over India. And each locality has got LIC Branch. If don’t like walking just Google it or go to website of LIC and search.
Meet the Development Officer. Development officer is the talent recruiter officer for LIC.
Applicant will be interviewed by Branch Manager (I/C), and if Branch manager is impressed, than you will be sent for training at Divisional/Agency Training Centre.
Training will be for 100 hours and it will give the theoretical and practical knowledge about Life insurance Business.
Once Training is Completed, Pre-Licensing Examination will be conducted by the IRDA (Insurance Regulatory and Development Authority).
After completion of exam, a License will be awarded by IRDA to work as an Insurance Agent.
Once License is obtained, LIC will appoint the person as an Agent.
Development officer will guide in field training.
What are the other general Requirements to become a successful Insurance Agent?
These are not the legal requirement but if an Agent has these qualities, than he has more chances of success.
Enjoys visiting and meeting new people,
Enjoys and feel proud of what he does;
Is serious and responsible towards what he does,
Wants to make a long term carrier as an Agent,
Have the basic management and communication skills.
How many minimum Insurance Policies i have to sell in a year?
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.
If am a Government Employee or Private Employee, can i become an Insurance Agent?
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.
What are the other Tips to become a Successful Insurance Agent?
Remember even its a serious business and one have to be professional,
Have the good knowledge of Insurance product you sells,
Plan the time to complete paper work on daily basis, as it could eat your big time,
Have self-confidence and Be Positive,
Never Forget Any Business need some time to grow, so don’t lose hope and give you hundred percent efforts.
Which are the Major Life Insurance companies in India?
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