The life insurance industry in India is set to grow at 10.3% (CAGR) from Rs 7.0 trillion ($92.3 billion) in 2021 to Rs 11.4 trillion ($150.6 billion) in 2026, whereas the health insurance industry in India is estimated to be USD 122.11 Bn in 2022 and is expected to reach USD 198.45 Bn by 2027, growing at 10.2% (CAGR).
So, if you want to become a insurance agent for an insurance company or learn how to become an insurance agent from home or a POSP or General Insurance Agent, here’s how you can get started as an insurance agent.
Who is Eligible to Become an Insurance Agent?
The only prerequisite for becoming an insurance agent is that the candidate is over 18 years of age and has completed Class 10.
Anyone with a knack for selling insurance policies can work as a POSP Agent. College students, stay-at-home spouses, retirees, and businessmen/women are all included.
What Exactly is General Insurance?
General insurance policies include all non-life insurance policies such as car, bike, travel, SFSP, and health insurance. These general insurance policies assist people in protecting themselves from financial loss in an unfortunate incident.
Car insurance, for example, could prevent someone from damages and losses caused to their car in a mishap, and insurance would cover damages in the event of a burglary or natural disaster.
Given the rising standard of living in urban India and laws such as the Motor Vehicles Act, Indians are choosing to insure themselves and their possessions.
How to Become an Insurance Agent
Completing your POSP certification is the simplest way to become an insurance agent. An insurance agent who can sell specific insurance products is known as a POSP (Point of Sales Person). To become a POSP, you should pass the IRDAI’s minimum educational requirements and training.
What are the Qualifications and Criteria for Becoming an Insurance Agent?
Here’s what you’ll need to get started as an insurance agent online:
1) It is required to be at least 18 years old.
2) One must have completed at least Class 10 education
3) One must have a valid Aadhaar Card and PAN Card.
4) One will be required to complete IRDAI-mandated 15-hour training.
Who Exactly is a Health Insurance Agent/POSP?
A health insurance agent works for an insurance company to sell health insurance products. If you want to be one, you assist customers in selecting the best policy for their needs.
You can sell customised health insurance plans through Digit that ensure high-quality care for families and individuals.
What Exactly is Health Insurance?
Health insurance is a type of insurance that protects people from financial losses in the event of a health or medical condition. When a covered individual becomes ill or injured, it covers their medical and surgical costs.
Health insurance is a growing market in India, with over 1.3 billion potential beneficiaries, only about 20% of whom are currently covered.
How to Become a POSP/Health Insurance Agent?
Completing your POSP certification is the simplest way to become an insurance agent. An insurance agent is authorised to sell a type of insurance referred to as a POSP (Point of Sales Person). One must clear the IRDAI’s minimum educational requirements and go through the organisation’s training to become a POSP.
What are the Prerequisites for Becoming a Health Insurance Agent?
What you’ll need to become a health insurance agent is as follows:
- One must be over 18 years old to apply.
- One must have completed at least Class 10 education.
- One must have a valid Aadhaar and PAN card.
- One will then be required to complete IRDAI-mandated 15-hour training.
Who Can Work as a Health Insurance Agent?
The only prerequisite for becoming an insurance agent is that the candidate is over 18 years old and has completed Class 10.
So, anyone who meets these requirements can work as an insurance agent. College students, stay-at-home spouses, retirees, and businessmen/women are all included.
What are the Benefits of Becoming a Health Insurance Agent?
Some benefits of becoming an insurance agent are:
Make yourself your boss:
One of the primary benefits of being a POSP is to work when and where you want. You can now work for yourself! There are no time constraints, you can choose whether you want to work full-time or part-time and set your working hours.
Work at home:
We mainly offer insurance coverage online. A POSP can work from home and sell and issue policies using our online processes.
Only 15 hours of training are required:
As a POSP, the main requirement is to complete the IRDAI’s 15-hour mandatory training, which isn’t much, to be honest! All it will take is 15 hours of your time to get on board!
Excellent earning potential:
Your earnings are by the number of policies you issue rather than the number of hours you work.
There is no investment:
One only needs to become a POSP besides a smartphone, a good internet connection, and the required 15-hour training. As a result, almost no monetary investment is needed from your end, while the earning potential is substantial.
Insurance Agency Categories
Knowing what type of employer you’ll be working for is critical for your insurance sales career. Insurance companies are one of two types:
You’ll probably sell insurance policies from different companies if you work for an independent insurance agency. Independent insurance agents, also known as brokers, primarily work on behalf of consumers, matching clients with the best policies and products.
Captive Agent/Direct Writer
A direct writer insurance sales agent (also known as a captive agent) typically works for a single large insurance company (Allstate, Farmers Insurance, State Farm, and The Hartford, to name a few). A direct writer sells policies and products on behalf of their employer.
An insurance sales career path may be right for you if you are motivated, persistent, and able to communicate clearly.
In this article, we read about How to become an insurance agent, how to become a health insurance agent, and the different types of insurance companies to help you choose from the best.