Join India's Best Insurance Selling Platform
Maximize Your Insurance Business With:
The fickle nature of life brings uncertainties and unfortunate events. It makes us wonder how prepared our loved ones and dependents are to cope with an untimely death, accident or disability in the family. Life insurance is a globally acknowledged safeguard against various contingencies linked with a human life. Despite the proven merits, many Indians still underestimate its relevance, resulting in a dismal countrywide life insurance penetration of 2.8-3% of GDP.
Multiple observers suggest that only 30-40% of the population has some form of life insurance policy. This alarming fact does paint a bleak picture. However, it also signals an abundance of opportunities for anybody aspiring to become a life insurance advisor, agent or Insurance POSP.
Let's define life insurance as a concept, find out why it is essential, and explore its types. We'll describe a life insurance agent or point-of-sale person, list all the responsibilities, focus on the advantages, and understand how you can become one.
Key takeaways?
● Life insurance is the safety net solution for the people you care about.
● You can choose the type of life policy that best aligns with your goals.
● Life insurance agents/POSPs are the experts to be relied upon.
● POSPs are adequately trained, vetted and licensed individuals in charge of life insurance products from various companies.
● Life insurance POSPs probe, identify, analyze, guide, and suggest suitable life covers.
● POSPs operate as freelancers, earning a decent living by serving their customers and receiving commissions.
● Life insurance agents get to show their entrepreneurial zeal and generate unlimited earnings.
● There are easy-to-follow and simplified steps towards becoming a life insurance agent or POSP.
The IRDAI [Insurance Regulatory & Development Authority of India] formally explains life insurance as a financial cover for a contingency linked with human life, like death, disability, accident or retirement, that provides a definite amount of money in case the life insured dies during the term of the policy or becomes disabled on account of an accident.
Simply put, life insurance is a legal financial contract or arrangement between insurance companies and insured individuals. Here, in exchange for regular premium payments, insurance providers commit to paying pre-agreed sums to policyholders' beneficiaries in the event of their death during a specified duration.
Life insurance acts as a preparatory monetary security backup plan for yourself and your loved ones. In case of your death, in your absence, it helps your family meet their future financial objectives and take care of their needs, including educational expenses for your children. You gain an additional income source in the event of an accident or a serious illness, as well as a savings arrangement to ensure a steady income after retirement.
Coverage for your lifespan, guaranteed lifelong protection, generally up to 99 years, pays out a death benefit and is useful for creating an estate inheritance for your heirs.
Long-term financial protection for a set period pays only if the insured passes away during this time or suffers total and permanent disability, and comes without any savings component.
Savings-linked life insurance with a specific maturity date, the sum assured is paid to beneficiaries in case of death/disability during the period, and grows your money.
A hybrid approach that matches life cover with investment opportunities, provides flexibility and choice on how premiums are invested, invests in market-linked funds, and leads to your wealth creation.
Covers life risk for the full sum assured during the policy term, periodically returns a sum assured percentage as survival benefit and pays the balance as maturity value on expiry.
Life insurance on parents' or children's lives for the benefit of the child provides parents with sufficient funds when the child reaches various life stages and also takes care of educational expenses.
They let you systematically save money, build a retirement corpus, and bring steady payments or pension income after your retirement.
A life insurance advisor, agent or POSP is an appropriately trained and highly knowledgeable independent professional who connects potential life insurance customers with insurance companies in the country and sells suitable life insurance policies.
Life insurance agents or POSPs utilize a variety of communication modes to reach out to their prospects, identify their needs and understand their unique requirements. They guide clients via personalized advice, present available life insurance products, analyze overall financial planning as needed, close sales, ensure post-sales support, and provide seamless claim assistance.
Life insurance advisors or point-of-sale persons (POSPs) enjoy unmatched zero-investment financial independence and work flexibility. They get to act as their own boss, decide their schedules, work from anywhere, expand their network, offer a wide range of life insurance policies and plans, earn regular commissions, incentives, bonuses and renewal income, positively influence people's lives, and make the most of ever-increasing growth opportunities.
The process of becoming a POSP life insurance agent begins with satisfying several prerequisites. Irrespective of past experience, one must be 18 years old with a 10th-pass qualification, a valid Aadhaar, PAN and bank account details.
Step 1: Spend a few minutes reading and understanding the rules, regulations and legal aspects of the life insurance industry.
Step 2: Shortlist credible insurance companies or aggregators, brokers such as QuickInsure.
Step 3: Reach out to your chosen platform, register, and create an account.
Step 4: Now, sign up and submit your KYC documents.
Step 5: Complete a 15-hour long compulsory pre-licensing online training.
Step 6: You must take the IRDAI-prescribed examination.
Step 7: Pass the exam to secure your POSP certification
Step 8: Sign the official life insurance POSP agreement.
Step 9: Collect your distinctive POSP ID.
Step 10: Start offering and selling life insurance policies.
It does not get more precious than a human being's existence, and its loss can only be felt by those who face the resulting consequences. Thanks to enhanced awareness, empathetic government frameworks and regulations and AI-led digital innovations, the Indian life insurance market is now the fifth-largest in the world's emerging insurance markets, with an annual growth rate of 32-34%. When it comes to life insurance, there is absolutely no shortage of untapped opportunities in our country.
Are you ready to capitalize on these latent possibilities for your career advancement and also for the greater good?
If yes, wait no more and establish yourself as a duly certified business partner and POSP life insurance agent with QuickInsure, India's top insurance comparison destination for intelligent decision-making and the industry-admired insurance selling platform.
Discover policies from 35+ insurance services providers, benefit from AI-driven innovative technologies plus app-based integrated operations, get seamless support from dedicated relationship managers, secure timely commissions, multiply your earnings and invest in systematic career growth.
Note: The above information is purely indicative in nature and subject to change without any prior notice from the government authorities. One must refer to the Insurance Regulatory & Development Authority of India's portal to learn the most up-to-date developments before taking action.
