There are many benefits of becoming an insurance agent, so in today’s article, we will tell you how to become an insurance agent? With this, you will know how much insurance agents can earn, and how much commission they get.
If you want to become an insurance agent of any insurance company like LIC, MAX Life, SBI Life, new India, reliance general, oriental, national insurance, united India, HDFC life, star health, iffco tokio, hdfc health, etc. If you want to become an agent of an insurance broker such as Policybazaar, then what will you have to do for it.
Which documents will be required and what should be the qualification, all these things will be known in Hindi.
In today’s costly era, extra income is needed to feed a family. Whatever is earned for this is less. One of the best options for this is to do a part-time job. If you want to do part-time work or any job then there are many options available in today’s time and the best example of this is to become an insurance agent.
By becoming an insurance agent, you can easily do life insurance and general insurance for any person. Apart from this, there are other types of insurance that you can sell to people and earn a commission.
The biggest advantage of working as an insurance agent in a part-time job is that it saves you time. This is the reason why today people look for such part-time jobs in which more income can be earned and time is also saved.
Working part-time saves time, due to which you can give time to other work as well. In this way, you get an opportunity to earn more income.
Who is an Insurance Agent?
First of all, know that the meaning of insurance agent in Hindi is insurance representative (insurance agent). Insurance agents are licensed persons who represent an insurance company. Those who are agents, connect with an insurance company and tell the insurance policies of those companies to the people and understand its entire scheme.
After that those agents sell the product of that insurance company i.e. insure the people. For example, suppose you become an agent of LIC, then you have to sell various insurance policies of LIC company.
Documents required to become an Insurance Agent
To become an insurance agent of any company, mainly 5 or 6 types of documents are required. The most important of those documents are your PAN card, Aadhar card, 10th pass mark sheet for the rural area (or above 10th), 12th pass mark sheet for an urban area, bank account statement, photocopy of passbook, a canceled check, and two passport size photographs.
If all these documents are available to you then you can follow the process of becoming an insurance agent.
How to become an insurance agent for any company?
It is very easy to become an insurance agent, for this, you should be at least 18 years of age. There are many ways to become an insurance agent. Talking about the easiest way, you can use the platform online through an app such as MintPro – Insurance Business App, PolicyBazaar, etc. For this, you have to keep the above-mentioned documents ready.
If you want to ensure all the companies by becoming an insurance agent, then becoming an agent through any insurance brokers on the online platform is the best option. For this, you have to download those apps and upload the requested documents.
Only the documents mentioned above will have to be given in the document. In this way, your KYC will also be completed. If the mobile number asks, he has to give it.
Some apps also ask you how many years of experience you have in the insurance sector. After this, you have to give your original name which is on the PAN card, and your email id as well. After this, you will also have to upload a clear photo of yourself as an identity.
Apart from all this, your source of income is also asked in some insurance agent apps, you have to fill it out correctly.
After completing all these, you will have to wait for 24 to 48 hours and when your application is approved, after that you will have to get two certificates. The names of these two certificates are LI POSP and GI POSP.
To get both LI POSP and GI POSP certificates you have to take the exam online in the same app. Before giving the exam, you will be given training in the online app itself, under which you will be shown some videos. You will be tested 24 hours after the completion of the course.
The exam is very easy, some simple around 30 questions are asked and for this, you get enough time of 2 hours.
GI POSP or POSP GI, its full form in English is ‘Point of Sales Person – General Insurance’ and the full form of POSP LI is ‘Point of Sales Person – Life Insurance.
Apart from this, if you want to become an agent of a specific company (of any one company) such as LIC, HDFC Life, Max Life, Aditya Birla, Bajaj Allianz General Insurance, ICICI LOMBARD Aviva Life, Bharti AXA Life insurance, etc. . then for this You have to give IC 38 exam (test) of IRDA (IRDAI). After passing IC 38 exam you get the agent code.
What is the IC 38 Exam?
In simple words, to become an insurance agent i.e. insurance agent, you have to give an exam of IRDA, and the same exam is also known as IC 38 exam.
It is very easy to prepare for the IC38 exam, for this you get an app on the play store, with the help of which you can prepare online.
IC 38 or IRDA exam has to be completed within one hour i.e. 60 minutes. A total of 50 multiple choice questions are asked in this exam. Each question is of 1 mark and no negative marking is given.
To pass this test of IRDA, you have to bring at least 18 marks. Apart from this, you are given 1 number as grace, that is, if you bring even 17 numbers, then you will be considered a pass. After this, you will become an insurance agent of any one company that you have selected.
What insurance can I do by becoming an agent?
By becoming an insurance agent, you can do all types of insurance policies. If you get the agent code of life insurance, you can sell any product under life insurance. Apart from this, if you get the agent code of General Insurance, then you can sell all the insurance policies covered under it.
- life insurance
- health insurance
- general insurance
- Term Insurance
- whole life insurance
- motor insurance
- pension plan
- And so on
Benefits of becoming an Insurance Agent
There are many benefits of becoming an insurance agent like you can earn good money in less time i.e. by doing a part job. By becoming an insurance agent, you can earn a good commission and you can support your family with it.
It is a zero investment job and you can be your boss by doing this work from home also. If you do insurance work, after working hard for some time, you can make a steady source of income and apart from this you can also devote enough time to other work.
How much commission does an insurance agent get?
Different insurance companies pay different commissions to their agents. In addition to the commission, the company also gives rewards from time to time given the good work of the agents.
For your information, let us tell you that you can either get the agent code of General Insurance or that of Life Insurance. The commission for general and life insurance is different.
How much commission does an agent get on a life insurance policy?
If we talk about a single premium, then the agent gets a 2% commission for insuring the individual life of an individual. Apart from this, where there is a pure risk such as total loss in a natural calamity, death of the person, and a single premium is deposited for this, then in that case the agent gets a commission of 7.5%.
Apart from this, on depositing regular premium of pure risk product, agents get 40% commission on the first-year premium and 10% commission in the subsequent year after that.
You have learned what it takes to become an insurance agent through this. By getting the code of insurance agent you can insure any person and you can earn good money as a part-time job. If you want to become an agent then just you should be a 10th or 12th pass and with an aadhar card, or pan card you can become an agent by passing the IRDA exam.