How to become an insurance agent in India

Insurance sector has tremendous potential in India because less than 30% people of the country have been covered by any type of insurance. Are you interested to tap the potential of this sector by becoming an insurance agent? Read on.....

India is a booming economy. Among the high income and middle income group countries, Indian economy has been progressing fastest during the last five years or so. This is reflected by the GDP growth rate of the country. With rapid development, the service sector has also been progressing very fast. Among the service sectors, insurance sector has been progressing the most and it has huge untapped potential in India. So, working as an insurance agent can become a very lucrative profession in the country. In this regard I am going to discuss how a person can become an insurance agent.

Most of us know that insurance is basically of two types. One is known as life insurance and another is known as general insurance. Sometime general insurance is also called non-life insurance.

Functions of an insurance agent:

An insurance agent is required to help the customers (customers may be individuals, families or businesses) to choose the right insurance policy that covers risk and provides sufficient financial aid. Agents work for insurance companies by selling insurance products offered by those companies on behalf of which they work. An insurance agent can deal with various insurance products like life insurance, health insurance, accident insurance and non-life insurances like home insurance, automobile insurance, etc.

Eligibility to apply for becoming an insurance agent

If a person is willing to become an insurance agent, he/she has to contact the concerned officer of the nearest branch of the insurance company. The prospective agent should be more than 18 years of age and should have passed X+II from a recognized board. As per the norms fixed by Insurance Regulatory Development Authority (IRDA), he/she has to undergo at least 100 hours of practical training from an authorized institute. Last but not the least, a candidate has to pass the pre-recruitment examination organized by IRDA or by any other insurance company.

Qualities essential to become a successful agent

To become a successful insurance agent, a person must have some basic qualities (in addition to the minimum requirements) as mentioned below:

  • The agent must be an attentive student. He/she must understand the aspects of various insurance policies offered by his/her company.

  • He/she must be intelligent enough to co-relate the prospective customers' needs with the policies being offered, and decide which policy would be most suitable for the customer(s).

  • An insurance agent must be honest and should not indulge in miss-selling insurance policies to the customers.

  • An insurance agent must have primarily knowledge about income tax structure of India and should explain tax benefits to the prospective customers.

  • An insurance agent must keep himself/ herself updated about changes in respect of the policies being offered by the companies. He/ she should also be aware of latest notifications and directions of IRDA.

  • Last but not the least, an insurance agent must be a patient listener and must possess convincing power.

Career progress

An insurance agent can acquire management degree and hold managerial position after a reasonable period of experience. Further an insurance agent can become an insurance superintendent. If he/she works independently, the income potential depends upon his/her conversation ability, convincing ability and contacts. Many people in India make a living by becoming insurance agents.

Concluding comments

After liberalization of insurance sector in India, many private companies have entered this field, both in life insurance sector and general insurance sector. Furthermore, a recent study states that in India, only less than thirty per cent people have been brought under any type of insurance cover. So there is huge potential in this field for insurance agents. So willing people can join this profession on full-time basis or can augment their income by working on part-time basis as insurance agent.

Article by Partha K.
“Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves.” - George Gordon Byron

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