In a madly competitive age where everyone’s struggling to make ends meet, one often looks for alternative sources of income to manage daily expenses comfortably. From a variety of part-time jobs available today, one must look for a secure route that offers good money along with flexible hours. One such option can be to become a life insurance agent.
An agent represents an insurance company and works as an advisor to the clients. They are expected to recommend suitable policies to the clients and address insurance-related queries. They also educate clients about best in-hand options.
To understand the process of becoming an insurance agent in India, we spoke to Ankur Shah – Executive Vice President – Head of Agency & Allied Businesses, HDFC Life.
There are certain basic requirements. Firstly, the candidate should be a graduate. Must have social contacts and should be ready to dedicate time. The most important factor is that one needs to have the passion and aspirations to achieve personal and family goals.
Yes, as per the regulatory requirement, one needs to complete mandatory 25 hours of training and examination. After clearing the examination one gets appointed as an Agent. The insurance company trains the agents to equip and prepare them for the examination. Even after one becomes an agent, they are provided regular training and skill development facilities.
The duration of the is 25 hours. To remain an active agent one needs to fulfil the Minimum Business Guarantee criteria. This is typically company specific and can change as per the respective company’s business guidelines/policies.
Once the applicant finishes the training, they must sit through a pre-licensing exam and qualify it. The format of the exam is objective and one should score a minimum of 17 out of 50 marks to qualify as an insurance agent.
The qualified candidate gets a licence from Insurance Regulatory and Development Authority of India (IRDAI) upon which the agents can start working as a certified insurance agent.
