Step-By-Step Guide to Becoming an Insurance Agent

Insurance is a growing industry in India, with more people opting for it to secure their health and financial security every year. This has also led to rapid growth for insurance agents, opening up many avenues for them. Being able to help hundreds of people while seeing success in their personal and professional lives, agents can make a lot in return. 

If you want to become an insurance agent in 2024, look no further. In this article, we will explore what an agent is, their roles and responsibilities, requirements and steps to become one.

What is an Insurance Agent?

An agent in insurance is licensed by IRDAI, the regulatory authority for insurance in India, to sell insurance policies to potential customers. Their primary responsibility is to generate new business for the insurer by approaching potential leads and converting them by showcasing their insurance products and recommending the best policies based on their needs. 

In India, there are two types of insurance agents one can aspire to become. 

1. Exclusive Agent- They are part-time and full-time employees who represent the insurance provider they are affiliated with and sell policies only from them. 
2. Independent Agent- Independent insurance agents do not represent any particular insurance provider and sell policies from any number of insurance providers they are affiliated with.

What are the Roles and Responsibilities of an Agent in Insurance?

Although the primary responsibility of an insurance agent is to generate new business by selling policies, several additional duties must be fulfilled. Here is the list of the top five additional responsibilities an agent must fulfil. 

• Inform the customer about the policy details
• Simplify and explain the fine print
• Offer financial advice to the customer
• Offer post-sales customer support
• Generate and convert more leads

What are the Requirements to Become an Agent in India?

Becoming an insurance agent in India requires no monetary investment, and anyone with some time can attempt to become one. Although some insurance providers might add additional requirements, these are the minimum requirements to become an agent set by IRDAI.

• The applicant must be over the age of 18.
• They must complete their secondary or senior secondary education.
• They must complete their mandatory practical training with an insurance provider. 
• Clear the examination prescribed by IRDAI.

What are the Steps to Becoming an Insurance Agent?

Before getting into the process, certain primary things need to be considered. The first thing to figure out is what type of insurance and insurer you want to start your career with. If you want to start your career in Health Insurance, Niva Bupa is an option you should consider. 

Niva Bupa is a leading health insurance provider offering several benefits and advantages to agents looking to join or start their careers with us. Here are the steps you can follow to become an agent with us. 

1. Visit Niva Bupa’s website, click on “Become an Agent” at the top of the page, fill out the form, and submit it to receive a call back for an appointment. 
2. After this, you can complete your mandatory practical training with us and start preparing for the compulsory examination. 
3. After clearing the examination and getting the license, you can start working with us as an agent and begin on-the-job training. 

Conclusion

Becoming an insurance agent is easy and rewarding. If you want to connect with dozens of people and help them secure their health and ensure their financial security, then health insurance is the right choice for you. By following the above-given steps, you can start your insurance journey on the right foot with us. 

FAQs

How Much Does an Insurance Agent Earn?

The earnings of an insurance agent depend on factors such as the type of insurance sold, commission structure, and the insurer they work with. On average, a new agent can earn between ₹2-5 lakh per year, while experienced agents can make ₹10 lakh or more annually. Life insurance agents typically earn higher commissions than general insurance agents, and renewal commissions can provide long-term income.

Which Insurance License Makes the Most Money?

Life insurance licenses often lead to higher earnings because agents receive both initial and renewal commissions. Health insurance licenses, especially for companies like Niva Bupa, can also be lucrative due to rising demand. If you're wondering how to become an insurance agent in India, obtaining a license from the IRDAI (Insurance Regulatory and Development Authority of India) is mandatory.

How Profitable Is an Insurance Agent?

Being an insurance agent is highly profitable, especially for those who build a strong client base. Commissions on policies, performance-based incentives, and bonuses contribute to earnings. If you're interested in how to become a Niva Bupa agent, the company offers competitive commissions and growth opportunities in the health insurance sector.

What is the Qualification for an Insurance Agent?

To become an insurance agent, you must:

1. Be at least 18 years old.
2. Have passed at least the 10th or 12th standard (depending on your location).
3. Complete the IRDAI-mandated training (15-50 hours).
4. Pass the IRDAI exam to get licensed.