How To Become A Life Insurance Agent Online?

Life insurance agents are professionals who guide an insurer in adopting health insurance policies best suited for them. Insurance agents can work both independently as well as with an insurance company. Their main responsibility is to sell life insurance policies to potential prospects. 

Reasons to Become a Life Insurance Agent? 

In India, the life insurance sector has seen great year-on-year growth. And the life insurance market is very much untapped, with only a quarter of prospects covered under policies. 

  • Sense of freedom: The first and foremost benefit of becoming a life insurance agent is its freedom. Even if you are working under a company, once you get good in the field, you will be making way more sales than any goal implied. 
  • You can be your own boss: It’s not a 9 to 5 job. Therefore, you can sell life insurance to anyone, anytime, anywhere.  
  • High earnings: The commissions and the compensation in the insurance industry are very high. A career in insurance is the best way to make phenomenal gains throughout your career. 
  • Always flourishing: The insurance industry is recession-proof because when the recession hits, people are more apt to buy life insurance to safeguard their families. Insurance has been around for hundreds of years, and it is here to stay.

How to Become a Life Insurance Agent?

Suppose you wish to become a life insurance agent. These are the steps you need to follow. 

First, we need to highlight the eligibility criterion and the documents required.

Prerequisites:

  • The age should be 18 years or above for male and female candidates.
  • Education should be 12th pass in urban areas and 10th in rural areas.

Documents Required:

  • Aadhaar card or driving licence (proof of identity)
  • PAN card
  • Education certificates /marksheets (education proof)
  • Passport size photographs

Step-by-Step Procedure

First step: You need to decide which company you want to be affiliated with, LIC, ICICI, or any other of your own accord. 

Second step: You have to approach or go to the nearest branch of the company you wish to work with and meet the Development officer (DO) or Branch Manager.

Also, you can fill out online forms from the company’s website and set an online appointment. 

After that, The branch manager or DO will ask you questions.

  • Why do you want to become a life insurance agent?
  • What’s your current profession?
  • What’s your educational qualification
  • Family Details/ Address

These questions are meant to assess who you are and whether you are fit for the job. The assessment helps the interviewer understand how serious you are about becoming an insurance agent. 

Third step: From here on forward, you will be guided by the officer throughout the process of becoming a life insurance agent. The Development Officer will initiate a registration process, and you will have to take online or offline training of 25 to 50 hours, depending on the company.

Fourth step: You have to go through an online examination. This online exam is conducted by IRDAI

The IRDA exam is necessary for every insurance agent to become a licensed professional. 

IRDA Examination Fee:

  • The registration fee for the exam is approximately 200 rupees
  • The company you opted for may or may not charge training fees
  • The IRDA exam fee is around 500 rupees 

Pattern:

  • The exam will comprise 50 questions, one mark each
  • To pass the exam, you need to obtain at least 18 marks or 35% 
  • The exam is objective type (MCQ questions)
  • The exam is available in both Hindi and English language
  • The exam has no negative marking

Fifth step: After successfully passing the exam, you will get your license from IRDA to work as an insurance agent. And you will finally be able to work as an insurance agent in the company you opted for. And the company will provide an induction program to get you started. 

Responsibility as a Life insurance Agent?

After finally becoming a life insurance agent, you will be recommending people policies tailored to their needs.

  1.  You will attract new prospects and persuade them to take the insurance policy.
  2. You will act as an intermediate between your insurance company and the client.
  3. You will be promoting new health insurance policies to the customers.
  4. You will need to maintain good client-agent relations and services. 
  5. You will also need to meet the company’s target sales implied on you.

Becoming a life insurance agent is not hard. The life insurance industry is very rewarding to hardworking individuals; getting your feet wet will be the hardest, but after that, it’s a fairly easy swim.

Smalls Tips to Become a Successful Life Insurance Agent:

To become a successful insurance agent, individuals need to differentiate themselves from others and keep the following things in mind.

Become a Good Salesman: 

Even though insurance agents give services, they will always be the salespeople kind. Being an agent requires strong sales skills and learning to acquire, train, and keep quality customers. 

To develop this skill, you may need to visit seminars or undergo sales training programs.  

Strong Work Ethic:

The insurance sector faces fierce competition, so one needs to acquire a great work ethic to proactively reach out to new customers. 

Also, new closing sales and growing relationships with clients and business experts require being proactive and having a strong work ethic by prioritising one’s time.

Determining Your Market: 

Before you start pitching, you need to know whom to pitch to target the best candidates and try out new customers in the top markets. Take your time observing the market and creating a strategy to minimise your time and efforts and gain high returns. Also, make sure to learn your customer’s requirements to pitch the right product to the right customer. 

Find the Right Company to be Associated With- Choice Broking

Choose Choice Broking to be a part of the insurance sector and enjoy all the benefits and perks we have to offer. To become a life insurance agent, apply now!