How to become a licensed insurance agent in India

New Delhi : Becoming a licensed insurance agent offers unmatched flexibility in terms of both time and place while offering attractive salaries, uncapped commissions, and bonuses. This makes it a highly sought-after job, with more and more people becoming insurance agents yearly.

Although more and more people are becoming agents, many need clarification about how to proceed. This article will go into detail about everything you need to know about becoming an agent in India. 

What does a health insurance agent do?

A health insurance agent is a specialised agent who deals with health insurance. They represent health insurance providers to advise potential customers about the various plans and help them choose the right one based on their needs and requirements.

As health insurance is of critical importance with some degree of complexity, it is preferable to approach experienced agents when purchasing it.  This is because they know and explain relevant policy information and details to the customer, including inclusions, exclusions, conditions, and the claims process. 

This is used to generate new business and foster goodwill with existing customers. There are typically two kinds of insurance agents. These are based on their affiliation and whom they represent. 

● Exclusive Agent

An exclusive or captive agent works for just a single insurance provider. They are typically full-time or part-time employees for the companies. For example, I am an agent for Niva Bupa, a leading health insurance provider. 

● Independent Agent

On the other hand, an independent agent is free to represent and deal with as many insurance providers as they want. For example, my friend works for an insurance broker called Policy Bazaar.

Note: A health insurance broker differs from agents as they don’t represent any particular insurance providers and have a suite of insurance products they deal with. They offer the client more variety and represent them for any issues related to the insurance. 

How to become a licensed insurance agent for health insurance?

It is straightforward for individuals to become licensed agents in India. Not only is the barrier to entry low but also it requires no investment from the agent’s side.  This makes it an excellent option for anyone with free time to get into it and start earning and thriving.

The first thing to keep in mind is the requirements. The requirements are easy enough for someone as young as 18 to start earning and becoming financially independent. 

To become a health insurance agent, these are the requirements you will have to fulfill. 

● Be at least 18 years old.

● Pass at least 10th or 12th standard, depending on the location

● Have an Aadhar card and PAN Card

● Complete mandatory practical training

● Pass an exam prescribed by the IRDAI

After ensuring they have fulfilled the top three criteria, the remaining two can be fulfilled along with their preferred insurance provider. For example, as I started my insurance career with Niva Bupa, I followed the steps below to complete these criteria.

1. Visit the Niva Bupa Become an Agent webpage.

2. Fill out the form and share the relevant documents.

3. Correspond with the Niva Bupa team and begin practical training with them.

4. Give the IRDAI-prescribed examination. 

5. After clearing that examination and getting a passing score, you can get a certification from IRDAI. 

6. Sign the contract with Niva Bupa and become an agent.  

Conclusion

This is how anyone can become a licensed insurance agent in India and start on their path of helping others and being rewarded for doing so. And due to the low barrier of entry and easy process, anyone can choose to become an agent as long as they have free time.