How To Become An Insurance Agent in India

Insurance is one of the very huge business in India and more & more companies are entering the market to fulfil this requirement and make money.

A very huge part of the business is generated by insurance agents only and that is the reason insurance agents make lots of money.

So in this article I am going to show you a simple way to become an insurance agent & some tips that help you to make more money.

How to Become an Insurance Agent

How To Become An Insurance Agent

Eligibility and Criteria to become an insurance agent

As an insurance agent, you need to help your customers (individuals, families or businesses) to choose the right insurance policy that cover risk and enough financial aid.

Agent works for confined insurance company/companies by selling insurance products offered by the company/companies.

As an insurance agent, you can deal with various insurance products like life insurance, health, disability, causality and long term care policies. You can even sell insurances for home, properties, automobile etc.

You must be a college graduate to be eligible to become an insurance agent. Many of the insurance companies considers high school graduate with proven sales ability to become insurance agent.

You need to pass an exam conducted by IRDA (Insurance Regulatory and Development Authority).

Each state/territory/country requires license to business insurance. Agent will require separate license to sell life and health insurance, casualty or property insurance. To get license, agent must complete pre-licensing courses and quality state examinations

An insurance agent can acquire management degree and hold managerial position after certain years of experience. Further, he has chance to become agency superintendent or any other similar position.

How much do insurance agents make?

Sales workers or employees of any insurance agency or insurance carrier may be paid either of three ways: salary, salary plus bonus or salary plus commission.

Typically, commission is most common type of reward for experienced agents. The commission amount depends on type of insurance and risk covered in the policy and whether transaction made is new or renewal of policy.

On other hand bonus are usually awarded either when an agency meets their targeted profit or particular agent meets targeted sales.

Besides above mentioned remuneration policy, Insurance agency offers extra benefits to insurance sales agent by providing insurance education, training to quality for licensing, independent office space and clerical support services.

Independent insurance agents may not get extra benefits but are paid higher commission helping them pay their expenses to market insurance. Insurance agents who are involved with financial planning receive fee for their services instead of commission.

How to choose best Insurance company?

Choosing best insurance company mainly depends on the type of insurance that you wish to deal with. Basically, there are two types of insurance Life Insurance and General Insurance also referred as Life and Non-Life insurance.

Life Insurance is typically long term investment tool that pays beneficiary, generally the family upon the death of policyholder.

On other hand, general insurance comprises of various categories that include health insurance, automobile insurance, homeowner’s insurance or rental insurance that are designed to cover professional and business liabilities.

First, the insurance agent needs to decide whether he wants to sell life insurance products, general insurance products or both of them. He requires separate license to sell different types of insurance.

Next, insurance agent needs to research various insurance companies available in the market, countrywide network presence, their products, sales of each product, consumer base etc. The performance parameters of the insurance company in each of the available products will decide demand and popularity of that product.

Let us have glimpse of insurance companies of India:

Life Insurance Corporation (LIC)

LIC of India is biggest government-owned company that deals with life insurance products. LIC India finances 24% of outlays of Government of India.

To join as an LIC agent, visit here.

Products: Offers individual and employee group insurance products

Bajaj Allianz

Bajaj Allianz is private insurance company dealing with general insurance run in joint venture between Bajaj Auto Limited and Allianz SE enjoys reputation of proficiency, strength and stability.

It has network presence in over 200 towns across country. Check more details here to become an insurance agents at Bajaj Allianz.

Products: Offers travel, health, motor and corporate insurance products

ICICI Lombard

ICICI Lombard is private insurance company dealing general insurance is joint venture between ICICI Bank Limited (second largest bank in India) and Canada based Fairfax Financial holdings Limited.

Check here how to become ICICI Lombard insurance agent.

Products: Offers health, motor and home insurance products

Tata AIG

Tata AIG is private insurance company dealing general insurance products operate in joint venture between TATA Sons and American International Group. More details and insurance agents form can be downloaded here for TATA AIG.

Products: Offers complete range of general insurance products like personal accident, travel, automobile, property, home, energy, marine and casualty, etc. It offers individual, small business and corporate insurance products

National insurance

National insurance is fully owned by Government of India and became National subsidiary of General Insurance Corporation of India (GIC).

Check more about this, visit NationalInsuranceIndia website.

Products: Offers personal, rural, industrial and commercial line insurance

New India Assurance

New India Assurance is leading global insurance company which is only Indian insurance company been rated by international rating agency (with ‘A’ rating). It deals with general insurance. Check & fill up the agent recruitment form.

Products: Offers personal, social, commercial, industrial, liability and credit insurance products.

Oriental insurance

Oriental insurance is nationalized insurance company dealing with general insurance products. Products: offers Individual/family health products and motor policies.

Apart from this, few other private insurance companies that exist are Birla Sun Life Insurance, ING Vysya Life insurance, HDFC Standard Life Insurance, Max Life insurance company, etc.

Tips to become successful Insurance Agent

To become successful insurance agent you need to have firm grip on insurance based financial products, be informed about most interested products, stay relevant and build reputable name in customer service. Let us know in detail:

Be good student to become good insurance agent: Keep yourself updated with changes in tax and insurance laws by attending conferences and seminars sponsored by insurance organizations. Try to create one-stop destination where client get comprehensive financial services and satisfactory insurance product knowledge.

Be competitive by incorporating new technology to grow your business: Internet has contributed a lot in growing insurance business online. Especially, several insurance agents turn to receive hot, timely leads with directly email of fax machine allowing serious customers to directly remain in contact with their agent. Even Pay-per-click advertising has shown effective results to insurance agents with various terms like “affordable insurance” etc.

Be good at customer service to build satisfied clientele and lead to more referrals: Undoubtedly, consumers are going to internet to shop for insurance but majority of them still prefers to get policy by sitting down with an agent.

This attitude reinforces importance of superior customer service inspiring client confidence through effective communication. Appoint customer service executive handling client request, amendments in policies that allow preserving existing clients and finding new clients.

So this way, you can become a successful insurance agent & I hope you make lots of money as an insurance agent.

24 COMMENTS

  1. Hello Everyone,
    Each of us want a career where we can work according to our comfort, time and mindset. There are very few opportunities we are given as per our choice. Life Insurance industry provides such benefit to its Advisors. Currently ICICI , Indias no. 1 insurance company since 17 years consecutively, is giving such opportuniy to desired persons of all age group to work with it by taking its Franchisee in no cost zero investment. Any one of you desired to build yohr career with ICICI in Mumbai or anywhere in India can contact me directly on call or WhatsApp on my number 08409747242. Your dreams can be fulfilled here. All you need is to take the FIRST STEP.

    Thanks & Regards,
    Feroz Alam
    08409747242

  2. Hi
    I want to become insurance advisor for birla sun life insurance..as a part time
    Please contact me..

    Ranjan.

  3. Any reason why irda says one can be a agent with only one insurance company. Can i select one for general, life (i.e) 2 companies or any one only. By restricting me to one company is not irda preventing me to give the best of policies

  4. insurance business is not only one is covering one’s life or property but also there are products which will give a best investment and good returns on investments.

    free fell to contact me for free investment advice and good tax planning. my number is 9900590012

  5. Become LIC Insurance Agent In Mumbai & Navi Mumbai

    Amongst various career opportunities, Life Insurance Advisor is considered as one of the highest paid profession in the world.
    LIC is the No. 1 Brand in Service Sector and 240 million + lives are part of LIC. LIC is the Biggest Life Insurance Company in the world.

    For more Details Please Call me -7208008321/9004184321

  6. Go to nearest head office of that insurance company which ever u want to join…they will ask you to pay 400 to 500 rupees with ur pancard photocopy n will provide you training of 4 days of IRDA where they will teach you about insurance and then they will conduct exam in which 19 marks is neccessary of 50 to become the agent

  7. I Manjit Singh, intend to earn money as Insurance Agent and keep me busy. I retired from Govt: Service as Divisional Accountant. I also passed a departmental exam: equivalent of ICWA. My age is 65. Tell me if I can do or otherwise. If allowed I shall get agencies of atleast 6-7 insurance companies.

  8. hi..this is karun . iam doing work Bpo. iam intrasted to do insurance job for part time my number 9840720931

  9. Become LIC Insurance Agent In Mumbai & Thane

    Amongst various career opportunities, Life Insurance Advisor is considered as one of the highest paid profession in the world.
    LIC is the No. 1 Brand in Service Sector and 240 million + lives are part of LIC. LIC is the Biggest Life Insurance Company in the world.

    For more Details Please Call me -9967995553

  10. FOR THOSE INTERESTED IN PART TIME JOB AS LIFE INSURANCE CONSULTANT
    KINDLY CONTACT
    S.ABIRAMI
    DEVELOPMENT OFFICER
    LIC OF INDIA
    CHENNAI
    PH: 90031 35218

  11. Hello All,
    If any body is looking for a tax saving via insurance.Please call to my personal number. we are ready to help you at your doorstep
    Mob:8971252285

  12. Hi,
    I am Vijay. I was given a chance to help and work under an Insurance agent for SBILife where I was told that I will be given Rs1000/- per customer if I give him a customer who takes the insurance is that the right amount to accept as the premium is Rs50,000/- per year for 3-5 years.
    In such case how does one decide the amount one has to earn.
    Thanks
    Regards,
    Vijay

  13. I want some part time job from 05.00 p.m. to 09.00 p.m. and 2nd and 4th Saturday also free. Please provide me any job and call back to me on 9990217084.Presently I am working as accountant in very famous school in Delhi/NCR I am working here since Oct 2003.

    Thanks
    Mukesh Kumar
    9990217084

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