Insurance is a wonderful field to work in. Not only is the field easy to enter and highly rewarding, but it also offers the opportunity to help many people. It is a way of pooling resources to allow policyholders and their loved ones to stay protected from different kinds of risks.
Among them, health insurance has an even more significant impact on the financial safety and well-being of the policyholders. Keep reading this article to learn the requirements for becoming a health insurance agent
, their roles and responsibilities, and the benefits of becoming one.
Who is a Health Insurance Agent?
They are specialised agents dealing in health insurance and are responsible for advising prospective customers about medical insurance policies. They recommend the best policy for their needs and explain the policy details, such as terms, durations, special conditions, inclusions, and exclusions. Agents are also responsible for offering financial advice to help them plan and budget when asked.
There are two kinds of insurance agents based on affiliation and whom they represent.
- Captive Insurance Agents- A captive or exclusive agent represents only a single insurance provider.
- Independent insurance agents- An Independent agent doesn’t represent any single insurance provider and is free to sell policies from any number of insurers they have dealings with.
What are the steps to become an agent?
Becoming an agent in India is very simple, and this is because the barriers to entry are low, and applicants do not need to invest anything to become one. Here are the steps you can take to become an agent.
Decide on an insurance company you would like to work for. Over the years, I have worked as both an independent and exclusive agent, and I recommend becoming an exclusive agent first to understand the job's requirements. I currently work for Niva Bupa
, a leading health insurance provider in India, which I recommend for new joiners looking to enter this market.
2. Check out their specific criteria for joining by visiting their website and understanding all of the details surrounding this job.
3. Once you are convinced, either fill out the form mentioned in ‘Join us’ to be contacted by them for an orientation and start your training there.
4. Once the training is done, start preparing for the IRDAI-prescribed exam and clear it.
5. After clearing the exam, you will receive a license and can start working as an agent.
The following are the eligibility criteria set by the regulatory authority for insurance in India.
- The applicant must be 18 years old.
- The applicant must have an Aadhar card and a PAN Card.
- The applicant must have completed at least 10th standard or 12th standard.
- The applicant must complete a mandatory practical training.
- The applicant must also complete and pass an IRDAI-prescribed examination.
What are the benefits of becoming an agent?
There are a lot of financial and non-financial benefits that one can get by becoming an agent. These benefits might differ for independent and exclusive agents, but here are the top benefits.
1. Stable Income
An exclusive agent receives monthly salaries, thus offering a stable income.
2. Uncapped commissions
There is no upper cap on how much commission one can earn, allowing for an agent to earn for each sale.
3. A secondary source of income
For independent agents who already have a primary job, becoming an agent offers a secondary source of income.
4. Flexible work timings
As an agent, you can choose to work anytime you want. This offers unmatched flexibility and allows for a great work-life balance.
5. Work from anywhere
As an agent, you can work from anywhere, allowing you to work from your preferred location.
Becoming an agent in India is a rewarding and highly sought-after job. It is straightforward to fulfill these eligibility requirements and requires no investment, allowing anyone to become a health insurance policy agent and avail of these benefits.