The LIC and PoSP insurance agent work with insurance companies to sell their products. This includes health cover, life insurance, motor cover, and so on. Both LIC and PoSP agent perform the same job. However, one may notice many major differences between the both.
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LIC agents are people who work directly for the Life Insurance Corporation of India. They are trained and approved to sell LIC insurance plans. These agents bring the buyer and insurer together by selling plans. LIC agents go through big training to understand the different insurance plans offered by LIC. This allows them to guide buyers in choosing the best plan for their needs.
LIC agents are workers of the Life Insurance Corporation of India.
LIC agents go through high-quality training programs to gain the knowledge about the insurance plans and processes. They must pass exams to become licensed agents.
LIC insurance agent have an in-depth knowledge of LIC’s whole range of insurance plans. They are well-prepared to provide complete information and guidance to possible customers.
The insurance agent earns money based on the plan they sell. Their income is directly tied to the insurance amount paid by the customers.
PoSP agents sell insurance policies to the buyers. They also work as mediators between the buyer and insurance company. They work with different insurance companies. This also includes LIC. PoSP is a law-based category introduced by the Insurance Regulatory and Development Authority of India (IRDAI) to increase the sales network of insurance plans.
PoSP agent operate freely and are not workers of any specific insurance office. They can sell plans from many insurers. This gives buyers a wider range of options.
A PoSP agent goes through training programs to understand the plans of different insurance firms. They need to pass the connected or related exams to get the necessary certification.
PoSP agents get knowledge about the insurance plans they are approved to sell. They may not have the same depth of knowledge about a single office’s plans as LIC agents. But they offer a wider way of seeing things in a sensible view of what is and is not important.
PoSP agents earn money from the insurance companies whose plans they sell. Their income is not tied to one office. This allows them to be freer in their work.
LIC Agents and POSP Agents are both involved in the insurance industry, but there are big differences between the two roles.
Both LIC agents and PoSP advisor play very important roles in the sales of cover plans. LIC agents focus on selling plans for one company. They get in-depth knowledge about those plans. POSP agents operate freely and offer a wider range of plans from different insurers. They give buyers more choices.
No, they are not the same. LIC agents represent LIC and sell their plans. PoSPs can sell insurance plans from multiple companies, including LIC.
Yes, a PoSP is authorized to sell LIC plans along with plans for other insurance companies. PoSPs have the flexibility to offer a range of insurance plans to buyers.
The licensing process for LIC agents involves a more comprehensive training program and examination conducted by LIC. Becoming a PoSP involves a simpler and more streamlined licensing process.
In many cases, individuals can change from being LIC agents to becoming PoSP insurance agent or vice versa. However, this change may involve meeting certain eligibility criteria and undergoing the necessary licensing plan.
LIC agents sell LIC plans. PoSPs can offer a wider range of insurance plans for different insurers, including LIC.
Yes, an LIC agent may also work as an PoSP agent.
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