LIC is one of the leading life insurance companies in India. It has the largest consumer base with more than 25 crore consumers. Becoming a Life Insurance Corporation (LIC) advisor in India is not just a career choice; it’s an opportunity to provide financial security while building a rewarding profession. A person who wishes to become a LIC agent may go through some formalities to obtain the license.
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Here is the procedure to become an LIC advisor.
Individuals interested in becoming LIC advisors must meet certain eligibility criteria. Generally, applicants should be at least 18 years old and possess a minimum educational qualification of 10th standard.
Nowadays, people prefer to become a PoSP agent. However, a person may also enrol to directly become an LIC agent. There are some formalities which are required to be fulfilled.
PoSP or Point of Sale Person is a new way to sell insurance. It was created by IRDAI in 2015. A PoSP may sell the insurance product of many insurance companies along with LIC. A traditional insurance agent can only sell the policies for one company. However, a PoSP agent may sell the general insurance policies of many companies.
A person needs to attend the online training with an insurance company from home. In addition, the person needs to appear for the examination. Once a person passes the exam, he shall receive the license to sell the insurance products according to the guidelines issued by IRDAI.
According to the rules laid down by IRDAI, a person is subject to class room training. It is mandatory before becoming an LIC advisor. The term of the LIC advisor depends on the agency to which a person has applied. Therefore, the person has to take the training to learn the insurance concept. A person needs to attend a 15-hour training course. In this training, he is required to watch online videos in order to understand the wholesome of PoSP.
The insurance companies provide training to persons to become a PoSP. The training is provided as per the syllabus prescribed by the IRDAI. A person needs to attend a simple online training module. Such modules can be attended via smartphones or laptops from his comfort zone (home or office).
After completion of online training, the examinee needs to appear for an online exam. The insurance company shall conduct the test. Once the exam is cleared, the insurance company shall provide the PoSP licence. Later, the person may act as a PoSP agent and sell the insurance products.
Insurance is not an easy subject. A person must understand the basic concept of insurance before becoming an agent. The insurance concept is also tested in the exam conducted by the Insurance Regulatory and Development Authority of India (IRDAI). This is done to ensure that the person understands how the insurance industry works before granting a license.
Let us discuss why the training is mandatory.
Becoming an LIC advisor in India is not just about selling insurance; it’s about building relationships and securing the financial future of individuals and families. The training process outlined here reflects LIC’s commitment to nurturing knowledgeable, ethical, and successful advisors who contribute to the growth and success of both the corporation and the clients they serve. As you embark on this career path, remember that being an LIC advisor is not just a job; it’s a journey towards financial empowerment for yourself and the community you serve.
A person may become a PoSP insurance agent. One needs to meet the eligibility criteria to become an agent. To meet the criteria, a person must be at least 18 years old. In addition, he must be metric or 10th passed. The person must have an Aadhaar card, bank account and PAN card.
If he meets the eligibility criteria, he may attend the training session and appear in the exam. After clearing the exam, he may receive the PoSP licence and sell the insurance products.
No, there is no fixed timing in the PoSP agent’s work. The timing is very flexible. A person is not required to sit 10 to 6 on a desk. He can set his own working hours at his convenience. He may also decide to work full or part-time. This work is perfect for students, retirees and homemakers.
No, a person only needs to attend the training session and appear in the examination.
A PoSP insurance agent may sell multiple kinds of products. This includes life insurance.
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