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.
Here is the procedure to become an LIC advisor.
- A person should register with LIC.
- A person needs to take the training session to understand the insurance concept.
- Next, he needs to appear for the exam. The exam is prescribed by IRDAI.
- Last, he needs to clear the exam to get the licence.
Eligibility Criteria
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.
Now, an LIC advisor can work as an Insurance PoSP
Nowadays, people prefer to become a PoSP agent. However, a person may also enrol to become an LIC agent directly. There are some formalities that are required to be fulfilled.
Quick Link: Become Life Insurance PoSP
LIC Advisor: New Way of Selling LIC Insurance: New opportunities for Cross-Selling
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 products 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.
Journey of the LIC PoSP insurance agent
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, they shall receive the license to sell the insurance products according to the guidelines issued by IRDAI.
LIC Agent Training Module
According to the rules laid down by IRDAI, a person is subject to classroom 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 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.
Benefits of LIC Advisor Training
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.
- To teach the concept of insurance.
- To guide how the insurance industry works.
- To teach how to sell insurance products.
- To ensure that the person clears the exam.
Conclusion
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.
FAQs on LIC Agent Training
How to become an LIC agent?
To become an LIC agent, you must be at least 18 years old and have completed a minimum of 10th standard. You will need basic documents such as Aadhaar, PAN, and a bank account. After registering with LIC, you must undergo training and pass the IRDAI exam to get the licence.
Is there any fixed working time for an LIC agent?
No, LIC agents enjoy flexible working hours. You can decide your schedule based on your convenience. Many LIC agents work full-time, while some prefer to pursue it part-time alongside other activities.
Do I need to invest money to become an LIC agent?
There is no major investment required. You only need to complete the training and clear the IRDAI-prescribed exam.
What products can an LIC agent sell?
As an LIC agent, you can sell a wide range of LIC’s life insurance products, including term plans, endowment plans, child plans, pension plans, and more, helping people secure their financial future.
