Ways to sell LIC policies

Ways to sell LIC policies as an advisor – Become a PoSP

The LIC (Life Insurance Corporation of India) is the settler of the life insurance corporation. LIC at present has 2048 branches in India. The customer has built their trust in the company. Therefore, many people wish to become insurance agents and sell their plans.

Quick Link: Become an Insurance Agent

How to Sell the LIC Plans?

A person needs to become the LIC insurance advisor to sell the insurance policies. One needs to follow the below-mentioned steps to become an insurance agent.

  • A person has to register for the agency with the LIC under DO (Development Officer).
  • Next, he has to attend training for 25 hours with the LIC institute.
  • The IRDA (Insurance Regulatory and Development Authority) shall conduct an exam. A person has to appear in the exam.
  • Once he clears the exam, he shall become the LIC insurance agent.
  • A person may earn an LIC agent commission after selling the insurance policies.

New Way to Sell LIC Policy; Become a PoSP

The insurance companies offer different types of courses and online support for selling insurance policies as a PoSP. He or she needs to register as a PoSP insurance agent. A PoSP can sell the insurance policies of many companies. The individual can use the insurance company’s app to sell the LIC and other types of policies.

After selling the policies, an insurance PoSP may earn rewards. He may earn the rewards on every policy he sells. Nowadays, people are more interested in becoming the PoSP agents rather than becoming only LIC agents as it offers double earning opportunities.

Selling Cover Plan of LIC

An individual may sell the LIC policies in two ways. Online and offline. Let us see these two methods.

Offline

An individual may sell the LIC policies by personally visiting the clients. He may explain the benefits of the policies in detail. In addition, he may also make the client realise the need for the fund in an emergency. When the client is happy to buy the policy, he should help the client in filling in the form. Later, he needs to collect the premium amount. After collecting the amount, he may visit the office for the issuance of the policy. After issuance of the policy, he may earn a reward on the policy sold.

Online Mode

Selling online insurance is easier than offline mode. An individual may sell insurance policies online from his comfort zone. He may also collect the premium online and get the policy issued.

Selling Cover Plan of PoSP

An individual may follow the below-mentioned steps to sell the policies online.

  • After understanding their financial requirement, an insurance PoSP must recommend a suitable policy. For example, if the client wants savings, he may recommend an endowment plan. Similarly, if the client plans the future of his child, he should recommend a child plan. For retirement, he should recommend a pension plan.
  • Once the client understands that the policy that an insurance PoSP suggested to him suits his requirements, he will definitely buy the policy. A PoSP helps the client when he agrees to buy the plan. He must help him fill up the application form. The form must be filled with correct details. The PoSP must educate the client if he fails to understand some parts of the form. He should take full responsibility for filling up the form.
  • Once the form is filled, the PoSP must help the client with online payment of the premium.
  • By following these steps, a PoSP may sell the insurance online.

Conclusion

People wish to become a PoSP agent instead of a normal insurance agent. A PoSP agent may sell insurance products for many companies. He may sell different kinds of policies. However, a normal insurance agent may sell the insurance products for only one company. The insurance company assigns the type of cover to the insurance agent.

FAQs

Q. How to become a PoSP insurance agent?

A. One may become a PoSP insurance agent by attending the online training and clearing the exam. After clearing the exam, an individual shall receive the licence to sell the insurance policies.

Q. Who can become a PoSP agent?

A. A tenth passed individual may become a PoSP agent. The individual must be 18 years old.

Q. How to sell insurance coverage online?

A. An individual must contact his family and friends. He should understand their financial requirements and suggest them the insurance product. In addition, he should also help them fill up the form if they agree to purchase the insurance product.

Q. What are the differences between a normal insurance agent and a PoSP agent?

A. A normal insurance agent may sell the insurance for only one company. He may sell only one type of insurance policy. However, the PoSP agent may work with many companies and sell different kinds of products.

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