Insurance policy in the Market :
As we know that insurance means a risk covering solutions for every deal. Nowadays the insurance policy as increasing day by day as people are more aware and concern about the losses or risk which they may be facing in future so indirectly there is a demand for an insurance policy. In the market the insurance policy is acting as security and also this security is given with every deal. Yes, if you buy the car there is an insurance policy, if you buy the gold there is an insurance policy, if you buy the property there is an insurance policy, while traveling also you can take an insurance policy, as there is also insurance policy for your health, for your life, for you everything which comes with loss or with risk.
So the summary is that there is a huge demand for your insurance policy in the market, as you can earn more good money in such type of business also. But the question arises,
Who is eligible for this Business ?
how we can earn from it ?
how you can begin ?
Growth in this field ?
Which policy or of which company you should sell So let us discuss:
Who is eligible for this Business ?
It can be done by anyone who had at least complete the 18-year-old and who has completed the at least 10th std. It may be housewife, students, teachers, businessman, jobs, labours , etc in short it doesn’t need any particular professional. You have to be the first agent by clearing the required exam. The required exam is that you have to get certified by IRDAi. e insurance regulations
How we can earn from it ?
The earnings for the particular agent will be in two parts one is rewards and another one is commission. You will get a reward when you had to reach the target of sales within the given period and the commission means the percentage amount of money on the premium which is paid by your client. Nowadays agents get reward by adding the to the commission. The commission depends upon premium and the premium depends upon policy.
Lets Discuss in details :
Single premium policy – 2% commission
Linked policy – 7.5%commission
Annuity plans policy-2% commission
Regular premium policy
Linked policy – 40% commission on the first premium and 10% commission on another premium.
Annuity plan policy – 7.5% commission on the first premium and 2% commission on another premium.
Other policy :
5 year – 15% commission on the first premium and 7.5% commission on the second premium.
6 year: 18% commission om first premium and 7.5% on another premium.
7 year – 21% commission on the first premium and 7.5% commission on another premium.
8 year – 24% commission on the first premium and 7.5% commission on another premium.
9 year – 27% commission on the first premium and 7.5% on another premium.
10 year – 30% commission on the first premium and 7.5% on another premium.
11 year – 33% commission on the first premium and 7.5% commission on another premium.
12 year and above – 35% on the first premium and 7.5% on another premium.
This how the agents received their commission and earn successful through it.
How you can begin into :
You can begin with the registration process. As you have to visit the respective office of the company which you want to connect. For example LIC, Max, Star life, bajaj. Then meet the development officer, the development officer should active in behaviour as he is the one where you will stay connected with you for a longer period and he will act as a guider in your process.
Required documents for registration
- 6 passport size photo
- Adhar card
- Pan card
- 10th pass certificate.
And you have to pay total fees i.e registration fee 150, online training fees 150, IRDA fees 425 ao total you need to pay 725.After that your training will be get started as online training is of 50 hours.After completing the online training you will get the exam date.Then there is an exam where you have to at least pass with minimum marks of 17 as the exam is of 50 marks. At last, after scoring with minimum marks you will get certified by IRDA. Here became a certified agent of IRDA.The one agent can also sell the life insurance policy, General insurance policy, Health insurance policy. He can deal with three of the policy at the time.
Growth in this Business :
The growth in this Business is depended upon your sales. If you achieved the targeted goals then you will get many of my company. Such as company may bear the expenses of your office of you want to set up, the company also pay the salary to the employees who are working in the office, the company also helps to get the car and the house and many more benefits you will get. After achieving the targeted goal you can be a member of BM club, CM club, ZMclub, ED club, MD club, CMD club, CMD Elite club. This is the clubs where you can be a member of it by achieving the target. You can also grow by certified vice after completing the target goal. If you achieved the respective target in the given year of 1 January to 31 December then you may get certified by MDRT i.e million dollar round table. As this certificate is received in the US. If you achieve the 3 times more than the given target then you can be the COT certified and if you achieve the 6 times then the given target you will get certified by TOT. In such a way the simple agent gets his growth in this sector.
As in the insurance sector, you have to start from an agent as it can be converted into the main Business according to your skills. As there is a huge profit as per your sell. Here you can work as per your time, your investment, your skill. So anyone can start this Business. As you can do firstly as part-time also.