While the insurance industry is one of the most common industries in the world, it is also one of the most misunderstood ones. A common man would probably think of an insurance agent as one who calls and sells them unwanted policies (which are in fact rather relevant). One cannot say for sure how many people voluntarily dream of becoming insurance agents. Let’s go through their job profiles, income levels, and necessary qualifications to get into this field. The insurance company that we particularly talk about here is the Life Insurance Corporation of India (commonly known as LIC).
LIC is India’s public sector life insurance company without any noteworthy competitors. LIC has a network of 113 divisional offices, over 2,000 branches, 1,381 satellite offices across the country, and a market share of 70%. What is not known to many is the fact that LIC claims to offer the best remuneration system in the insurance industry. In fact, the annual incomes of the best LIC insurance agents can go up to 3 to 4 crores. Surprisingly, the Life Insurance Corporation asks for basic eligibility requirements. These include a standard matriculation certificate with a minimum age of 18.
The basic job profile of an insurance agent is to prepare reports, maintain records, get new clients, sell them a suitable policy and provide analysis wherever necessary.
Qualities of an insurance agent
- Based on certain observations, it’s evident that this industry is rather lucrative if one does justice to their job.
- It is believed that the qualities which make an insurance agent successful and respected include willingness to interact with people, being ambitious in achieving the set goals (for instance, selling a set number of insurances on a particular day), being able to communicate properly, being dedicated and open to rejections.
- As aforementioned, people might be extremely disrespectful to you and might often think that you are probably scamming them, and that is when you need to understand that their responses do not define you and you need to keep going.
- This is one industry where you cannot afford to lower your morals if you want to make the money. Additionally, see if you have the ability to connect with people and explain to them- why would insurance benefit them with regard to their lifestyle.
- It is important that you stay committed to the job and prepare yourself for some fieldwork because that might just be the most important thing for you as an insurance agent. The entrepreneurial spirit cannot possibly leave you so make it a point to surround yourself with the kind of people who boost your spirits post work.
- The insurance industry is one where post the selling service is immensely valuable. Put forth an approachable image of yourself so that your clients not only feel valued, but also recommend your policies to others.
- Basically, LIC states that since agents are an integral part of their organization, there are a lot of qualities they certainly look for in addition to the ones mentioned above. The potential agent needs are motivated, a master communicator, and a go-getter.
- Prior sales experience obviously becomes an added benefit as the recruitment team assesses their profile. LIC takes a lot of care in actually recruiting their agency force, so it is not as easy as it seems. However, it’s not that hard either.
- We now come to understand the process of becoming a LIC insurance agent through a mini-guide to the same. First things first, ensure that you have a lot of positive energy to go through with this process and put your best suit on.
- On contacting the nearest LIC branch office, you need to schedule an appointment with the development officer. Post this, you will be interviewed and upon clearing the process, you will be sent to a divisional agency training center.
- LIC states that their agents go through both generic and specific, professional programs that help them remain well-informed and knowledgeable about the company’s products in the market.
- After completing the 25 hours of mandatory training that will successfully cover all the aspects of the life insurance business, you will have to appear for the Pre Recruitment examination conducted by the Insurance Regulatory and Development Authority of India (IRDAI).
- On clearing this, you will be given an appointment letter and an identity card to finally start working as an insurance agent. You will be appointed as an agent by the Branch Office and you will be a part of the team under your Development Officer.
- The Development Officer will impart your field training and other valuable inputs which will help you in the marketplace. As mentioned previously, the prerequisite of this entire process is you being a matriculate and an individual over 18 years of age.
- Apart from this you also need to keep 6 passport-sized photographs of you available along with address proof which could be your AADHAR card, Voter ID card, Driving License or a copy of a PAN card.
Sounds like a lot of hard work, doesn’t it? It sure is. However, being a LIC insurance agent comes with numerous perks, and this paragraph talks about the same. As LIC says:
Depending on the level of business the agent achieves in a year, he or she can become a member of various clubs such as the Corporate Club, the Chairman’s club, etc.
- As for perks in one among the aforementioned clubs, you get an interest-free advance on the purchase of your two to four-wheeled vehicle. You are also provided with an advance on your electronic gadgets, and a low rate of interest on your housing loans (if any).
- Additionally, you’re provided with a stable telephone connection, group insurance, and medical facilities. If this does not appeal to you enough, the next probably might. You get a tour allowance and some perks on your travel packages.
- On some occasions, you might just get an advance for your daughter’s wedding. Moreover, 50% of the actual expenses as determined below or Rs.1,00,000/- whichever is lower would be reimbursed to the agents once in a year at the end of the membership year.
- Being an insurance agent at LIC, you basically build yourself a clear career path with immense earning potential along with a comprehensive benefits package as aforementioned. There are a lot of opportunities for you to earn yourself an award and recognition.
While allowance may be paid only to the agents maintaining an office for the purpose of LIC business, from the looks of it, the fruit of being patient in this industry is quite sweet.