Here are all the licenses you need to become an insurance agent in India

Insurance is one of the largest budding industries in the country, so more and more companies are coming up to fulfil the need as well as for making money. The business of insurance industry depends on the insurance agents therefore, insurance agents tend to make a lot of money. On the other hand, the need for insurance will never go out of demand so the job of an insurance agent will always be secured. To fetch more information, you can visit https://www.mintpro.in/insurance-advisor-exam/

Do I need any license?

You need to obtain an IRDA-approved license to work independently as an insurance agent in India. To get an IRDA approved licence, one needs to qualify the IRDA examination. And to qualify, preparation for IRDA exam becomes a significant part. Besides, there is always an option to become a corporate insurance agent and sell policies on behalf of a company. You not only get better career prospects but also get a chance to help people by making their dreams come true. However, most people are not aware of the ways one needs to follow to become a licensed insurance agent. Given below are the licenses you need to become an insurance agent.

Steps to obtain IRDA license and become an insurance agent

Pre-licensed requirements

First of all, aspiring candidates need to visit their nearest insurance company to know the pre-licensing details. Then they can visit the online website of IRDA and fill up the application form. Besides, one needs to submit their eligibility details.

Decide a state and its requirements

Before applying, you need to decide whether you want to pursue your career from your state or from some other state because the licence regulation process varies for each state. Then, you can visit the state insurance office to know the guidelines you need to follow.

Research on agencies

Before the licencing exam, you may need to research on the agencies that you want to work for. Because some agencies have different requirements or additional requirements for their agents.

Pass licensing exam

IRDA conducts exams for recruiting insurance agents in several Indian insurance companies. Aspirants need to fill up the application form at least 15 days before the exam. These exams are held every month through online mode. All applicants are required to pass the HSC exam to be eligible to appear for the examination. There is no upper age limit, but you have to be at least 18 years of age to appear for the IRDA exam. After passing the IRDA examination, the candidates are shortlisted for 75-hour training. On completion of the training, you will get an IRDA approved license.

Decide a relevant degree

A college degree can help you explore career options in the field of risk management or any department that demands higher education. Apart from that, if an agent has a background in finance and business, it can be beneficial for him or her in the long run.

Pick a specific domain

Insurance agents sell a variety of policies like health insurance, life insurance, car insurance and personal insurance, etc. An agent receives a license for a particular field, which is known as ‘line of authority’. So, it is essential to know what insurance will be beneficial for your career.

Apply at insurance companies

After getting a license, you can apply for a job at the insurance companies. For that, you need to visit the branch manager of the nearest insurance company and see if there is any position available. Otherwise, you can work as an independent insurer and companies may hire you on a contract basis to sell their policies.

The insurance industry is full of opportunities, so the designation of an insurance agent looks fascinating. The points, as mentioned above, may help you to know all the things that you need to know to become an insurance agent in India.