The retirement dilemma
Selling insurance policies post-retirement is a very lucrative option for many retired individuals. After retirement, maintaining your lifestyle expenses and holiday dreams can easily be fulfilled with an additional income without affecting your retirement corpus, that you would have accumulated over the years.
Not only the income but being involved in an active work life gives a lot of positive energy to most retired individuals who have become successful insurance advisors post their retirement from full-time work. Since this is a business opportunity, there is no limit to your income and you can also space out your work schedule according to your holiday plans.
Thus, retired individuals can also generate a source of income if they build a career in insurance sales. Retired individuals can become a Point of Sale Person (PoSP) and earn handsomely by selling insurance policies and that too without investing any money.
The new way to sell insurance policies: As a Point of Sale Person (PoSP)
A Point of Sale Person (PoSP) is an individual who is licensed to sell insurance policies as per the PoSP Guidelines. A Point of Sale Person (PoSP) can sell life as well as general insurance policies offered by multiple companies by just having one POSP license. A Point of Sale Person (PoSP) is, therefore, an insurance intermediary who can sell insurance policies and earn commissions on the premiums collected.
Why become a Point of Sale Person (PoSP)?
Becoming a Point of Sale Person is beneficial for you because –
- As long as you are more than 18 years of age, there are no other age restrictions in becoming a Point of Sale Person (PoSP). You can become a Point of Sale Person (PoSP) even after you have retired.
- You can sell insurance in your free time and earn commission on the policies you have sold
- You can educate your friends and family about the importance of insurance and why the policy should be bought. Thus, selling insurance is also a noble business
- When you sell insurance and earn a commission, you will become independent, self-confident and also have self-respect.
- You can generate a source of income in your old age and utilise the income to fulfil your dreams without worrying about the costs involved
- If you sell life insurance policies, the plans would also pay you renewal commissions every year the renewal premium is paid by your customer. This renewal premium can act as an annuity income for you if you sell multiple life insurance plans with longer tenures
How to become a Point of Sale Person (PoSP)?
Becoming a Point of Sale Person (PoSP) is very easy. Individuals can follow the following steps to do so
- Register with TurtlemintPro. The registration is free and is done online itself
- After registration, there are online training modules. Individuals have to train themselves using the modules which are simple and easy to understand.
- Once the training is complete, there would be a simple online certification examination which individuals would have to appear for
- Once you clear the examination get a Point of Sale Person (PoSP) license from Turtlemint. Then you can sell insurance policies
This video helps in understanding how you can become a PoSP easily - Youtube video link
The potential for earning for retired individuals
As a Point of Sale Person (PoSP), retired individuals can sell both life and general insurance policies of various insurance companies. By selling each policy they earn an attractive commission on the premium they bring. Since there is no limit to the number of policies which can be sold, a Point of Sale Person (PoSP) can earn unlimited income.
If you are wondering how much commissions can you earn on the policies that you sell, here is a quick look -
- Comprehensive car insurance policies - up to 19.50% of the own damage premium
- Comprehensive commercial vehicles insurance policies - up to 19.50% of the own damage premium
- Comprehensive bike insurance policies - up to 22.50% of the own damage premium
- Third-party liability policies - Up to 2.5% of the premium
- Regular premium life insurance policies, including term insurance plans - up to 30% of the annual premium
- Single premium life insurance policies, including term insurance plans - up to 2% of the single premium
- Health insurance policies - up to 15% of the annual premium
So, even if you sell one policy with a premium of INR 10, 000, you can earn up to INR 3000 as your commission depending on the type of policy that you have sold.
There are no fixed working hours and retired individuals can sell insurance policies as per their own convenience. Thus, they can enjoy their retired life and still earn handsomely as a Point of Sale Person (PoSP).So, even if you have retired from your job, don’t retire from your life. Become a Point of Sale Person (PoSP)and create another source of flexible income and fulfil all your dreams.
After retiring from my managerial position I was looking for a suitable avenue of work. I got the perfect solution to become a Point of Sale Person (PoSP). Now I am working flexibly and am also earning a decent amount of money.
With Point of Sale Person (PoSP) license I was able to sell a variety of policies to my contacts. Thus, even after retirement, I had a steady source of income.
Being retired is no longer a financial difficulty as long as you can sell life insurance policies. I became a PoSP with Turtlemint and have started the second innings of my career after retirement.
Selling insurance after retirement is a rewarding career choice. I have complete flexibility in working and can also earn unlimited incomes. Who knew retired life would give me such financial rewards.