Insurance License: How to get an Insurance advisor's License?

If you want to sell insurance policies you need an insurance license to do so. This insurance license is issued by the Insurance Regulatory and Development Authority of India (IRDAI)mandates and it allows individuals to become a licensed insurance advisor and sell life or general insurance policies. Obtaining an insurance license in India is not a difficult task and if you are interested in becoming an insurance advisor, here’s how you can avail an insurance advisor’s license –

How to get a license for an insurance advisor?

You can get an insurance license in India in the following two ways –

• As a PoSP – A PoSP (Point of Sale Person) is a new type of insurance distribution channel approved by the IRDAI. As a PoSP you can get a license to sell insurance policies. Let’s understand how –
• As an agent of an insurance company – You can register with an insurance company to get a license to act as its advisor.

Getting an insurance license as a PoSP:

You can join TurtlemintPro and become an insurance PoSP. TurtlemintPro allows you to avail a PoSP license through the following steps:

1. You have to register yourself with TurtlemintPro on its website https://www.mintpro.in/ if you are 18 years and above and have completed Class 10
2. After you register, you would have to submit your KYC documents that need to be attached with the application form
   • Age Proof, to prove that the applicant is at least 18 years old at the time of application
   • Educational Qualifications of the applicant
   • Attested photocopy of the applicant’s PAN Card
   • Address proof of the applicant 
3. Once registered, you can access the online training modules to understand the concept of insurance 
4. The training modules let you train for the PoSP examination which you have to take
5. Once you are through with the modules and know the important aspects of insurance, you would have to appear for an IRDAI certified examination. The examination can be taken on your computer or mobile phone at your convenience
6. If you clear the exam, you would get an IRDAI certified license and become an insurance PoSP

As a PoSP with Turtlemint, you can sell life and general insurance policies of leading insurance companies. The whole process of availing a license is easy, simple and convenient. You can do everything online and become a licensed insurance advisor. TurtlemintPro also offers you complete online assistance for selling insurance policies so that you can grow your business.

The Traditional way to get an insurance license as an advisor:

The traditional way to get an insurance license for selling insurance is to become an insurance advisor. To become an insurance advisor, you have to fulfil the following eligibility criteria –

• You should be at least 18 years of age
• You should have passed at least Class 10 if you live in an area where the population is up to 5000 or Class 12 if your area has a higher population.

If you fulfil the above-mentioned criteria, you can apply for an insurance advisor’s license. The process is as follows:

1. Register with an insurance company directly to act as its insurance advisor
2. Registration fees would have to be paid and you would have to fill and submit a registration form for becoming an insurance advisor
3. Your KYC documents would also be required to be submitted along with the registration form
4. Once you are registered, you would have to undergo mandatory classroom training for a specified number of hours as required by the IRDAI
5. After the classroom training is completed, you would have to appear for an online examination prescribed by the IRDAI. This examination is held at specified centres
6. Once you clear the examination, you would get the license to act as an insurance advisor

The insurance advisor’s license would then allow you to sell insurance policies of the company with which you registered. You can get an insurance license to be a life insurance advisor or a general insurance advisor along with one health insurance license. A composite insurance advisor license is also available which allows you to sell both life and general insurance policies.

Validity and Renewals for insurance License in India

The insurance advisor’s license validity is for 3 years after which you are required to renew it if you want to continue selling insurance policies. Renewal of the license requires you to undergo another classroom training of a specified duration. This training is provided by the insurance company with which you had registered or by an approved training institution certified by the IRDAI.

A license in insurance allows you to earn unlimited income through commissions, create a source of regular income through renewal commissions, work flexibly and be the owner of your business. If you need to know how to get a license for an insurance advisor, the above-mentioned procedures help you with the solution. So, choose career insurance as an insurance advisor and reach new heights.

Need for licensing of Insurance advisors:

Licensing of insurance advisors is needed for the following reasons –

• Licensing ensures that individuals who are trained in the concepts of insurance are the ones who are selling insurance. This prevents mis-selling and boosts customer’s confidence 
• A licensed advisor can answer the queries of customers with regards to insurance policies.
• Licensing of insurance advisors helps in creating a professional insurance distribution channel.
• When advisors are licensed, they can be held liable for mis-selling or defrauding their customers in case of disputes or grievances.

Source:IRDAI