How to become an LIC advisor?
Becoming an advisor and selling life insurance seems like a good career choice for many individuals who see the potential of unlimited income. That is why people try and become a life insurance advisor.
When it comes to life insurance, the Life Insurance Corporation of India (LIC) is the first choice for most individuals. Since the company was the first life insurance company and has been in the market for the longest period of time, insurance advisors and also customers have trust in LIC. LIC was formed in the year 1956 as the sole life insurance company in the Indian insurance market. Since then, LIC enjoyed a monopoly position in selling life insurance policies till the year 2000 when private companies were allowed entry into the insurance market. Even today, when there are more than 20 insurance companies, LIC has an unwavering reputation.
A new way to sell LIC policies - Become a PoSP
What is a PoSP (Point of Sale Person)?
A PoSP (Point of Sales Person) is a new type of advisor created by the Insurance Regulatory and Development Authority of India (IRDAI) who can sell insurance policies not only of LIC but also of other life insurance companies as well. Moreover, if you become a PoSP (Point of Sales Person), you can also sell general insurance policies of different companies.
Thus, a PoSP (Point of Sales Person) has a wide scope of selling a bouquet of insurance policies from life insurance to all types of general insurance policies as well, like motor insurance, health insurance, home as well as travel insurance.
How to become a PoSP (Point of Sales Person)?
- To become a PoSP (Point of Sales Person), you need to be at least 18 years old.
- Moreover, for your educational criterion, you need to be only 10th pass whether you live in a rural area or an urban one.
- You can register online on the TurtlemintPro website for becoming a PoSP (Point of Sales Person)
- To become a PoSP, all you need is a simple training of 15 hours with TurtlemintPro. This is a completely online module and there is no requirement of classroom training. The online training modules can be accessed on the go on the TurtlemintPro website or mobile application as well.
- Once the training module designed by TurtlemintPro as per the IRDAI prescribed syllabus is completed, there is an examination conducted by TurtlemintPro. You can take the examination anywhere through a computer or laptop and at your own convenience.
- Once you clear the exam, you are licensed to sell insurance policies as per PoSP (Point of Sale Person) guidelines.
Advantages of becoming a PoSP (Point of Sales Person)
Besides giving you all the benefits of becoming a LIC advisor, TurtlemintPro gives you additional advantages too. With TurtlemintPro, you get the following extras -
- You can sell life and general insurance policies with only one license
- You can represent multiple insurance companies including LIC
- There are simple training modules which help you understand the subject of insurance easily
TurtlemintPro not only lets you become a PoSP (Point of Sales Person) with ease, it also offers complete online support when selling insurance. So, if wish to sell insurance policies, then choose TurtlemintPro and experience the benefits.
Benefits of becoming a LIC advisor
A career in selling insurance policies is favoured by many individuals. Do you know why?
It is because becoming a LIC advisor with TurtlemintPro has a lot of benefits. Want to find out what they are? Read on -
A high-income potential:
Who doesn’t like to earn an unlimited amount of money, right? With a PoSP license to sell LIC policies, your earning potential is unlimited!
There would be commission payable on the premiums that you log in for the new policies. Moreover, every year, when your customers renew their insurance policies, you would get renewal commissions too. Since there is no limit on the number of policies that you can sell, you can earn unlimited as well.
Flexible work schedule:
As a LIC advisor, you are your own boss. You can work at a time which is convenient for you. There is no requirement for a regular 9 to 5 work schedule. You can work from the comfort of your own home.
Have a side income:
This is relevant to all of you who already have a job. You can become a PoSP and sell insurance policies as an additional source of income along with your current job or business.
No retirement age:
Since PoSP is your own business, there is no retirement age in this as well. You can continue working as a PoSP and keep selling insurance policies and providing your expert advice to prospective customers as long as your health permits or as long as you wish to!
No retirement age:
Being a PoSP, you get the license to sell multiple life to non-life insurance policies to your clients. You are not restricted to any particular type of company and have a complete bouquet of products to offer to your customers!
Other than an insurance advisor through the PoSP route, one can even choose to be a LIC advisor through the traditional way as well, i.e. directly from the Life Insurance Corporation of India.
The traditional way to become a LIC advisor directly with the company
- Eligibility requirements to become an LIC advisor
To become an LIC advisor, you need to be:
- At least 18 years old
- Class 10th passout if you are from a rural area or a Class 12th pass out if you are from urban India.
If you fulfil both these eligibility criteria, you can proceed with the steps to become an LIC advisor.
- Process of becoming a LIC advisor:
The steps to becoming a LIC advisor include the following –
- Firstly, you need to contact the branch manager (BM) or the development officer (DO) of LIC with your proposal to become an LIC advisor.
- The branch manager (BM) or the assistant branch manager (AMB) or the development officer (DO) of LIC of India would conduct an interview to assess whether you are fit to act as an LIC advisor
- If you fulfil the basic eligibility criteria of becoming an LIC advisor and have the zeal to sell life insurance policies, you would have to register for the IRDAI exam, IC 38
- After registration, you would be sent to LIC’s divisional office or training centre where you would have to undergo an IRDAI (Insurance Regulatory and Development Authority of India) mandatory prescribed insurance advisor training for 25 hours
- After the training is completed, you would have to appear for an examination conducted by the IRDAI (Insurance Regulatory and Development Authority of India) on the given date and venue
- You would have to pass the IC38 examination with at least 40% marks to qualify as an LIC advisor
- Once you clear the examination, you would be given an Appointment Letter and a license to work as a LIC advisor
How to become a successful LIC advisor?
After getting a license to sell insurance policies, it is not definite that you can become a “successful” LIC advisor. There is a lot of effort and perseverance needed to succeed in the business of selling life insurance policies.
The key skills needed to become a successful LIC advisor can be summarized as:
- A successful LIC advisor needs to be disciplined:
Discipline is the key to become successful in your business and LIC advisor are no different. To succeed in this business, you need to be organized and disciplined!
- A successful LIC advisor never gives up:
No matter what, you cannot give up. Persistence and continuity is one of the most important deciding factors of your career as an insurance advisor.
- Knowledgeable and updated:
Not just about the LIC products, a successful LIC advisor needs to be knowledgeable about all financial products, their taxation and positioning of the same according to the clients’ needs. This is the differentiating factor between a regular LIC advisor and a successful LIC advisor!
- Ready to learn and adapt:
Change is the only thing that is constant and being ready to change for the better is a determining factor for the success of any business. Even as an LIC advisor, you need to learn to change and adapt to the changing needs, technology, process, etc. on a regular basis.