How To Become An Insurance Advisor in India

An insurance advisor represents insurance providers to offer advice to clients about the various policies they can choose from. Not only do insurance advisors suggest policies suited to clients’ needs, but they also solve any queries customers might have about the policies, as well as educate them regarding the ins and outs of every policy. As per the Insurance and Regulatory Authority of India, there are three types of insurance advisors. However, before we move on to further discussion, here’s a quick look at what an insurance advisor does.

Who is an Insurance Advisor?

Insurance advisors are certified individuals who help people and families find the most suitable insurance plans according to their requirements. Financial objectives are evaluated, appropriate policies are suggested, and insurance portfolios are managed by these professionals. The advisor will also explain the different terms of the policy, premium structure, and claim process so that the customer is aware of everything before making a choice.

Types of Insurance Consultants

• Internal insurance sales agent: This insurance agent is a full-time employee of an insurance company. They are company-specific and only provide consultation and advisory services regarding the policies of the company.
• Captive insurance agent: They are agents who sell only one of the products of an insurance company.
• Independent broker/Point of sales: A point-of-sales person (POS) is an IRDAI-certified agent who has the advantage of providing a bouquet of policies from multiple insurance companies to their clients. Since many companies work along with PSOPs, IRDAI provides a license code linked to each PSOP, and since PSOPs are not restrictive with which company they work with, they can sell multiple insurance policies to clients at the same time.

How to Become An Insurance Advisor?

Many people wonder how to become an insurance advisor or what steps are involved. The process is now simple, flexible, and can even be completed online from the comfort of your home. Whether you’re a student, retired professional, or homemaker, this career offers the freedom to work independently and earn commission-based income.

• If you’re exploring how to become an insurance agent, your first step is registration. You can register directly on the IRDAI (Insurance Regulatory and Development Authority of India) website.
• Alternatively, you can approach insurance companies or use aggregator platforms that allow agents to work across multiple brands. Once on the insurer’s website, find the application form for agents. Fill in your basic details, and wait for a representative to contact you.
• The second step in how to become an insurance agent in India involves mandatory training. IRDAI has laid out a 15-hour training module that can be completed online or offline. The training is available in several regional languages, making it accessible to a wide audience. Once completed, candidates receive a training certificate.
• Next comes the pre-licensing exam. This objective-style test is easy to prepare for and requires a minimum score of 17 out of 50 to pass. After clearing this exam, the IRDAI issues an official license, allowing you to work as an insurance advisor.

Those curious about how to become an insurance advisor will find this path both flexible and rewarding. Whether full-time or part-time, this role gives you the tools to build a stable career by helping others secure their future.

Eligibility Criteria to become an Insurance Consultant

Some basic insurance advisor eligibility criteria need to be fulfilled to become an insurance agent.

• Education: The applicant needs to have passed the tenth standard.
• Age: The applicant should be over the age of 18 years.
• IRDAI Certification: The applicant should be certified by the Insurance Regulatory and
• Development Authority of India (IRDAI).
• State License: Each Indian state has a license for the insurance business. One simply needs to qualify for the state-level exam in order to get a license as per the state’s regulatory policies.

The Bottom Line: Tips on Being a Good Insurance Advisor

It is good to keep learning and gain more knowledge. An insurance salesperson’s job, whether part-time or full-time, is a handy skill that one can have in today’s world. The eligibility criteria for becoming an agent are also one of the most liberal ones, and the job does not require one to sit in front of a work desk for 8 hours a day. Make sure to develop rapport with your client as an insurance consultant and undergo the right insurance advisor training to do that. Once the ice is broken, build your pitch by generating interest in what you are saying.

Professional and skilled insurance agents are politically and socially savvy, keep up-to-date with current news and are good with numbers. All of these can improve one’s pitch and chances of finding a good client-product fit. Last but not least, a good insurance agent is equipped with the marketing tools of the time.

Whether it be sending clients an e-brochure of the policy they are interested in or emailing them a copy of the website with a quote from the insurance company, a professional agent constantly provides information so the client can learn all about an insurance policy.

Frequently Asked Questions

1. Who can become an insurance advisor in India?

Anyone above 18 years of age with at least a Class 10 (SSC) qualification can become an insurance advisor. You must also complete the IRDAI training and pass the required licensing exam.

2. How does an insurance advisor earn income?

Insurance advisors earn commissions from insurance companies on the policies they sell. The income increases based on the number and type of policies sold and renewed.

3. Is training mandatory to become an insurance advisor?

Yes, IRDAI mandates a training programme before you can appear for the advisor exam. The training helps you understand insurance basics, regulations, and selling ethics.

4. Can an insurance advisor work with more than one company?

For life insurance, an advisor can represent only one insurer. However, for general insurance, IRDAI allows advisors to work with multiple insurers under certain conditions.