Despite the layoffs and downswing in the job market, one job has consistently shown that it is highly rewarding and is still heavily recruiting. Thus, it is an excellent option for people looking to switch careers and those who wish to join this field for the first time.
While the process and the requirements to become an agent are straightforward, and nearly anyone can become one, it is essential to know all there is about becoming a Health Insurance Agent in India.
Who is an agent?
Before going into all of the details, it is essential to understand the role of a health care insurance agent. They are specialised agents who deal with health insurance to advise and recommend prospective customers about policies relating to health insurance after understanding and analysing their needs and requirements.
These needs and requirements differ from person to person, requiring an agent to be sharp and have an analytical mind, communication skills, and basic financial understanding. An agent must also have empathy to understand a customer’s pain points and help them choose the right plan for their needs.
There are usually two types of agents:
- Independent agent who can be affiliated with any number of insurance providers.
- Exclusive agents who are linked to just a single insurance provider and are either full-time or part-time employees for them. Although the primary goal of an insurance agent is to generate new business and foster positive relationships with existing clients, doing well with customers can ensure positive growth and allow you to become a successful agent.
What are the benefits of becoming a health care insurance agent?
After understanding the roles and responsibilities, let us explore the benefits of becoming an agent. These benefits can be both financial and non-financial and might differ between the types of agents and between different insurers.
Becoming an exclusive or independent agent working for an agency offers a monthly salary, thus providing stable income if being an agent is your primary job.
There are no limits on how much commission someone can earn. And being good at one’s job can result in substantial cash inflows.
A secondary source of income
Becoming an agent requires zero investment and thus is relatively easy to have as a secondary source of income.
Being an exclusive agent and hitting or exceeding sales targets can result in bonuses.
Non-cash perks and benefits
Several non-cash benefits, like international trips, seminars, gifts, etc., are offered to successful agents.
Rewards and recognition
Exceeding targets or going above and beyond can result in certain rewards and recognitions.
Flexible work timings
Becoming an agent is not a 9-5 job; you can work when you want, allowing for great flexibility.
Work from anywhere
An agent is allowed to work from anywhere, thus allowing for unmatched flexibility.
Help other people
Being kind and helping others is another benefit of this job. Solving another person’s problem and bringing smiles to their face is a treat in and of itself.
What are the eligibility criteria to become an agent?
The IRDAI, the regulatory authority in India for Insurance, has set the eligibility requirements to become an agent. These are the minimum criteria that one would need to fulfill to become an insurance agent health.
- They must complete their 10th or 12th, depending on where they are from.
- Have an Aadhaar card and a PAN Card.
- Complete mandatory practical training with an insurance provider.
- Complete and pass an exam.
All of these requirements are quite simple, and anyone over the age of 18 can apply to become an agent. For the last two criteria, it is essential first to do one’s research and decide on a preferred insurance provider to work with. Once that is clear, you can follow the next steps to become an agent.
How to become a health insurance agent in India?
It is simple to become an insurance agent once you have decided on an insurance provider to work with. As I am currently an agent for Niva Bupa, a leading health insurance provider in India, I will share the steps you can use to join them.
- Visit the Niva Bupa home page and click “Become an agent” on the top header.
- Once on the page, check the details and fill out the form.
- After filling out the form, submit it with the requested information and await a callback.
- Their representatives will help you with the next steps of getting the practical training and the examination preparation.
- Once you get your license, you can sign the contract and become an agent.
This is the A to Z of becoming an agent in India, along with all of the steps, the requirements, the roles and responsibilities, and why you should consider becoming an agent in the first place, the benefits. Using this guide, you can start your journey of becoming an agent.