How Long Does it Take to Become an Insurance Agent?

This article will give you an overview of the process and time taken to become an insurance agent in India.

The Process of Becoming an Insurance Agent in India

The process of becoming an insurance agent in India involves the following steps:

• Step 1: Eligibility Criteria

The first step to becoming an insurance agent in India is ensuring you meet the eligibility criteria. To be eligible to become an insurance agent in India, you must be at least 18 years old, have a minimum educational qualification of 10th class and have a valid PAN card.

• Step 2: Choose the type of Insurance

The next step is to choose the type of insurance you want to sell. In India, there are two types of insurance agents: life insurance agents and general insurance agents. Life insurance agents sell life insurance policies, while general insurance agents sell policies related to health, motor, fire and other types of insurance .

• Step 3: Training and Certification

Once you decide what type of insurance you want to sell, you will need to undergo training and certification. Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body that oversees the insurance sector in India. It mandates that all insurance agents undergo a mandatory training program and pass an exam to become licensed.

• Step 4: Obtaining a License

After completing the training program and passing the exam, you can apply for an insurance agent license from IRDAI. The application process involves the submission of various documents such as your educational qualification, identity proof and address proof.

• Step 5: Join an Insurance Company

The last step is to join an insurance company or any insurance broker company as an agent. Once you get your license, you can apply to join an insurance company or insurance broker company as an agent. The company will provide you with the necessary training and support to start selling insurance policies.

Time Takes to Become a RenewBuy POSP Advisor in India

The time takes to become RenewBuy POSP Advisor in India can vary based on various factors. The following are the approximate timelines for each step of the process:

Step 1:Eligibility Criteria - 1 day   
To meet the eligibility criteria, you must have a minimum educational qualification of 10th standard and a valid PAN card. It usually takes a day to obtain a PAN card.

Step 2: Choose the type of Insurance - 1 day   
Choosing the type of insurance you want to sell is a personal decision and can be done in a day.

Step 3: Training and Certification - 1-2 weeks   
RenewBuy has a separate app for training and study material, i.e., “RenewBuy Partners” for Insurance Agents, where they can go and study with the help of videos, podcasts and learning paths. This entire training process will be completed within 10 to 14 days i.e. 1-2 weeks. After the training is complete, you will need to pass an exam to become licensed. The exam can be taken online, and results are usually announced within a week.

Step 4: Obtaining a License - 1-2 weeks   
After you have completed the training program and passed the examination, you can apply for an insurance agent license from the IRDAI. The application process can take anywhere from 1-2 weeks.

Step 5: Join an RenewBuy Insurance Company - 1 weeks   
Once you have obtained your license, you can join RenewBuy insurance company as a POSP Advisor. RenewBuy insurance company will provide you with the necessary training and support to start selling insurance policies. The joining process can take only 1 week.

Conclusion

Becoming an insurance agent in India is a relatively simple process that requires minimal time investment. By following the steps mentioned above, you can become a licensed insurance agent and start selling insurance policies in a matter of weeks. It is important to note that although the process of becoming an insurance agent may be quick, success in the industry requires hard work, dedication and a commitment to providing the best possible service to your clients.