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How to Become Health Insurance Agent in India

How to Become Health Insurance Agent in India

Health insurance retained its prominence during the pandemic. The realization of this financial instrument was identified as necessity when the entire globe was caught with the unforeseen situation.

The present lifestyle of an individual has also contributed largely to the growth of this industry. Every individual goes through stress and succumbs to some kind of illness making it even more important to hold health insurance.

The growing concerns for health for whatsoever geared up the health insurance sector and was seen as a career opportunity for the health insurance agent. A health insurance agent is someone who guides and mentors as per the needs, assesses the situation and provides insurance accordingly.

To opt for a career as a health insurance agent, one needs to follow the below steps:

Step 1: Register With An Insurance Company Or Service Provider

To be a Health insurance agent, you need to be a participant or an associate of an insurance company or service provider for which you need to register with them as a legal affiliation in order to serve clients.

Step 2: Submit Necessary Documents

Post the registration process, one needs to submit the following documents for verification and validation purpose

  • Pan Card
  • Aadhar Card
  • Bank Details

Note: One can qualify only if he/she is 18 years of age and a resident of India.

Step 3: IRDA Certification

Every individual who intends to be an insurance agent has to pass the IRDA insurance agent exam and receive specific hours of training. This has been a mandatory condition for all those who choose to be an insurance agent professional.

Step 4: Start Generating Leads

Time and insurance go hand in hand. That’s why it’s important to help your client procure it at the right time. In this age of digitization, it is not so difficult as you can transact from anytime, anywhere. Moreover, the marketing collateral provided by insurance companies and service providers gives an extra edge to create awareness of the product and other essential information. To believe it or not, follow-ups and good services have proven to be one of the successful ways to generate leads. Leveraging contacts is also one the best age old methods to progress towards an opportunity.

Step 5: Track Status Of Leads & Payouts

Accessibility is the main criteria to a transparent model. To track, monitor and access the status of the leads helps in understanding and facilitating visibility to the client. In terms of client status, it is important to know as this may avoid any disagreements or fall out of a client.

The payout system of an insurance company or service provider vouches for more and more associates to join as an agent. Most of the service providers have systemized fortnightly payments to the agent However, this may also depend on the type of insurance and the date of payments.

Significance Of Being A Health Insurance Agent

It was in 1986, when the government first introduced the Central Government Health Insurance Scheme that was offered to government employees as a benefit. Since then, the industry has gained recognition and acceptance whilst growing multifold times. Being the need of the hour, the health insurance policies are engulfed covering factors such as a comprehensive coverage, cashless treatment, portability benefits, financial security against rising medical costs, tax benefits under Section 80D of the Income Tax Act, 196, no claim bonus, lifetime renewability benefits. Based on the type of policy an individual holds, the benefits shall vary.

Note: The insurance does not only cover the medical expenses but the pre and post expenses as well.

Roles & Requirements To Become a Health Insurance Agent

If you abide by the famous quote, ‘ Selling is not about selling a product but offering a service for a product,’ then you are the perfect fit for being an health insurance agent. Kudos if you are a good communicator, possess customer service skills and most importantly like serving people. A medical emergency does not come knocking at the door. Hence, an agent's presence is required to assist, facilitate and guide the members of the patient in these tough times.

A health Insurance agent is a very responsible job and would require to be on foot at all times.

The role of insurance agent is primarily to provide the insurer the right policy and help him/ her settle claims. As a professional, it is needless to mention that you are much more aware of the nitty-gritties involved in processing and settling claims of the client which otherwise may be tedious.

A health insurance agent is a mediator between the insurance company and the client. In case of an emergency, it is not possible to approach and co-ordinate with insurance companies. The POSP insurance agent is the one point of contact to help you and ensure you reap the benefits of the policy acquired by you.

How Much A Health Insurance Agent Can Earn In India

The benefit of being a health insurance agent, he has the liberty to cater to every living individual i.e. on a singular basis or on a group level, no matter what the age maybe. This gives the health insurance agent a broader avenue to sell. To put it in simple words, every individual he meets is a prospect client.

Although the incentives may vary as per the product that the individual opts, there is room for all in this space. Selling health insurance is a cycle, one client is equal to the other. Similarly, one claim settlement builds the confidence in the minds of the consumer and that makes the agent the most reliable and trusted source in times of trouble, thus, leading to a larger client base. The professional commitment that an agent offers is his primary forte through which he can reach his financial goal and maximize his revenue.

Conclusion

For a health insurance agent, the universe is his client and the agent is the beholder. If you are someone looking to earn income, be a successful entrepreneur and look forward to serving people by providing them the right insurance through your knowledge, then this is the right career opportunity for you.

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