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- Become a POSP Insurance Agent
- What is a POSP (Point of Sales Person)?
- Who can become a POSP Agent?
- Why Become a POSP Agent with HDFC Life?
- How to Become a POSP Agent?
- How Much Can You Earn as a POSP Agent?
- Key Differences Between POSP and IRDAI Agents
- Success Stories of our DigiFCs
- FAQs on How to Become an Insurance Agent in Bangalore
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Financial freedom
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Flexible work hours
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Rewards & Recognition
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Get skilled & groomed
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Professional Guidance
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Training
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Service Support
What is a POSP (Point of Sales Person)?
POSP (Point of Sales Person) is a mediator between an insurance company and prospective customers. A POSP undergoes IRDAI-approved training and a POSP certification exam to obtain a state-level license and sell the insurance products legally. They primarily deal with motor, health, and life insurance. However, life insurance has gained popularity with a product range to suit every life stage, like term insurance plans, whole life insurance plans, endowment plans, ULIPs, and child plans. With high earning potential and recurring premiums, the life insurance category is the most lucrative.
Who can become a POSP Agent?
With simple eligibility criteria and no experience stipulation, individuals from every walk of life can work as insurance agents.
Homemakers
The remote work culture, flexible work schedule, and no prior work experience stipulation make this career opportunity suitable for homemakers. They can utilise their free time purposefully and become financially independent. Statistics say the insurance business comprises 25 to 30% of women PSOPs in the non-corporate sector.
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Shopkeepers and Retailers
Shopkeepers can cross-sell insurance products to their existing customers. An increase in foot traffic at retail stores by nearly 1/3rd in certain areas gives scope for them to increase insurance sales.
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Self-employed or Business Owners
For self-employed or business owners, becoming a commission-based insurance agent is an avenue to generate additional income with minimal effort. Their sales and networking skills are qualities that can make them well-suited for the job.
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Financial Consultants and Advisors
Financial consultants and advisors can incorporate insurance products into their existing services. They can provide value-added services to their existing clients and create an additional income stream.
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Retired Person
Retired persons who want to make their free time productive can become PSOPs and earn without stress. They can generate business from the comfort of their home and at their own pace using the network they have built over the years.
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College Students
With easy online onboarding and low eligibility criteria, being a POSP is a smart way to work part-time and earn for college students. This helps them develop communication skills and build confidence.
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Why Become a POSP Agent with HDFC Life?
The reasons to become a POSP agent with HDFC Life abound. Some of them are:
Flexible Working Hours
POSPs at HDFC Life have the liberty to set their work schedule according to their convenience. The ability to work from anywhere enables homemakers, students, and retired persons to maintain a work-life balance.
Unlimited Earnings Potential
HDFC believes in performance-based income, which gives scope for unlimited earnings. The more you sell, the more you earn. POSPs can set income targets for themselves and work to generate business accordingly.
Comprehensive Training and Ongoing Support
HDFC gives POSPs the 15-hour IRDAI-approved training to equip them with product knowledge and regulatory guidelines. Post this, it provides regular guidance, updated tools, and selling and marketing tips to boost their growth.
Work with a Trusted Brand
HDFC Life, with years of strong presence, has earned the trust and become a household name. Various industry awards have stressed their credibility in this sector. Associating with HDFC Life, a strong brand, helps POSPs convince customers and sell products with great ease.
Access to Easy-to-Sell Products
HDFC offers a wide range of popular insurance products designed for every life milestone such as ULIPs, term plans, child plans, etc., making it easier for POSPs to offer products to align with each client's needs.
Be Your Own Boss
HDFC allows POSPs to operate with limited resources and generate income. It offers flexible working hours and independent decision-making authority without being held back by rigid corporate structures. A smartphone, an internet connection, and a license are enough to sell insurance products and start earning.
Career Growth and Financial Stability
For POSPs associated with HDFC, the career opportunity is not just a side hustle to earn additional income. It is much more. It is about building a network, earning performance-based commissions and having a consistent income.
A Chance to Make a Difference
As a POSP with HDFC, you play a vital role. You help people with confidence and care to financially secure their family's future and plan prudently for a better future.
How to Become a POSP Agent?
To become a POSP insurance agent, follow the steps given below:
Register and Get Started
Visit the DigiFC or HDFC Life POSP sign-up page. Fill out the application with the necessary details. Upload the required documents.
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Complete Training and Assessments
Complete the 15 to 25 hours of IRDAI-approved training and the IRDAI certification exam, and obtain a state license to sell HDFC Life Insurance products. Undergo the in-house training programme to get familiar with their products and fine-tune your sales and marketing skills. After completing the mandatory agency process, HDFC Life issues an appointment letter.
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Begin Your Sales Career
With the license to sell and the appointment letter, start building a network, generate leads, and commence your sales career.
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Enjoy Earnings and Rewards
Step up your sales with the continuous support of the in-house team and the digital tools provided by HDFC Life. Perform well and enjoy unlimited earnings and rewards.
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How Much Can You Earn as a POSP Agent?
How much you earn as a POSP insurance agent depends on your capability to sell since it is a performance-based income. You can earn anywhere between ₹ 10000 to ₹ 50000 and more, depending on the number of policies you sell. With a limitless earning potential, the earnings are proportionate to sales. Apart from the regular earnings, top-performing POSPs are rewarded with incentives and bonuses for meeting the targets. Whether you work part-time or full-time is immaterial. Your income depends on your efforts. This is an ideal option for self-motivated individuals to build a career with a scope for high income.
Key Differences Between POSP and IRDAI Agents
The product types they are permitted to sell and the customisation scope sets POSP and IRDAI agents apart. Besides this, there are various other differences concerning the certification, training, validity of the licence, etc., that are brought out in the table below:
Features |
POSP |
IRDAI Agents |
Training and Certification |
POSPs undergo a simple and short training programme regarding the insurance products they are designated to sell. The focus is more on product know-how and application processing. |
IRDAI agents undergo comprehensive training approved by regulatory authorities. The training is about product knowledge, underwriting guidelines, risk assessment, and legal aspects. |
What you can sell |
They can sell simple pre-designed insurance products with little scope for customisation. They play a coordinator's role by collecting information and processing applications for pre-determined plans. |
They handle a wide range of products. They can sell both simple and complex plans. With the expertise to assess the client’s needs and risk profile, they can customise the plan with the right coverage, deductibles, and exclusions to align with the client’s requirements. |
Certification Validity |
The certification is valid for three years. |
The certification is valid till the individual surrenders the license and leaves the agency. |
Success Stories of our DigiFCs
Here are some stories of successful insurance agents:
Sivaramakrishnan A N-Consultant
Be your own Boss! With no up-front monetary Investment. DigiFC is the answer!
Paul Thekkekara-Consultant
Partnering with DigiFC, HDFC Life has been a transformative decision for me.
Shweta Dubey-Consultant
I had a positive experience and helped me for personal and professional growth.
Jordan Alfred Andrades-Consultant
The decision to join DigiFC - HDFC Life has been a game-changer for me.
FAQs on How to Become an Insurance Agent in Bangalore
What is a POSP insurance agent?
POSP is an insurance intermediary with a license to sell insurance products of his preferred insurance company.
How to get a POSP certificate?
The POSPs should register with the insurance company they intend to work with by filling out an application form and submitting the necessary documents. A 15 to 25 hours of training and an IRDAI certification exam are mandatory. Thereafter, they get the POSP certificate to sell insurance products legally.
What types of insurance products can a POSP sell?
POSPs can sell simple, pre-designed plans. They will not be able to provide customised plans to suit the client’s requirements.
What is the difference between a POSP and an insurance agent?
The key difference between a POSP and an insurance agent is the type of products they can sell. POSPs are authorised to sell pre-determined plans and cannot customise the plan to fit individual needs. Insurance agents can offer comprehensive products and can customise the plans with specific coverage, exclusions, and deductibles to suit the customer’s needs. POSPs receive training covering the know-how and processing of insurance products, whereas the training for insurance agents covers product details, underwriting guidelines, risk assessment, and legal aspects. The certificate issued to POSPs expires in 3 years and needs periodic renewals, whereas the certificate issued to insurance agents expires only when the agent surrenders the agency.
Who is ineligible to become a POSP?
An individual who does not comply with the basic eligibility criteria, i.e., being 18 years of age and 10th standard pass, cannot become a POSP.
Is it mandatory to appear for the POSP training?
Yes. It is mandatory to appear for the POSP training.
Do I need experience to become a POSP agent?
No. Work experience in the field is not required to become a POSP agent.
Does this job require physical presence, or can I do it from my preferred location?
No. The job offers the flexibility to work from anywhere and at any time.
ARN- ED/06/25/24755