An Insurance Agent works for an insurance company and sells its policies for a commission. They are also the legal representatives of the insurers.
Personal Competencies
You like to try to persuade people
You can comfortably talk with all kinds of people
You like to do filing or typing
You like to work with numbers or charts
Entry Pathway
1. Complete Class 10 (applicable for candidates from rural areas with a population of less than 5,000 people)
2. Pursue a 6-month Industrial Training Institute course for insurance agents, appear for the Insurance Regulatory and Development Authority Exam
OR
Pursue a 6-month Industrial Training Institute course for insurance agents, earn work experience, and then take the Insurance Regulatory and Development Authority Exam OR
3. Complete 10+2 in Commerce or Science stream (Physics, Chemistry and Mathematics), Complete a 50-hour training from an IRDA-approved training institute for General/Life insurance license or 75-hour training for a composite license, then clear IC33 exam for Life Insurance & IC34 for General Insurance license (You can choose to take this pathway after your undergraduate course)
Please check the duration of the course during enrolment
Where will you study?
• Any recognized college, which offers Bachelor's in Commerce/Finance and related subject
• Some of the IRDA-recognized training institutes: 1. HRD Foundation, New Delhi 2. Insurance Academy – North East, Guwahati 3. Insurance Academy, Pune 4. Usha Deep Insurance & Management Services Pvt. Ltd, Lucknow 5. Udaipur Insurance Institute 6. Indian Insurance Institute, Kolkata 7. Delhi Insurance Institute 8. Bhopal Insurance Institute
The approx. course fee ranges between INR 15,000 - 30,000.*
*(The above-mentioned figures are approximate numbers. This will vary from Institute to Institute)
Scholarships & Loans
SCHOLARSHIPS
• National Scholarship Portal - Visit http://www.scholarships.gov.in. Under this portal there are Central Government schemes offered by different departments, UGC/AICTE Schemes and State Schemes* • Visit http://www.buddy4study.com for details on available scholarships. This is a gateway to scholarships starting from Class XI* • Scholarships are also made available in institutes based on merit*
*(Availability of these scholarships can vary from time to time)
LOANS
• VidyaLakshmi, http://www.vidyalakshmi.co.in, is a portal for students seeking education loan. This portal has been developed under the guidance of the Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA) • Some states have student credit cards with low interest rates, for instance, West Bengal, Odisha, Bihar, etc. • All banks give education loans
Where will you work?
Places of Work: Banks, Insurance and other Financial Service Organizations.
Entrepreneurship: You can choose to work independently.
Work Environment: You will have a desk job. Local travel is a part of the job role. You will be working regular hours. Organizations usually work for 5 to 6 days a week and 8 to 9 hours every day. This may vary from organization to organization.
Opportunities for work exist for differently abled in this field
Expected Growth Path
Officer → Insurance Agent → Insurance Area Manager → Regional Head → Zonal Head → National Head
Expected Income
The approx. salary of an Insurance Agent ranges between INR 16,688 - 50,000* or more per month.
Businessman Lachhman Das Mittal, 89, is the owner and chairman of Sonalika Group, which is the third-largest tractor manufacturer in India. Mittal started his career as an LIC agent. Mittal completed his M.A. in English & Urdu from Panjab University.*
Insurance Agent
NCS Code: NA | BFSI091. Complete Class 10 (applicable for candidates from rural areas with a population of less than 5,000 people)
2. Pursue a 6-month Industrial Training Institute course for insurance agents, appear for the Insurance Regulatory and Development Authority Exam
OR
Pursue a 6-month Industrial Training Institute course for insurance agents, earn work experience, and then take the Insurance Regulatory and Development Authority Exam OR
3. Complete 10+2 in Commerce or Science stream (Physics, Chemistry and Mathematics), Complete a 50-hour training from an IRDA-approved training institute for General/Life insurance license or 75-hour training for a composite license, then clear IC33 exam for Life Insurance & IC34 for General Insurance license (You can choose to take this pathway after your undergraduate course)
Please check the duration of the course during enrolment
• Any recognized college, which offers Bachelor's in Commerce/Finance and related subject
• Some of the IRDA-recognized training institutes:
1. HRD Foundation, New Delhi
2. Insurance Academy – North East, Guwahati
3. Insurance Academy, Pune
4. Usha Deep Insurance & Management Services Pvt. Ltd, Lucknow
5. Udaipur Insurance Institute
6. Indian Insurance Institute, Kolkata
7. Delhi Insurance Institute
8. Bhopal Insurance Institute
Information on the institute rankings can be found at - https://www.nirfindia.org/2022/Ranking.html
The approx. course fee ranges between INR 15,000 - 30,000.*
*(The above-mentioned figures are approximate numbers. This will vary from Institute to Institute)
SCHOLARSHIPS
• National Scholarship Portal - Visit http://www.scholarships.gov.in. Under this portal there are Central Government schemes offered by different departments, UGC/AICTE Schemes and State Schemes*
• Visit http://www.buddy4study.com for details on available scholarships. This is a gateway to scholarships starting from Class XI*
• Scholarships are also made available in institutes based on merit*
*(Availability of these scholarships can vary from time to time)
LOANS
• VidyaLakshmi, http://www.vidyalakshmi.co.in, is a portal for students seeking education loan. This portal has been developed under the guidance of the Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA)
• Some states have student credit cards with low interest rates, for instance, West Bengal, Odisha, Bihar, etc.
• All banks give education loans
Places of Work: Banks, Insurance and other Financial Service Organizations.
Entrepreneurship: You can choose to work independently.
Work Environment: You will have a desk job. Local travel is a part of the job role. You will be working regular hours. Organizations usually work for 5 to 6 days a week and 8 to 9 hours every day. This may vary from organization to organization.
Opportunities for work exist for differently abled in this field
Officer → Insurance Agent → Insurance Area Manager → Regional Head → Zonal Head → National Head
The approx. salary of an Insurance Agent ranges between INR 16,688 - 50,000* or more per month.
Source: https://in.talent.com/salary?job=insurance+agent
*These figures are indicative and subject to change
Experts from the field
Businessman Lachhman Das Mittal, 89, is the owner and chairman of Sonalika Group, which is the third-largest tractor manufacturer in India. Mittal started his career as an LIC agent. Mittal completed his M.A. in English & Urdu from Panjab University.*
Source: https://www.businesstoday.in/latest/corporate/story/this-industrialist-was-an-lic-agent-earlier-is-a-billionaire-now-hurun-india-rich-list-2020-274316-2020-09-30
*The above information is for training purposes only and will not be used for any commercial gains
insurance advisor, financial planner