Steps to becoming a health insurance agent

Want to be part of one of the fastest-growing sectors in India? Join the health insurance industry as an insurance agent. Data revealed in March 2021 indicates that companies dealing in health insurance grew by 41% due to the increased demand for insurance products in this category. It will not be incorrect to say that the COVID-19 pandemic drove the growth of the insurance sector in recent years. Despite the increasing popularity of health insurance, the majority population in India is uninsured. As an insurance agent, you can reach out to people who need health policies but lack access to online platforms and help them buy a robust policy while generating a good source of income for yourself.

There are certain steps that you must follow to become a health insurance agent. These steps are:

  • Attain the minimum age

To become a health insurance agent, you must be at least 18. In addition, you have to pass your 10th board examination. Keep all the required documents handy, as you would need to submit them as proof of your declaration.

  • Identity proof

Besides identity proof such as the Aadhaar Card, you need an address proof and a PAN card. Fill out the application forms for registering with the IRDAI (Insurance Regulatory Development Authority of India) via the insurer for whom you would like to be an agent. You would also have to submit a cancelled cheque for details related to your bank account.

  • Training program

You must complete the 15-hour training program as mandated by the IRDAI.

  • Application process

You can apply either online or offline. For the offline method, visit the branch office of the specific insurer with whom you would like to work and speak to the concerned manager about your purpose. Get to know the commission structure, the documents required, etc.

For the online process, you have to visit the insurer’s website. You can call up the helpline number for details. Alternately, follow the instructions regarding how to apply for becoming an agent for health insurance in Mumbai or other cities across India.

  • The IRDAI licence

To work as an agent for an insurer and source policies, you must have an IRDAI licence. For getting the licence, you have to complete a training course of 50 hours from your selected insurance company. This training would be beneficial for the following IRDAI exam.

  • The IRDAI exam

After completion of the training, you will receive a certificate validating it from the insurer. Since you want to work as a health insurance agent, you must prepare well regarding the products related to health. Post this, you have to appear for an exam and score at least 50% to get the IRDAI licence. Once you receive your licence, you are ready to work for the insurer with whom you have registered yourself.

  • Select an insurer

As the first step, you must select an insurer in the health insurance sector with whom you would like to work. Once you start working, you will be a solution provider to the people and explain how your company’s products can help them in time of need. Do not focus only on selling policies to meet your monthly or quarterly targets. Since most of your work would involve cold calling, you have to be patient and learn how not to give up even if your calls do not get enough conversions initially.

The amount of commission you can earn would depend on the policies you sell and on the insurer with whom you are working.

What are the advantages of becoming a health insurance agent?

The reasons that make it an attractive career option include:

  • You can work freely without the obligation of reporting to anybody.
  • There is no fixed timing within which you have to work, and you can put in as many hours as you want.
  • If your insurer sells online policies, you do not need to step out and can work from home as well.
  • You can earn a significant amount if you manage to sell a good number of policies.
  • You do not have to invest a lot of money to become an agent.

Becoming a health insurance agent would be easy and convenient if you are looking for an alternative career instead of regular office work. It involves simple steps to get a licence and start working with your selected insurance company.