Can I become PoSP for two companies?

Asked by: Hilton Waters II  |  Last update: February 11, 2022
Score: 4.9/5 (70 votes)

Unlike regular insurance agent, a PoSP can sell insurance products from multiple companies, without any restrictions and across approved insurance categories too, like term life plans, motor insurance, health insurance plans and more.

Can I become agent of more than one insurance company?

An Insurance Agent is not permitted to work for different Companies of same segment. ... Insurance agent can solicit insurance business for sell of insurance products of one General Insurance Company, One Life Insurance Company and one Standalone Health Insurance Company.

Can I sell insurance for 2 different companies?

You can, however, get what is called a “brokers licence.” An insurance broker has the ability to team up with multiple insurance companies at once to have access to each of their products.

How many insurance companies can an agent represent?

Agents are trained and licenced individuals, and as per the rules, can only represent one insurer from a sector. This means that an agent can sell policies of only one life, one non-life and one health insurance company.

How do I become a multi insurance agent?

To become an advisor you have to register yourself with a particular insurance company, undergo a specified insurance training, sit for an examination at a specified venue and pass the examination. Once you follow this process and clear the examination, you can become an insurance advisor.

Insurance agency lene se pehle yeh video dekhen. Agency len ya POS yeh samjhen

42 related questions found

Who can become a Posp?

A POSP should be 18 years of age at least and a class 10th pass with a Aadhaar card. As per IRDAI Regulations, Insurer or any intermediaries will conduct a 14 hours in-house training session and an examination following that. Then they will issue a certificate and maintain the records for at least 5 years.

Can insurance agent become Posp?

A POSP (Point of Salesperson) is the name given to an insurance agent who can sell specific insurance products. For becoming a POSP, you only need to have the minimum educational qualifications as given by the IRDAI and undergo training provided by us.

Why do insurance agents quit?

Most agents quit because they can't get enough sales to support themselves and their families. The only way to change that is to learn how to get more leads, better leads, and follow up on them. People go on fact-finding missions online. They don't care who answers their question, as long as they get answers.

Who makes more money insurance agent or broker?

Typically earn more commission from insurance companies than captive agents who enjoy more stability. Pay their own overhead costs for running an independent business.

How do I transfer insurance agency from one company to another?

Now, insurance agents can easily shift from one insurance company to another. To do so, all they need to do is surrender their agency license with the existing insurer. The insurance company will issue a cessation certificate within 15 days from the date of surrender of agency license.

How can I become a IRDA corporate agent?

Documents required for Corporate Agent Licence
  1. Submission of relevant information as required in the FORM A.
  2. Remittance of requisite fee by electronic mode as prescribed under Regulation 17 of IRDAI (Registration of Corporate Agent) Regulations, 2015.

How can I get IRDA Licence?

IRDA reviews and validates the application and then, approves or rejects it.
...
To apply for a New License:
  1. Click Trainee tab.
  2. Click Licensing tab.
  3. Click New License. The New License Application (Form 1-AF) is displayed. All the mandatory fields in the form are marked with an asterisk (*).

What type of insurance agent makes the most money?

Overview of the Insurance Field

While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.

What is the full form of PoSP?

PoSP stands for Point of Sales Person.

How do life insurance agents get paid?

Most professionals who sell insurance are paid largely on a commission basis. In fact, most agents aren't even employees of the carrier. More often than not, they're independent contractors who are compensated based on how much they sell, with higher commissions for certain types of products.

Are insurance agents happy?

Insurance sales agents are one of the least happy careers in the United States. ... As it turns out, insurance sales agents rate their career happiness 2.3 out of 5 stars which puts them in the bottom 2% of careers.

Can you make good money selling insurance?

There's no limit to how much you can make selling insurance provided you have the passion and commitment to put in the extra work. However, insurance sale is a lucrative business that can earn you substantial profit margins once everything is up and running.

Is selling insurance a good career opportunity?

According to the U.S. Bureau of Labor Statistics, the job outlook for insurance sales agents is positive, with an estimated growth rate of 5% between 2019 and 2029. This number amounts to 27,500 new jobs, marking a higher growth estimate than average for all occupations.

Which is the best PoSP in India?

Without any doubt, Square insurance is the best PoS insurance company and manufactures the best insurance PoS in India.

What is the difference between PoSP and agent?

A PoSP can sell policies like motor, health, personal accident etc., which are mainly pre-underwritten products. ... An agent can sell motor, health, travel, personal accident etc. as well as customised products like fire, marine and similar business insurance products.

What is PoSP training?

PoSP (Point of Sale Person) is a new type of license for insurance advisors that was created by IRDAI (Insurance Regulatory Development Authority of India) in 2015. It's now the best way to enter insurance advisor career. ... A PoSP (Point of Sale Person) license or certification lets you do just that.

Which types of policies a PoSP can sell?

The “Point of Sales Person-Non Life” can sell only the following pre-underwritten product. Motor Comprehensive Insurance Package Policy for Two-wheeler, Private Car and Commercial Vehicles. Third party liability (Act only) Policy for Two-wheeler, Private Car and Commercial Vehicles.

How do I apply for IC 38?

You cannot directly appear for IC38, you need to be an insurer first at which you have to attend 50 hours training by IRDA to be called a Life, General or Health Insurance Agent, while for first timers, and it is 75 hours of training.

How do I become a Max Bupa agent?

Apply online on https://www.maxlifeinsurance.com/join-max-life/become-an-agent and fill in your details. You will get a call back promptly from our recruitment team and a recruiter will be assigned to you. Walk into the nearest Max Life Insurance office and speak to the Frontline Executive.