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* All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Digit Life Non Par Savings Plan, a Non- Linked Non-Participating Individual Life Insurance Savings Plan.
Our first retail product that we are all set to launch.
With this savings plan, our primary objective is to provide our customers with an excellent IRR (Internal Rate of Return), alongside safe and steady growth of their investment.
Become an Agent with Digit Life
Are you looking for an exciting career in the insurance industry that allows you to help people protect their financial future while earning attractive commissions?
Become an agent with Digit Life and join the growing league of life insurance agents.
With flexible working hours, attractive income and extensive support from Digit Life Insurance, becoming an agent is the perfect opportunity.
Advantages of Becoming an Agent with Digit Life
How to Become an Agent with Digit Life
Becoming an agent with Digit Life is a straightforward and rewarding process. Follow these steps to kickstart your journey:
- Step 1: Sign up by filling the above form on the Life Insurance Tab. Fill in the required details. Submit and we will get back to you.
- Step 2: Once registered, you will undergo comprehensive training that equips you with in-depth knowledge of life insurance products and sales techniques.
- Step 3: Upon successful completion of the training and the prescribed examination, you will receive the agent certification, authorizing you to sell a wide range of life insurance products. For POSP the examination is conducted by the insurance company while in the case of individual agents, the prescribed examination is conducted by III (Insurance Institute of India).
- Step 4: Receive your Appointment Letter and WooHoo! Start Selling!
Why Partner with Digit Life
Hassle Free and Paperless Processes
Delight your customers with our hassle free, digital, and paperless processes. Streamlined processes for both our customers and partners.
Quick Commission Settlement
As with all our processes, our commission settlement is also quick and hassle free. All our commissions are settled quickly within a prescribed time frame.
Quick and Transparent Claim Settlement
Digit Life is committed to ensuring a hassle-free and transparent claim settlement process, providing peace of mind to customers.
Continuous Support
With a support team just for you, you will receive continuous support, regular training, and marketing materials to not just boost your sales but also to work with ease.
Types of Insurance Intermediaries and Agents in India
In India, the insurance sector is regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Various types of insurance intermediaries and agents are recognised by IRDAI involving entities and individuals interested in selling insurance products. Here are some of the different kinds of insurance intermediaries and agents in India:
- Individual Agent
- POSP (Point of Sales Person)
- Broker
- Corporate Agents
- Insurance Marketing Firms (IMFs)
Types of Life Insurance Partners
Below are the 5 major types of Life Insurance Partners:
- Individual Agent
- POSP-LI
- Broker
- Corporate Agents
- Insurance Marketing Firms
Let's see each type in detail:
1. Individual Agent
Individual agents are authorized representatives of insurance companies. They undergo relevant training and examinations and obtain a license to sell specific insurance products.
They play a vital role in the insurance industry by offering personalized solutions to customers. They act as intermediaries between insurance companies and clients, guiding them to make informed choices based on their unique needs.
Who Can Become an Individual Agent?
Anyone with a minimum qualification of Class 10th or equivalent can become an individual agent. Hence, these are the most suitable people:
Young Graduates and Job Seekers
They get an opportunity to build a rewarding profession with potential for growth.
Retirees and Experienced Professionals
Their life experiences and networks can prove beneficial in connecting with potential clients and hence be a rewarding post-retirement engagement.
Stay-at-Home Parents and Homemakers
With this flexible part-time option, they can manage work-life balance while earning an income.
Financial Advisors and Planners
Financial advisors and planners can expand their services with life insurance sales. It complements their existing expertise by offering life insurance solutions to their clients.
Entrepreneurs and Self-Employed Professionals
Apart from adding to their income streams, it also provides an opportunity to diversify their income sources.
2. POSP-LI
POSP in insurance industry stands for Point of Salesperson who is an authorized insurance agent and is certified to sell insurance products on behalf of an insurance company. POSPs play a crucial role in reaching out to customers and simplifying the insurance buying process.
Who Can Become a POSP-LI?
Some of the most appropriate people to take up this earning opportunity as a POSP are:
Students
A great way to not just be financially independent, but also to develop their communication, negotiation and interpersonal skills that are invaluable in any future path. So, students who have completed their 10th standard as a minimum qualification and are above 18 years of age can take up this opportunity.
Homemakers
Being an agent, homemakers can contribute to not just their own family’s financial well-being but can also help others protect theirs with life insurance coverage.
Retirees
Time to put all that wealth of experience and wisdom to work and enjoy a fulfilling post-retirement career.
Businesspeople
Diversify your revenue streams by adding life insurance sales to your portfolio.
3. Broker
Insurance brokers are independent intermediaries who work for the customers, not the insurance companies. They represent clients' interests and offer unbiased advice on insurance products from various insurers. Brokers need to be registered with IRDAI.
Who Can Become an Insurance Broker?
Becoming an insurance broker requires meeting specific eligibility criteria, and the following groups are most appropriate to pursue this career:
Finance Professionals
Individuals with a background in finance and necessary financial acumen can become successful life insurance brokers.
Sales and Marketing Experts
Their ability to build relationships and promote life insurance products to potential clients is vital for brokerage success.
Insurance Industry Veterans
Professionals with significant experience in the insurance sector, such as former insurance agents or underwriters, can leverage their knowledge to become brokers and offer comprehensive life insurance solutions.
Entrepreneurs and Business Owners
Entrepreneurs and Business Owners with an inclination towards the financial services industry can venture into life insurance brokerage to provide clients with tailored life insurance plans, leveraging their business acumen.
Experienced Risk Managers
Individuals who have worked as risk managers or have expertise in managing complex insurance portfolios are well-equipped to become brokers, assisting clients in mitigating risks effectively.
Legal and Compliance Professionals
Legal experts can navigate complex insurance contracts, ensuring compliance and guiding clients through insurance-related legal matters.
Customer Service Specialists
Their ability to understand clients' needs and offer personalized solutions contributes to long-lasting client relationships.
4. Corporate Agents
Corporate agents in the insurance sector are entities, such as banks, financial institutions, or businesses, that are authorized to sell insurance policies on behalf of one insurance company. They play a crucial role in promoting insurance products and expanding the reach of insurers to a diverse customer base.
Who Can Become a Corporate Agent?
The following are the most appropriate groups of entities that can become corporate agents:
Banks and Financial Institutions
With their extensive customer base and expertise in financial services, banks and financial institutions can offer life insurance products alongside their banking services, thus providing customers with comprehensive financial solutions.
NBFCs (Non-Banking Financial Companies)
NBFCs, with their specialization in lending and financial services, can leverage their existing customer relationships to offer life insurance policies, enhancing their service offerings.
Insurance Brokers
Insurance brokers, who already operate as intermediaries, can expand their services by becoming corporate agents for specific insurance companies. This enables them to offer a more extensive range of policies to their clients.
Real Estate Developers
Real estate developers can become corporate agents to offer mortgage insurance or life insurance policies to property buyers, ensuring comprehensive protection for their investment.
5. Insurance Marketing Firms (IMFs)
Insurance Marketing Firms (IMFs) are corporate entities authorized to sell insurance policies of multiple insurance companies. They operate as intermediaries, leveraging a network of individual agents to offer a diverse range of insurance products to customers.
Who Can Become an Insurance Marketing Firms (IMF)?
The following are some appropriate people groups who can become IMFs:
Experienced Insurance Professionals
Experienced insurance professionals who have a comprehensive understanding of the insurance industry, market dynamics, and customer needs can establish and operate IMFs.
Financial Services Companies
Established financial services companies, such as banks, Non-Banking Financial Companies (NBFCs), and other financial institutions, with their vast customer base are well-positioned to become IMFs.
Insurance Brokers
Licensed insurance brokers with in-depth knowledge of insurance products and regulatory compliance can expand their services and operations by obtaining an IMF license. This allows them to widen their product portfolio and enhance customer engagement.
Diversified Corporate Entities
Corporate entities with diverse business portfolios and substantial resources can venture into the life insurance distribution space as IMFs.
Becoming an agent with Digit Life opens a world of opportunities to build a successful career in the insurance industry. With flexible working hours, attractive commissions, and extensive support from Digit Life, you can confidently embark on your journey as a life insurance agent.
Register with Digit Life today and join the league of empowered life insurance agents, making a difference in people's lives while achieving your financial goals.
FAQs about Become a Life Insurance Agent
What are the Criteria to Become a POSP Agent?
What Documents do I Need to Submit to become a POSP?
For registration, you will need the below documents. All these needs to self-attested (signed by you)
- Class 10 or above pass certificate
- Copy of your PAN card
- Address Proof
- A cancelled cheque (with your name on it)
- A photograph.
Do the PAN Card Holder and Bank Account Holder have to be the Same When Becoming an Agent?
When Can I Start Selling Insurance?
Is it Compulsory to Undergo Any Training to Become Certified as a POS Person or Agent?
What Support Services will I Get if I Become an Agent with Digit Life?
Is Becoming a Life Insurance Agent a Full-Time Commitment?
Do I Need Prior Sales Experience to Become a Life Insurance Agent?
What Kind of Training Will I Receive as an Agent?
Will I Have Ongoing Support as an Agent?
For a list of Corporate & Individual Agents, click here.
Disclaimer
- This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
- All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
- Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.