To Achieve Financial Freedom, Insurance earning and commission

When you become an insurance intermediary you earn a commission for the sales you generate. Every insurance plan, whether it is life insurance, health insurance or motor insurance, brings in commission for you. The commission is calculated on the amount of premium paid by your client. .
The quantum of your commission is dependent on various factors like the number of policies sold, the total premium collected, the renewal consistency of your customers with you etc.Furthermore, there are MDRT (Million Dollar Round Table) qualified agents who, due to their outstanding performance, earn higher commissions.

Commissions are of three types :

First year commission :

This commission is payable on the new sale you generate. First year commissions are the highest commissions which you can earn.

Renewal commissions :

This commission is paid on the renewal premium paid by your client on the plan which you had already sold in previous years. Renewal commissions are lower than first year commissions for Life insurance plans. However, for General insurance plans the renewal commission rate maybe same as the first year commissions. Thus, on one policy you can earn first year commission for the first time followed by renewal commission for each subsequent year.

Rewards and Recognition Programs :

Insurers and distributors have rewards and recognition programs which pay additional commissions. So, if you sell higher number of plans, you not only earn the stipulated commissions, you also earn additional ones from the reward programs.

Long-term prospects of insurance career

WWhen you choose a career in insurance you not only get immediate benefits, you get good long-term career prospects too. These prospects include the following - • You get renewal commissions on the renewal premiums paid by your clients. Once you have a sizable renewal base you can earn a lot of money by doing very little work, as long as you have kept your customers happy with your great service ! Top insurance agents earn a few crores of rupees each year. • You can become MDRT (Million Dollar Round Table), COT (Court of the Table) or TOT (Top of the Table). Besides earning good commissions, you also get invitation to global convocations honouring your achievements • You can have impact on the lives of families you help protect at the time of claims. • You can also continue another employment alongside your insurance agency. So, become an insurance POSP and build your career in insurance. You would be amazed at the benefits and the rewards you get.

How can I start a career in insurance

Are you convinced about exploring a career in the insurance industry? Well here’s some good news. Starting your insurance career is quite easy. You just have to be at least 18 years old and should have completed Class X. If you meet these basic criteria you can submit your KYC documents like PAN card, Aadhar details, education proof, etc. for enrollment. There is a 15-hour training module with the syllabus prescribed by the IRDAI. You need to take this training, clear an examination and then you can become a POSP (Point of Sale Person).

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