Can a PoSP sell both life and general insurance?
As a PoSP (Point of Sale Person) you can sell policies of multiple insurance companies, across both life and non-life categories, such as term life, ULIP, endowment life, motor, health, personal accident, home and travel.
Who can sell policies of several life and non-life insurance companies at a time?
Currently, the insurance regulator allows only a tied system of agents, whereby each agent is only allowed to sell policies of one life insurer, one non-life insurer and a standalone health insurer.
Who can sell life insurance products?
Insurance intermediaries serve as a bridge between consumers (seeking to buy insurance policies) and insurance companies (seeking to sell those policies). Insurance brokers are licensed by the IRDAI and governed by the Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2018.
How do I become a PoS?
Understanding PoS Agent Hence, if you want to get certified as a PoS agent, you need to get yourself registered with an insurance company or broker. Take the requisite training, study, and pass the IRDAI test with a certain minimum percentage.
How many insurance types are there?
4 Different Types of General Insurance in India. General insurance covers home, your travel, vehicle, and health (non-life assets) from fire, floods, accidents, man-made disasters, and theft. Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.
Can a corporate agent sell more than one life insurance policy?
Till now, corporate agents were allowed to sell policies of only one life insurance and one non-life insurance company. Manoj Kumar Jain, CEO of Shriram Life Insurance Company stated in BusinessLine —“Industry requirement is that it should be made mandatory for corporate agents to have tie-ups with more than one insurer.
Can you have more than one type of non life insurance?
You can have more than one type of non-life insurance. The important thing to note is non-life insurance is valuable, and you should consider getting one if your situation calls for it. Below are the different types of non-life insurance and a checklist to determine if you need the following:
What do you mean by non life insurance?
What Is Non-Life Insurance? Put simply, non-life insurance is any type of insurance other than life insurance. While life insurance is broken down into permanent and term life policies, non-life insurance includes many types of other insurance policies. Non-life insurance may cover people, property or legal liabilities.
What kind of license do I need to sell life insurance?
It’s literally called a Gross Dealer Concession, or GDC. And then the broker-dealer pays out a portion of that to you as their representative. That’s the compensation for delivering the company’s brokerage services to the client. So, if you want to sell securities products, you need a Series 6 or a Series 7 license.