What is the difference between corporate agent and individual agent in LIC?
Table of Contents
- 1 What is the difference between corporate agent and individual agent in LIC?
- 2 What is corporate agent in LIC?
- 3 How many types of LIC agents are there?
- 4 What qualifications should corporate agents possess?
- 5 What are the different types of insurance agents?
- 6 How can I become a corporate agent in India?
What is the difference between corporate agent and individual agent in LIC?
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. Corporate agents can sell policies of up to three insurers in the same line of business.
What is corporate agent in LIC?
Corporate entities represent an insurance company and sell its policies. Banks offer insurance policies to their customers based on their knowledge of their situation and needs. Corporate Agents can represent one life insurer, one non-life insurer and one standalone health insurer.
How many types of LIC agents are there?
Insurance is sold by two types of agents. Independent agents are self-employed.
What is individual agent?
An individual agent is one who has undergone requisite training, passed an examination and been duly licensed by IRDA to sell insurance polices to the public and provide after-sales service including assisting at the time of a claim. His licence may be for life insurance, general insurance or both.
How do I become a corporate agent?
For being registered as a Corporate Agent, the applicant must be the following:
- A company formed under the Companies Act, 2013 or the company law; or.
- A Limited Liability Partnership under the LLP Act, 2008; or.
- A Co-operative Society registered under Co-operative Societies Act; or.
- A banking company; or.
What qualifications should corporate agents possess?
Eligibility Criteria for Registering/Hiring an Employee as Specified Person: Specified person 1 Having passed minimum of 12th Class or equivalent examination from a recognized Board/Institution; 2.1 (i) The specified person shall have undergone at least fifty hours of training, for the specified category of life.
What are the different types of insurance agents?
There are two types of insurance agents:
- Captive agents typically represent only one insurer.
- Independent insurance agents typically represent more than one insurer.