Aditya Birla POSP (Point of Sale Person): Insurance agency as source of extra income

Description

As per Guidelines on Point of Sales (POS) –Life Insurance Products dated November 07,2016: Life Insurance Products in order to give an added fillip in providing easy access to Life insurance Products to people at large and to enhance insurance penetration and density as part of its Development agenda, issues ‘Guidelines on Point of Sales – Life Insurance Products’. “Point of Sales (POS) Product” means the simple plain vanilla type of product wherein each and every benefit is predefined and disclosed upfront clearly at the time of Sale itself and is very simple to understand.

As sequel to the concept, the insurance regulator has prescribed the products a POSP can sell under General Insurance, Health Insurance and Life Insurance.

Eligibility: 10th passed. Need to undertake POSP training and pass POSP examination.

Since we are enrolled with ABIBL, we can say the ABIBL POSP program can be lucrative. Here is an an example of Motor Insurance.

*Credit: ABIBL.* Assuming 200 policies sold annually with average premium of Rs.10,000 & approximately 75% of the business is renewed. The above mentioned is an illustrative representation. The commission rate, premium, quantum of policies and renewal rate may vary from product to product, market situation and other subjective parameters, while being subject to reform in accordance with guidelines/circulars/regulations issued by IRDAI from time to time. ABIBL confirms that no guarantee is presented or implied as to the accuracy of the forecasts, projections or predictive income contained therein.

Benefits to customers:

Compare from a number of IRDA approved insurance service providers and choose the optimized product.
Get quotation online and pay premium online for both new products and renewals.