Before Selling any insurance in India, you must go through the IC38 Exam. IRDA conducts this Exam to check the Agent’s knowledge of the basic fundamental of Insurance. This subject covers almost all aspects of Life Insurance, General Insurance, and Health Insurance.
Selling the Right Insurance policy is not an easy task; once the Agent is sitting in front of the client, he should talk about his financial goals, education planning of kids to determine what is best for him.
There are chances of misspelling due to a lack of knowledge about the product and the client’s needs. Your client might be well educated, but he has to believe in your expertise in this, as you will be the only source of knowledge to him. In IC38 Syllabus, you get the knowledge about analyzing and selling the right product.
There are chances of under-insurance and Over-insurance if the Agent is not analyzing how much insurance covers a person’s needs. An agent can use the HLV Calculator to win the client’s faith with facts.
Many case studies show agents cannot sell the right insurance to the client due to limited knowledge of product and insurance selling ethics. Misselling is the leading cause of Lapsation of policies, and this situation leads to many cases filed with IRDA.
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