Before Selling any insurance in India you must go through the IC38 Exam. This exam is conducted by IRDA to check the Agent’s knowledge of the basic fundamental of Insurance. This subject covers almost all aspect 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 misselling due to lack of knowledge about product and client’s need. Your client might be well educated but he has to believe in your knowledge in this, as you will be the only source of knowledge to him. In IC38 Syllabus you get the knowledge about analysing and selling the right product.
There are chances of under-insurance and Over-insurance if the agent is not analysing how much insurance cover a person needs. An agent can use the HLV Calculator to win the client’s faith with facts.
There are many case studies that show agents are not able to sell the right insurance to the client due to limited knowledge of product and insurance selling ethics. Misselling is the main cause of Lapsation of policies, And this situation leads to many cases filed with IRDA.