04 July 2023

Responsibility of Life Insurance Agent

Responsibility of Life Insurance Agent



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If you are a Life Insurance Agent or you want to start Life Insurance Business. So you need to know what are the tasks a Life Insurance Agent has to do? Because if you know what work a Life Insurance Agent has to do, then you can do your Business in a better way. Therefore, in this article of Jeevan Bima Bazaar, the details of the basic functions of the Agent are being given.

    What is Life Insurance

    In Indian society, most families have only one earning member. On that member of the family is the financial responsibility of the other members of the family. Children's education, marriage, daily needs of the house and all other tasks depend on the earning of the head of the family.

    Now if this earning member of the family dies, then such family becomes financially helpless or becomes weak over time. Children's education, marriage and other important works either stop or the family has to compromise.

    Now Life Insurance is the means by which the Financial needs of the family are secured. For example, if the chief dies and the chief has insured 5 lakhs for the education of the children, then after the death of the chief, the Insurance company will pay at least 5 lakh rupees so that the education of the children is not interrupted.

    In the same way, Life Insurance is done for marriage, pension or to meet any special need.

    What is Life Insurance Business

    When a person joins a Life Insurance company, sells the plans of that company and the benefits of other services of the Insurance company reach the people. So this type of work is called Life Insurance Business.

    Life Insurance Agent

    The person who sells Life Insurance policies is called a Life Insurance Agent. But the job of an Agent is not just to sell Life Insurance policies. Rather, from the sale of the policy till the final payment, the policyholder has to cooperate with his Insurance policy.

    Responsibility of Life Insurance Agent

    To achieve success in Life Insurance Business, a Life Insurance Agent basically has to do three types of work. It is like this - doing New Business, Policy Servicing, Exchanging Documents

    What is New Business in LIC

    The key to the success of an Agent in the Life Insurance Business is his New Business. All the efforts made by the LIC Agent till the time of selling the Life Insurance Policy to the new people are kept in this category. To start a New Business in the Life Insurance Business, several steps have to be followed. Which is like this-

    • Selecting the Right People of the society
    • Understanding People's Needs and Assessing their Insurable interests
    • To make people understand the Importance of Life Insurance
    • Explaining the schemes of LIC to the people
    • Disposal of objections raised by people
    • Completing Proposal Forms
    • Collection of Premium for the Policy
    • Registering the Policy
    • Issuance of Policy Number

    What is Policy Servicing in LIC

    Once the Life Insurance Policy is successfully sold, the LIC Agent has to perform a variety of tasks. This task is done by the LIC Agent till the last Payment of the Life Insurance Policy.

    Here Final Payment means Maturity Payment of Life Insurance Policy, Payment of Death Claim or Surrender Payment of the Policy. This type of work done by LIC Agent is called Policy Servicing in Life Insurance Parlance.

    Life Insurance Agent does the work of Policy Servicing for this purpose, so that the Policyholder keeps depositing the Premium of his Policy from time to time without any hassle. When a Life Insurance Agent provides Good Policy Service to his customers, it creates a better image of that Agent. Because of which he is able to succeed in improving his business further.

    In other words, all the efforts made by the Life Insurance Agent to ensure that the Policy Premium is deposited smoothly and the Policyholder is not inconvenienced in any way, is called Policy Servicing.In the Life Insurance Business, the following tasks are performed by the Agent for Policy Servicing-

    • Giving information related to Premium and assisting the Policyholder in depositing Premium
    • To assist the Policyholder in reviving the Lapsed Policy
    • Reporting Policy Status from time to time
    • Assisting the customer in getting Loan against the Policy if required
    • Assisting the customer in depositing the Loan against the Policy
    • Giving statement of Annual Premium, so that the customer can easily take advantage of Income Tax Return
    • Supporting the customer at the time of Survival Benefit
    • Assisting the customer in Maturity Payment of the Policy
    • Assisting the Nominee in getting the Death Claim Payment
    • Assisting the customer in getting the customer's Address Changed in the Policy
    • Assisting the customer in getting the Nominee Changed in the Policy
    • Assisting the customer in making corrections in the Policy Documents
    • Assesses customer's Financial Needs and tries to sell Life Insurance Policies to meet future needs

    What is the Importance of Exchange of Documents in LIC

    Life Insurance Business deals with Financial Security. So while doing this Business, the Life Insurance Agent has to collect the documents from the customer several times. After this, this document has to be submitted to the office.

    Life Insurance Agents sometimes have to collect the documents of their customers from the office and deliver the same to the customers. These documents can be related to the Life Insurance Policy of the customer and can also be his personal documents like his Income Certificate, Photo Identity Certificate, Residence Certificate, etc.

    A Life Insurance Agent is the mediator between the Policyholder and the Life Insurance Office. Sometimes the carelessness of the Agent can put him in trouble and his client can also be in trouble. Therefore, it becomes a very important task for the Life Insurance Agent to exchange the documents wisely and with utmost care.

    Know in Detail in the Video

    To know more about the information given in this article, watch the video given below carefully till the end. If you have any questions in this regard, then write your questions in the comment box of the video.

    video will be available soon

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