Judging a Life Insurance Agent

With the rising competition in the insurance market, the competition among insurance agents to secure the maximum number of clients has also accelerated. It is a known fact that life insurance agents work on the basis of commissions. Hence, the bigger deals they help the insurance company secure, the higher is their incentive. Although it is true that insurance agents receive handsome incentives for selling insurance plans, it is not necessary that all agents will mis-sell their products.

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However, you must exercise caution on your end and ensure that you to judge the credibility of your insurance agent. We suggest a few pointers to help you zero in on a suitable insurance agent who would not dupe you.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Make Sure the Life Insurance Agent Has a License

Every certified insurance provider has a license from the Insurance Regulatory and Development Authority of India (IRDA) to prove that they are adequately qualified to help you choose the right insurance policy to suit your needs. The license certifies that the agent has undergone sufficient training. Also, the IRDA permits one life insurance agent to represent one life insurance company and one non-life insurance company at a time. You must ensure that your agent is not working simultaneously with several insurance providers. Also, make sure that you check both the license as well as your agent’s identity card.

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Take Heed of Word of Mouth

Perhaps one of the best ways to zero in on an insurance agent is to talk to people who have worked with insurance agents and have had a good experience. When planning to buy a new insurance plan talk to your parents, friends and colleagues to get their feedback upon the role of insurance agents. Remember, that ideally, your insurance agent’s job does not end simply by assisting you to buy an insurance policy. Your agent is responsible for helping you claim your insurance as and when you need it. Hence it is extremely important that your agent is trustworthy.

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Talk to the Agent before Finalising

Once you decide on a particular insurance agent, you must not take a final decision before talking to the agent for judging his know how and expertise in guiding you towards buying the right insurance policy. Check how much interest he shows in getting to know about your insurance goals and what objectives you are looking to accomplish with your life insurance policy. Make sure he enquires about the number of family members you have and present you with an insurance plan accordingly. Infact, offering you a plan should be the last and final leg of your discussion. If somewhere you feel the agent is pushing you towards a policy, which does not seem well suited for your family’s needs, do not give in. There are plans on which agents earn more money and are more likely to push those towards you.

Check the Agent’s Work Experience

It is always helpful when your insurance agent has had some experience with providing insurance. It is always helpful when your insurance agent can guide your with sound knowledge about the market, which plans would give you the maximum benefits and their knowledge about the investment markets also helps tremendously, especially if you are also inexperienced as far as purchasing insurance is concerned.

Make Sure Your Agent is Cooperative

After you have verified all the other requirements of your insurance agent, you must ensure that the agent has a helpful attitude and assures to guide you with assistance whenever required. As stated earlier, you will need to revert to your insurance agent when you have to make claims or upon the maturity of your policy and a disinterested person will be of little help.  

Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.


Premium By Age

˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.

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