Insurance selling has for long been the job of an agent. However, the insurance regulator has made some concession and is now allowing sales representatives to distribute life insurance policies.
As of now, sales representative appointed by agents were allowed to sell health insurance and some other non-life products, but after this move they will be able to sell even life insurance policies which do not come with predefined risk cover and costs.
As life insurance premiums depend on factors like age, sum assured and even the profession, this new move will help uplift the profile of the salesman. To start with, these representatives will sell pure term insurance plans with sum assured of up to Rs 25 lakh, endowment products with sum assured of up to Rs 10 lakh, and immediate annuity products.
