BESIDE HIS VALIDITY OF LICENSE FOLLWOING QUESTIONS YOU MUST KNOW ABOUT HIM.
1.since how long he is into this business
2. What is his status in the insurance company he is working , mean if he is a special member ranked high on business or an ordinary one struggling for 12 cases in a year.
3. is he MDRT,COT or TOT aspirant
4. his customer database and Past service track record
5. His availablity ,office address and technology usage.
6. His Educational background on insurance beside statutory training
7.is he willing to share commission (if yes ,never buy anything from him,he is a fly by night operator)
8.what he want to sell ,some excellent Plan or Planning related to your life.
9. Can he give you written details of Policy ,signed by Him.
10.How long he want to stay in business (if committment is not life long ,say him good bye)
Article clearly shows lack of knowledge on writers part Like :-
Agent's Push ULIP FOR HEFTY COMMISSION.Fact is ULIP have lowest commission among all policies. it is hardly 6 to 7% and agent's by the way are not interested any more in selling ULIP's .
ULIPS have hefty charge structure:-FAct is ULIP's are cheaper than MF's now a day as Total charges structure can not exceed 1.5% of fund in term > 10 years ,where as in case of MF it is 2 to 2.5 %
Third vogus comment ,policies have a freelook period from 15 days to 30 day..most stupid comment ,fact is as per regulator it can be only 15 days.
Annual premium payment is better as it offers discount of 3%.my dear it may offer upto 11% discount also. so check ur data before talking.
This is a hard lesson I learnt after taking few insurance policies. What I understood is that no life insurance policy should be taken for return , it should be taken purely for life insurance. By doing this you will be paying a lesser premium. You should plan other saving schemes for return but we should avoid linking insurance with returns.
Re: Do Not take policy for return
by Dileep Kumar on Oct 07, 2011 10:01 AM
You seem to be a development officer. Well every policy holder would try to take a loan say for a house or anything else companies do not facilitate such things isn't it. Every policy holder prime a face takes a policy for a return only. Say to save tax then a security for his family. Why should an agent benefit from his hard earned savings without providing any services and even when the policy holder is taking the policy directly from the company. Mukesh you seem to be an agent or an employee of some insurance company. The question is why should there be agents in insurance companies in the first place? Bankers do not have agents and yet people approach banks with their savings and get better services. Every bank employee explains with patience their products unlike insurance companies.
Re: Re: Do Not take policy for return
by Piyush Bhargava on Oct 07, 2011 10:21 AM
@ Dileep. You do not seem to have knowledge about Banks. Banks have agents and they are paid a commission if they bring in a customer for a loan or a deposit.They are known as development officers.Even State Bank of India is using Development officers.And Mukesh Gupta does have a point.Please read what a life Insurance policy is, and then comment.
Re: Re: Re: Do Not take policy for return
by Mukesh Gupta on Oct 07, 2011 11:25 AM
generally Agent never encourages to take you a pure life insurance policy becausse they would get a very less payout for that policy but its a benefit to the insurer. Agent always shows a policy and talks about returns and thats a kind of trap for insurer.
Re: Do Not take policy for return
by pooja wadhwani on Oct 07, 2011 12:27 PM
THIS HARD LESSON U LEARNED OUT OF UR GREED, POLICY OF ULIP IS DESIGNED TO FETCH RETURN IN LONG TERM >15 YEARS AND TO PROTECT YOU FOR LIFE TIME ADVERSARY
BUT U WERE LOOKING TO DOUBLE UR MONEY IN 5 YEARS AND FOOLISHLY BELEIVED IT..
RATE OF RETURN GREATER THAN >15 YEARS IS MORE THAN 18% ,STUDY SENSEX BEFORE 15 YEARS AND NOW AND U WILL UNDERSTAND THE DIFFERENCE.
The tragedy here is when you walk into an insurance company and ask about a policy to the development officer or any official you are directed to an available agent. The staff of any insurance company including LIC do not answer your queries. You are directed to agents. I was once told by an official that it is not their job. Finally even if you are taking a policy directly from the office of the insurance company your application is taken as directed by an agent and he gets commission without the customer knowing. It is a caucus running in insurance offices. Agents come under the development officers and commission from premiums are shared. Earlier insurance agents used to give two to four premiums free as incentives to the policy holder; that shows the commission the agents are getting. You ask any development officer what is the return on policy whether taken through the agent or through the office directly the amount is the same. Finance ministry should ensure that the Company should inform the name of the agent and address on the policy certificate. The agent never gives you any services including reminder for premium payment once policy is issued. If the same is salary deduction so much better for the agent. You might not have even see the agent if the policy is taken directly from the company office but some agent receives the commission which you are not aware.
Re: life insurance agent
by pooja wadhwani on Oct 07, 2011 12:40 PM
You seems more concerned on earning of Agents rather than Benefits of buying insurance plan for your own good.
BY the way to know policy features u need none it's avialable online on click of a mouse.
Thirdly D.O. and agents are part of distribution network,necessary to sell Policies not only in INDIA but across the world since 200 years.
Why you need a C.A. to issue you income certificate?? u can do it on your own, why u need to consult a physician ,u can do the same by reading medical books, why u Buy a Bathing Bar from a Shop why don't u manufacture on ur own ?/
my dear distribution channel is needed to distribute a product and it will not consider exceptions but general trend
By the way policies are avialable online also where u need not to pay agent commission.
Re: life insurance agent
by pooja wadhwani on Oct 07, 2011 12:40 PM
You seems more concerned on earning of Agents rather than Benefits of buying insurance plan for your own good.
BY the way to know policy features u need none it's avialable online on click of a mouse.
Thirdly D.O. and agents are part of distribution network,necessary to sell Policies not only in INDIA but across the world since 200 years.
Why you need a C.A. to issue you income certificate?? u can do it on your own, why u need to consult a physician ,u can do the same by reading medical books, why u Buy a Bathing Bar from a Shop why don't u manufacture on ur own ?/
my dear distribution channel is needed to distribute a product and it will not consider exceptions but general trend
By the way policies are avialable online also where u need not to pay agent commission.
Re: Re: life insurance agent
by S R on Oct 07, 2011 03:49 PM
WOW thatz the coolest explanation i have ever seen...People forget they have their worries to solve rather they burn their stomach looking at the riches of others...well said...my appreciation is not because u r a female. Genuinely good comment
