Insurance

Payworld works closely with its service partner to offer need-based insurance products such as four-wheeler and two-wheeler insurance, life and health insurance to target the customers in the Tier 2/Tier 3 cities. Customers can avail this facility by reaching their nearest retail outlet. Payworld is a Composite Corporate Agent & authorized to provide insurance solutions in India. Payworld offers this service to those customers who are generally in the high risk category or cannot afford the high premiums.

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FAQs

1. Who is an Insurance PoS Agent?
The PoS (Point of Sales) initiative was introduced by IRDAI, to increase insurance penetration in India. In other words, a PoS agent can sell insurance after receiving a Certificate by IRDAI. The penetration of insurance in India has been low because there has been a lack of trained professionals who can be employed as agents or distributors. Even for simple products such as motor insurance or travel insurance. Or a more complex insurance solution like ULIP, the mandate is that only a registered distributor can sell policies from a particular insurance provider. To reach out to more people across the country, the industry needs more Insurance Agents. To achieve that objective, what was needed was a simple certification process. Therefore, to get more Insurance Agents and Distributors on board quickly, the IRDAI allowed for a new type of entry, called the PoS person. These individuals may have a lower qualification and training threshold as compared to other insurance distributors such as agents, brokers and corporate agents. That is why IRDAI has allowed these PoS Insurance agents to sell only basic products, which don’t require a lot of underwriting. PoS persons can be engaged directly by insurance companies or by other intermediaries such as corporate agents and insurance brokers. Hence, if you want to get certified as a PoS agent, you need to get yourself registered with an insurance company or broker. Take the requisite training, study, and pass the IRDAI test with a certain minimum percentage. So if you are looking to earn an extra income or make a career in the insurance industry, you can become a PoS Insurance Agent.
2. How to become an Insurance PoS Agent?
By following the below-mentioned steps, one can easily fulfil all the requirements that are needed for an individual to become an Insurance Pos Agent. 1) Easy registration procedure: For people who want to build their careers in the field of insurance business but do not have a clue about how to become an Insurance PoS Agent, the initial step is to complete a registration form that is easily available on the website. Proceeding with that, one must need to submit the mentioned documents in the article. 2) Training: A person applying for a PoS License needs to undergo a minimum of 15-hours training. PoS agents are employed by Insurers, corporate agents & Brokers. PoS agents can promote the products of the recruited insurer only. Therefore, the training, as well as the certification is provided by the recruiting Insurer. 3) Certification Test: As stated above, the Certification is provided by the employer. So the test is also taken by them. This test can also be taken online. Even on an android, with certain insurers. 4) Certain documents required: There are some documents which you need to submit in order to become an insurance agent. These are:
  1. a) Your Identity Proof - Aadhaar Card
  2. b) Copy of your PAN Card
  3. C) Address proof
  4. d) Copies of your photograph
  5. e) Minimum age 18-years
  6. f) Resident of India
  7. g) Passed Secondary school, Matriculation, or any other equivalent
3. What are the benefits and advantages of becoming an Insurance PoS Agent?
Free up the Trained Professionals to sell more complex products: The new arrangement has been made for simpler products. The ones that do not require a lot of underwriting efforts to sell to the consumer. Such as Motor Insurance or Travel Insurance. Their terms are easy to understand and explain to the buyers. Such Plans have been put under the ambit of an insurance PoS. This makes the existing full-fledged distributors able to concentrate on the complex products like ULIPs and deferred annuity plans, thus providing dual advantages. Range of Insurance Products: The products listed by the IRDAI that can be sold by a PoS include Pure Term Insurance Plans (there may or may not be Returns on the product), Motor Insurance, Travel Insurance, and Non-Linked Endowment Plans. In short, the PoS Agent can sell those products that satisfy the below 3 conditions –
  1. The Insurance Plan is easy to understand and explain
  2. Benefits from such investment can be calculated and stated beforehand,
  3. The Plan benefits are fixed, non-fluctuating, and pre-defined
Easy Training: Because the PoS Insurance Advisor can get trained through a reliable financial product broker or an insurance agency. Whether offline or online. And get started with building a full-fledged career. This feature works to the advantage. At first, only the National Institute of Electronics and Information Technology (NIELIT) could certify trained PoS. But this condition was relaxed later. Now even an Insurer, Broker, or intermediary can train them. This enables quicker onboarding of the salespeople. These parties need to provide training of at least 15 hours and examine the candidate on an objective paper to certify him Anyone can become a PoS agent after being certified. No matter what you do in daily life, with a little skill, you can sell insurance, protect people financially, and earn good incomes with zero investments from your end.
4. What are the several benefits and advantages offered at Payworld?
At Payworld India, individuals can reap the benefits of numerous insurance services. Some of them are summarized below:
  1. Paperless procedure: At Payworld, no papers are required to enjoy insurance benefits. Our company believes in a hassle-free process.
  2. Lowest premium: Our company ensures the lowest premium which we provide to our customers.
  3. No requirement of medical checkup in health insurance: To acquire health insurance, Payworld eliminates the need for a medical checkup.
  4. Instant margin: Our company provides credit for instant margins in every insurance scheme.
  5. Inspection of vehicle: In the case of vehicle insurance, Payworld conducts a self-inspection process for your vehicle.
5. Tell me more about Payworld.
Started with an objective to provide a protected and user-friendly platform for the millions of users that comprise the Semi-Urban India, Payworld is a pioneering financial service program. Having commenced its operations way back in 2006, the Fintech company has generated its presence with an amazing network of over 250,000 retailers. Covering up 630 of the 739 districts in India, the Payworld network is unmatched in the country. As imposing as the network may appear, the bouquet of services on offer by Payworld is much more fantastic. From Mobile & DTH Recharge to Insurance policies, Loans & Mutual Funds; from BBPS Bill payments to AEPS and domestic money remittances; it features the entire gamut of financial services a semi-urban Indian might demand. Another feather in the cover of the company is the fact that their network of over 50,000 BC agents, treated as essential service providers in these challenging times, is always keeping the financial necessities of the residents of India achieved. Offering a staggering 25 million clients in such trying times in an uninterrupted way is a huge accomplishment in itself. Having pride in helping their countrymen, the team is fully dedicated to providing services wherever required.