I consult SBI insurence agency They saying first I have to introduce 10 members to become a agent. Is it true.?

Hi all,
I am presently working in a Hospital and has good relations with every one i meet. I have some free time and want to convert these relations into useful manner. So I want to become a part time SBI insurance agent. I consult an agency and they are saying that first I have to introduce 10 members (for this they didnt pay any commission), then i have to pass IRDA exam. After that i will get agent licence. I did’nt understand what he is saying is true or lie.
So please tell me the procedure to join directly as SBI Life insurence Corporate adviser / broker.

4 Replies to “I consult SBI insurence agency They saying first I have to introduce 10 members to become a agent. Is it true.?”

  1. This is simply a fraud. You can complaint to higher authorities of S.B.I life or IRDA in this regard. As I have worked as a Manager in a reputed life insurance company, there is nothing like that in life insurance. Trust me, if you can email or talk to higher authorities of SBI life, the officer who told you this non sense can simply lose his/her job.

  2. as a general rule, when you work for someone in an agency, they pay you a salary or hourly wage.

    unless you are licensed, you cannot collect commissions, only a agent or broker collects commissions on products they sell.

    so in effect, you would bring in 10 members, they collect the commissions since you are not licensed. you take you exam, get licensed and then be in a position to collect commissions. but commissions are broken down by your status. in one company i worked for as a insurance employee who did the agent licensing , we paid the broker 25% and the agents got 10%. like a manager getting paid more than an employee they manage.

    but as the other poster stated, this maybe fraud. you might want to check out other life insurance agencies for their info or procedure if they hire you.

    good luck

  3. request them to give it in writing. they will never give.

    As per IRDA rules, First you have to undergo 50 hrs training then pass the test , after which a company can issue licence. You can convass business only after you get a licence. If the company asks you to introduce cases before giving licence, complain to IRDA. Company’s licence can be cancelled

    For corporate agency/broker, you have to form a firm/company

Leave a Reply

Your email address will not be published. Required fields are marked *