IRDA Circular No: IRDA/Life/ORD/GLD/223/2017 (07-Feb-17) Modification to Guidelines on Point of Sales Person â Life Insurance
This is further to the guidelines issued on the Point of Sales Person dated 7th November, 2016.
Based on the feedback of the Insurers and taking into account the practical ease for Insurer / intermediaries, the competent Authority has decided to dispense with the condition of training from and passing of the NIELIT examination and has amended the requisite procedure / qualification for being a POS Person as follows:
The Life Insurer or intermediary proposing to engage POS Person shall
a. conduct an in -- house training of fifteen (15) hours for the candidate.
b. conduct an examination after successful completion of the training.
c. issue certificate to the candidate passed in the examination
d. engage the successfully passed candidate as POS person by entering into a written Agreement, specifying suitable terms and conditions.
e. maintain a proper training and examination record for at least five (5) years from the end of the financial year in which these are conducted and shall be made available to the inspecting official of the Authority during on-site inspection.
The Model Syllabus for training of ''POS Person- Life insurance'' is herewith attached in Annexure-- I which may include the features of various POS products designed by the Insurer from time to time and may be modified and developed according to the changing need of the insurer and intermediaries.
Please note that other terms and conditions of the Guidelines would remain unchanged.
This circular has the approval of the competent Authority and comes in to force with immediate effect.
Member ( Life)
Encl: a/a
Model Syllabus
Annexure -- I
MODULE 1 - INTRODUCTION TO INSURANCE
1. Concept of insurance
2. Purpose and need of insurance
3. Concepts of Risk, Peril and Hazard.
MODULE 2 - INDIAN INSURANCE MARKET
1. Insurers
2. Agents
3. Intermediaries
4. Role of POS Persons
5. IRDAI
MODULE 3 - PRINCIPLES AND PRACTICE OF INSURANCE
1. Offer [Proposal] and Acceptance
2. Consideration (Premium)
3. Insurable Interest
4. Sales Literature
5. Proposal Form Cum KFD
6. Renewal Notice
7. Utmost good faith
8. Premium payment options
9. Sec. 64---VB of Insurance Act
10. Policy Terms and Conditions
MODULE 4 - POINT OF SALE - LIFE INURANCE PRODUCTS
1. POS -- Life Insurance Guideline
2. POS- Product Guide line.
a. Categories of POS -- Products.
b. Salient Features of POS -- Life...
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