Ans. Any individual, 18 years at the time of registration and meets IRDAI requirements can become Point of Sale Person (PoSP). Once person is certified by BSE Ebix, he/she can use BSE Ebix Insurance platform.
Ans. PoSP is a type of license for individuals, who are interested to sell Insurance. This is one of the best ways to get into Insurance career.
Ans. One can become PoSP by following a simple registration process by paying a Lifetime PoSP Fee of Rs. 2,000/- plus GST. For limited period, this fee is waived off.
The person will have to fill online registration form, provide minimum KYC documents, undergo online 15 hours of training and pass online insurance exam, all on BSE Ebix Insurance platform.
For detailed guide and checklist for Registration as the 'PoSP' on the BSE Ebix Insurance Platform, please click here.
Ans. Following documents are required:
A. Identity Proof
a. PAN Card: This is a mandatory document.
B. Address Proof
a. Aadhaar Card
c. Voter ID card
d. Driving License
e. Water bill
f. Landline bill
g. Electricity bill
h. Gas bill
C. Qualification Proof
a. Minimum SSC certificate.
Note : PoSP Name and Date of birth entered on registration form should match with details on PAN Card.
Ans. Yes, you can become PoSP, provided you get a NoC from existing Insurance Company or Broker. Please contact our helpdesk at Info@bseebix.com for further information in such case.
Ans. During onboarding process, system displays alert messages. Updates about status changes are also sent via email. At any given point of time, PoSP can login and check the current status of application.
Key stages of application life cycle are:
1. PoSP KYC complete
2. PoSP under training
3. PoSP awaiting Exam
4. PoSP Active
5. PoSP InActive or Suspended
Ans. BSE Ebix platform is available on all days 24 x 7, except for unavoidable situations like network issues or downtime for maintenance.
Please note that support or helpdesk will be available on business days between 9 AM to 5 PM.
Ans. Generally, as an agent, you are tied to a single company and can sell only products from that insurer in the given category, i.e. life or non-life. But, as you become BSE Ebix PoSP, you can offer insurance products from multiple companies.
• Simple onboarding, online training and exam process.
• Assistance available online or multiple physical locations.
• Single Portal for getting all your quotes and completing end to end transaction in single window.
• Paper less processing making transactions seamless and customer friendly.
• In most cases, instant issuance of policy directly to your/customer’s mailbox.
• All policies will be available on the platform for future access.
• PoSP will be able to track all his business, leads, commission.
• Automatic Renewal reminders on PoSP’s behalf to customer.
• Claims assistance
Ans. As a PoSP, you are eligible to sell General, Life and Health Insurance products as authorized by IRDAI.
Ans. IRDA stands for the Insurance Regulatory and development Authority. It is the apex regulatory body of insurance in India. All insurance companies and Intermediaries (including PoSP) have to comply with the rules prescribed by the IRDA for selling their insurance policies.
Ans. Only Active PoSP, who is certified by BSE Ebix can use this platform.
Ans. Currently only Private car 4W, 4WTP, 2W & Health are available. Gradually, we will keep on adding more products.
Ans. Currently we have following General insurance companies
Reliance, HDFC Ergo, Future Generali, Bajaj Allianz, Bharti Axa & SBI General.
Ans. Insurance companies decide as which models they would agree to write policy. It also depends on geography where few models will be available for insurance by a particular company. System will automatically recommend only those models available with respective company.
Ans. You can reach out to your Relationship manager or click here to login your complaint.
Ans. You can still buy policy by stating 'Unknown Previous Policy'. This case will be considered as 'Break In'.
Ans. Break-in-insurance is when the policy lapses due to non-renewal on time.
If break in is less than 90 days you may be able to retain your No Claim Bonus (NCB). You may have to get your vehicle inspected before purchasing the policy. Some companies do waive inspection, but policy start date may be 1-3 days after the payment date.
Ans. If your existing policy is Third Party only and you would like to buy Own Damage(OD) policy, you vehicle may need to undergo inspection and this will follow break in process.
Ans. Third party insurance covers Liability for injuries and damages to third party by your vehicle. This is compulsory and minimum insurance that every vehicle owner has to purchase as per the Motor Vehicles Act, 1988.
Ans. The sum insured for the vehicle is called 'Insured's Declared Value and should reflect the current market value of the vehicle. The Insured Declared Value (IDV) maximum sum assured determined by the insurance company. This is the amount that you would get in case your vehicle is stolen or damaged.
Ans. No-Claim Bonus (NCB) is the discount that an insurance company offers to the policyholders if they do not raise a claim during the policy period. The policyholder can accumulate up to 50% NCB discount on renewal premium for every claim-free year till 5 years.
Ans. No. Registration and insurance of the vehicle should always be in the same name with the same address. Otherwise the claim is not payable. A fresh proposal form needs to be filled in. There is a nominal fee charged for transfer of insurance.
Ans. Most companies have policy of asking for re registration record before policy can be issued for vehicles older than 15 years. Hence this is offline process and hence won't be available online on BSE Ebix Portal.
Ans. Please check for IDV and check if they have they considered Personal Accident of Rs. 331/-. In addition, geography region should be same. If rates are still higher significantly, kindly bring it to attention of your RM.
Thank you Very much for your interest