Insurance acts as a protective cover for the family. It provides financial support to the family of the insured person in case of his or her untimely death. It also covers for loss of income due to critical illness or permanent disability in accident. Apart from it, Insurance also provides a gain in the income. There are different options for investing money through insurance. It also provides different tax saving schemes ideal for business and personal benefits. Premium paid for life insurance, pension plans, medical insurance are deductible source of incomes under Income Tax sections. There are different plans available as per the client requirements. Life Insurance, Retirement Solutions, Health Solutions, Group Plans etc are some of them. To avail all these services one needs an insurance broker.
There are different Insurance products that your client may find interesting. Some of these include Education policies, Wealth creation, Premium Guarantee and Protection plans. A client looking for service providing regular money for his childs education would prefer education policies. Also in case of unfortunate death of parents the product ensures that the child education is not hampered. Regular money will be provided to the child for its education without the premium amount being paid. Next the Wealth creation plans provides the client the double benefit of Life insurance and higher returns of their money invested through the premium paid. Protection plans are purely serve the needs of protection. Different plans are available as per the requirement. Financial protection of the family is the main aim. The broker would come across most of the business clients willing to invest money in the wealth creation and premium guarantee plans.
One always wants to be independent; it is the case with senior citizens too. One feels to be secured in their old age. The Retirement Solutions, which gives them a regular income even after they quit the jobs, would attract such clients. Flexibility is given to the client to choose his or her own retirement age. Most of the private companies do not offer pensions to their employees after retirement. Even if the client has his own business, he cannot guarantee about the future. This is one of the reasons why policies providing a retirement solution are in demand. It provides the financial security to secure independence of the client even after he retires from his job. The broker must be able to provide the right solution to his client to guessing what his needs are.
You can also sell the Health insurance plans, which play a very important role in this sector. Several illnesses are covered in these plans. It makes sure that if ever the client requires hospitalization he will always have financial security. These products cover specific kinds of illness like Diabetes, Cancer, etc. Critical illnesses like heart attack, major organ transplant like kidney or liver, stroke, limb replacement, etc are also provided coverage with special Health plans. Many insurance companies provide a health card, which is used in almost all major hospitals to provide cashless treatment. People traveling abroad for jobs, education or for business purpose have to take health insurance first. Broker must perform his research work extensively for providing health insurance.
Group plans are provided to the employees to protect their well being every time. Every person under this insurance scheme is protected with a life cover. The protection is for all employees even if they are in different age groups from 18 years to 70 years. The flexibility to chose the cover could be given to the employer. He can choose cover uniformly or based on the position of the employee or as per the salary of the employee. The premium paid is taken as business expense for accounting. Adding new members and removing members are allowed. This prevents the employer from huge financial loss if some mishaps occur to the employee during the work.
The broker must be aware of all the products available in the market. He should be well versed with the rules and regulation. He should be able to give the right product to the right person. There are also works like collecting premiums, reminding about the due dates and new products. Financial guidance to the clients must be given. He should develop business by making the new client aware about the facts and benefits of the Insurance.
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