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Master the art of prospecting for a successful career in the insurance industry

Who is a prospect?

In simple words prospect means a potential customer. How to identify a prospective customer for your life insurance business? When you meet a person, the below questions will help you analyze whether the person can be your prospective customer
1) Does the person have dependents?
2) Does the person have adequate life insurance cover?
3) Does the person have the financial capability to purchase the life insurance policy?
4) What is the best way to approach the person?

Signs that will help you to judge whether the person can be your prospect A person whose responsibilities have increased lately
Learn more (PDF 192kB)

Background:
Actuarial Dept has allowed Surrender value under immediate annuity - Jeevan Akshay Plans such as 146,163,170,176,183 & 189 and deferred annuity plans such as 147,148, 169 etc which gets converted to immediate annuity on vesting, with option "Annuity' for life with return of purchase price on death" to meet the genuine needs of the policyholders for an immediate lump sum amount for medical contingencies for self, spouse and/or close family members, though policy conditions do not permit surrender of the annuity policies.

However, it is observed that reasons for surrender are increasing and are for other than medical emergencies such as buying, property, relative’s marriage, renovation of house etc.

What does IRDA guidelines for pension products dated 08/11/2011 state?
IRDA’s guidelines clearly disallow the surrender of policies under pension products because the basic purpose of these pension / annuity products is to allow guaranteed / regular income throughout the life time of the annuitant which covers the risk of longevity.

Hence it has been decided as follows:

• Surrender of Immediate Annuity policies will not be allowed under new LIC’s Jeevan Akshay plan-189 issued w.e.f. 16/05/2012 and onwards.
  
• Surrender of other immediate annuity plans which were issued upto 15/5/2012 with annuity option "Annuity for life with return of purchase price on death" will be allowed as per terms and conditions mentioned in the letter of Actuarial Dept.
  
• Policies issued under all deferred annuity plans (linked/ non-linked) issued earlier which will vest w.e.f. 16/05/2012 and onwards will also not be allowed to be surrendered for any reason.