POSP (Point of Sale Person)

To facilitate growth in the non-life and health insurance business in the country, the Insurance Regulatory and Development Authority of India (IRDAI) introduced a new type of distribution model called point-of-sales person (PoSP), who are engaged either directly by insurers or by intermediaries such as corporate agents and insurance brokers.

POSP is an individual

1. Who possesses the minimum qualifications prescribed, has undergone training and passed the examination as specified in IRDAI POSP Guidelines, solicits and markets only such products as specified by the Authority (IRDAI).
2. Represent an Insurer or an intermediary (Broker)
3. Can sell Simple retail products, which are prepackaged, sold over the counter, easy to understand.

The “Point of Sales Person” can sell Life Insurance Products filed with and approved by the Authority, which may be

1. Pure Term Insurance product with or without return of premium
2. Non-linked (Non-Participating) Endowment product
3. Immediate Annuity Product
4. Any other product / product category, if permitted by the Authority.

Detailed Guidelines with regard to Point of Sale – Life Insurance Products.

1. IRDAI Guidelines on Life Insurance_1.
2. IRDAI Guidelines on Life Insurance_2.
3. Amenment to Life Insurance Guidelines.

The “Point of Sales Person-Non Life” can sell only the following pre-underwritten product.

1. Motor Comprehensive Insurance Package Policy for Two-wheeler, Private Car and Commercial Vehicles.
2. Third party liability (Act only) Policy for Two-wheeler, Private Car and Commercial Vehicles.
3. Indemnity Health Insurance (Sum Insured upto Rs 5 lacs)
4. Personal Accident Policy
5. Travel Insurance Policy
6. Home Insurance Policy
7. Any other Policy specifically approved by the Authority

Detailed Guidelines with regard to Point of Sale – Non Life Insurance Products.

1. IRDAI Guidelines on General Insurance
2. IRDAI guidelines on Limit of Sum Insured in General Insurance.

List of Products from different insurance companies (Life & General) which POSP can dispense. 

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