Benefits of Health Insurance Broker License

  • April 12, 2023
  • Dushyant Sharma
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A Health Insurance Broker is an Insurance Intermediary facilitating the provision of Health Insurance policies to needful consumers in the Insurance Sector of India. They are a type of General Insurance Broker in India. Health Insurance Brokers are mostly registered companies in India. The Broker Business in India is booming at a burgeoning pace. Every year, several new Companies apply for the Broker License in India. 

But of all the Insurance Policies facilitation, the most demand is for Health Insurance policies. More and more people are becoming aware of their health, body, and ill-functioning. Also, youth today have become sensible enough to subscribe to Health Insurance plans in their formative stages. Therefore, to boost the outreach of Health Insurance Companies in India, more and more Businesses are subscribing to the General Health Insurance Broker license in India. Let us delve more into this Insurance Broker profile in detail.


Who is a Health Insurance Broker?

A Health Insurance Broker is an IRDA-licensed Firm aiding individuals, families, as well as Corporates to enroll in Health Insurance plans as per their needs. Health Insurance Brokers engage with multiple Insurance Companies offering a range of options. Many clients compare and choose the best insurance plan as per their budget as well as coverage requirements.

A certified Health Insurance Broker must be knowledgeable about the various health insurance policies available in the market. They must help their clients to navigate complex Health Insurance policies and their requisite regulations. Brokers also offer suggestions to clients on optimizing their coverage as well as keeping their premium costs at an optimal level. Health Brokers survive on commissions from the Health Insurance Companies after the policy purchase. The IRDAI mandates a Broker to act in the best interests of their clients.


Why must you opt for a Health Insurance plan in India?

Some facts and analysis about the Health Insurance Industry in India and what drives them. 

1. Sedentary Lifestyles have increased health risks among youths in India

Indians today suffer from high levels of stress. People today spend long hours at work, are physically inactive, and eat whatever comes their way, like junk foods. This weakens their immune systems and puts them at further risk of contracting illnesses.

2. Non-Communicable Diseases are becoming common by days

Diseases of the Elderly, such as high blood pressure, strokes, and heart attacks, which were earlier considered rare, now impact the health of many urban Indian youths in India.

3. Medical Care is unaffordable for General Masses

Many Medical Surgeries have now cured dreadful diseases, but such procedures are available to a select few because their operations and treatment procedures are expensive. 

4. Hidden Charges to the Medical Expenses

Just arranging for Medical Care is not enough. There are other hidden charges as Indirect Sources of Expenses, such as the following:

  • Traveling
  • Boarding 
  • Lodging
  • Temporary Loss of Income 

Such charges and expenses account for at most 35% of the treatment cost. Many people do not count such facts when planning medical expenses.

5. Less importance towards Health in India

Our Parents and Companies have applied for any Insurance, such as Home, Vehicle, Child’s education, and Retirement years, but no investment in their health. We must insure our health. We ignore that illnesses strike without warning, seriously impact our finances, and eat into our savings without a good Health Insurance plan.


Benefits of Becoming a Licensed Health Insurance Broker in India

A Health Insurance Broker can avail of several benefits from Health Insurance Broker Certification or IRDA Registration in India. We have discussed some of them in detail now. 

Promising Prospects in Health Sector

Health Insurance is necessary as the cost of healthcare is rising day by day. Today, more youth are opting for Health Policies in India. As the demand for Health Insurance policies surges, so is the case with licensed Health Brokers. This enables lucrative career prospects for those pursuing the Health Insurance Broker license.

Flexible Terms for Brokers

A licensed Health Insurance Broker can work as any of the following as it allows them to work from home/office and choose a schedule:

  • Independent Professional 
  • Brokerage Firm

Major Earnings from Commissions

Health Insurance Brokers earn a commission on their policy purchase. With the increasing demand for Health Insurance policies, the earning potential for Brokers has increased.

Apart from the monetary benefit, a Health Insurance Broker can help people make informed decisions about their needs. People choose policies that provide adequate coverage as per their wants. Such coverage makes a big difference in their lives.

Much to learn from the Industry Experts

In a constantly evolving Industry, a Health Insurance Broker can keep up with the latest trends, policies, and regulations to continuously learn your knowledge and skills.

As Health Insurance has become an essential product, there will always be a need for Health Insurance Brokers, as the business from licensed Health Insurance Brokers will always be high.


People also read: Documents required for Insurance Broker License registration in India




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Dushyant Sharma
Author: Dushyant Sharma

Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.

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