Who is a Certified Insurance Facilitator (CIF)?

Getting a life insurance plan is a serious financial decision that requires a lot of thought and consideration. Which is why most people prefer to buy their life insurance policy with the help of an intermediary consultant/agent. Life insurance agents use their knowledge of the industry to find a policy that best meets their client’s requirements. To put it simply, insurance agents greatly streamline the process of shortlisting and selecting the best life insurance plans for you.

However, not all financial brokers can sell life insurance policies. While looking for an insurance broker, ensure that you seek out a ‘Certified Insurance Facilitator’ (CIF). A Certified Insurance Facilitator is a broker who has been officially licensed by the Insurance Regulatory and Development Authority of India (IRDAI). Only certified brokers are legally allowed to sell life insurance policies, which is why it is essential to always verify an insurance agent’s credentials before making a purchase.

Check Your Insurance Broker’s License

All insurance brokers should have an IRDAI license or certificate of registration. The license must mention the insurance agent’s name as well as their category as a broker. Note that the license for general and life insurance are not the same. A person may be a general insurance broker but may not be a valid broker for life insurance. Ensure that ‘life insurance’ is mentioned in the broker’s certificate of registration. Also, check if the broker’s license has expired or is still valid. Only brokers with this IRDAI certificate are deemed as Certified Insurance Facilitators.

After verifying the broker’s license, you should also-

• Consider their experience and knowledge of the industry.

• Have a candid discussion about your requirements.

• Check the terms and conditions of any insurance plan pitched by the broker.

How Certified Insurance Facilitators Support Your Insurance Journey

Certified Insurance Facilitators don’t just help you buy an insurance plan, they assist you throughout your policy term as well. The duties of a licensed life insurance broker include:

• Helping you find the right life insurance plan

• Assisting you with the purchase process and premium payment

• Guiding you with the medical requirements

• Helping you with policy servicing and renewals

• And guiding your loved ones through the claims process in case you’re gone

Other Precautions to Take While Buying Insurance Through a Broker

While Certified Insurance Facilitators are licensed and trustworthy individuals, ultimately, you should always take precautions while investing in a serious financial product. And life insurance is one of the most important investments in a person's life, as it secures your loved ones in case anything happens to you. So, before finalizing your purchase, make sure that you-

• Fill your policy document by yourself. Do not sign an unfilled document. Nor should you allow anyone else to fill the document for you.

• Read all documents, terms, and conditions carefully.

• Your insurance broker should complete all processes in a timely manner. Ask your broker to maintain timelines in case of any unnecessary delays.

• Ensure that your premiums are being paid on time and ask for premium receipts after each payment.

• Always read through your receipts. If you notice any extra charges, or certain charges that you don’t understand, then don’t hesitate to contact your broker and ask them questions.

• Ensure that your beneficiaries are also in contact with the broker. This will help them quickly settle any claims process in case of your unfortunate demise.

Conclusion

A Certified Insurance Facilitator can greatly simplify your hunt for the right life insurance plan. Moreover, insurance brokers can also help you choose a savings insurance plan that not only provides life cover but also grows your wealth over time. For example, Edelweiss Life- Guaranteed Savings STAR is a life insurance plan that also provides completely guaranteed savings. Plus, this savings plan also has the option to enhance your life cover, ensuring that your family is protected no matter what happens in the future.

 

Aastha Mestry - Portfolio Manager 

An Author and a Full-Time Portfolio Manager, Aastha has 6 years of experience working in the Insurance Industry with businesses globally. With a profound interest in traveling, Aastha also loves to blog in her free time.