Insurance Regulatory and Development Authority of India (Irdai) has taken many steps to increase the distribution footprint of insurance products in India. And in order to get more feet on the street, the regulator has allowed the industry to make use of point of sales persons (PoSPs).
PoSPs are at the bottom of the pecking order of insurance distributors. Their qualification criteria are low, which makes it easy to hire them. In the life insurance space, Irdai has allowed PoSPs to sell simple products such as: term policies, guaranteed endowment and money back plans and annuities.
