Best Way to Prospect as a Financial Advisor

In this article, the Key Points taken from the talk of expert Mr. Anil Jha, SBA, LIC, held on 6th of March 2022 through zoom, is being discuss.

1. Old habits die hard.
2. 65 % policy are of monthly premium. Suppose a person earn 1,00,000 per month then he cannot take the policy of 1,00,000 annual premium. While he can buy the policy of 10,000 monthly premium.
3. Every person can  save 25 % of his income.
4. Sale annuity plan like Jeevan Shanti, Jeevan Umang, and Jeevan Akshay.
5. 35 % commission is given to handle the rejection.
6. Around 65 % Term Plan does not complete its term.
7. Learn the four level of financial planning. (1. Income stage: Retirement planning and health insurance, 2. Dependent stage: Life insurance and health insurance for family, 3. Growth stage: Update life and health insurance, take risk to earn high return, and 4. Retirement stage: health insurance and limited account.

Why to invest in LIC

As other investment scheme are giving good return then why to invest in LIC. According Assets allocation concept, to avoid the loss due sudden financial demand, we should invest our money in to different investment scheme. During 2001-11, Gold, Share market, and real estate was on boom. But during 2011-21, the situation was different.

1. Question: An apple a day can keep doctor away then why not only eat apple. Answer: Because balance diet is required.
   
2. Question: How many people do you know who started to invest in Mutual Fund 10 years ago and still investing? Answer: 3 % people invest up to 3 years, 2 % people invest up to 6 years, and 1 % people complete 10 years.

Way of Prospecting

In selling, process is very important. Do not sell plan. Sell the concept.

1. Plan a meeting of 15 Min with your prospect and discuss the case study of Vijaypat Singhania and Renuka Ramnath.
2. During meeting, Ask the proposer to go through the Profile of above mentioned personality.

Note: To get new policies periodically, you have to talk with new proposer periodically. Term plan is the one finger while endowment plan is complete hand. Take care about customer acquisition cost (CAC).

Author

Paramjeet Singh Jamwal

is working as an LIC Agent since 2015 and sold 50+ policies.