Insurance Broker

All you need to know about Health Insurance Broker License

calendar02 Mar, 2024
timeReading Time: 4 Minutes
Health Insurance Broker License

Health insurance is a need of every person nowadays, and these health insurance brokers are required to devise a strategy as per their needs. They are licensed and well-trained professionals who are capable of giving the best possible advice for the cause. These days, most registered companies provide health insurance benefits to their employees because of government regulations. Insurance brokers for medical services can be approached, or sometimes they even approach you to help you get insurance. Health insurance brokers must get a proper qualification and license to sell health insurance policies.

Requirements to get a Health Insurance Broker License

The basic requirements to get a Health Insurance Broker License are –

The applicant must

  • Have attained a minimum age of 18 years,
  • Have done education up till class 10th,
  • Have an Aadhar card and PAN card with age and address proof,
  • Have completed training as specified by the IRDAI,
  • Have passed the IRDAI conducted exam IC-38

These parameters should be met by the person to pursue a career as an insurance broker in India. There is a huge scope and benefits to becoming an insurance broker for medical services.

Benefits of having a Health Insurance Broker License

The benefits a person enjoys by having a Health Insurance Broker License are –

Brighter Future

The growth in the health insurance industry has been a boost for the past few years. People now know the importance of having health insurance for themselves and their families. With the rise in population and various life-harming diseases, people need health insurance brokers to give them good plans and advise them to take one. Becoming a health insurance broker would prove to be a good career option, considering the rise in the industry.


Apart from the designated salaries, the insurance brokers for medical services receive a good amount of commission on the policies sold in a month. With the rise in demand for health insurance policies, there is a considerable rise in the earnings of health insurance brokers. They get the insurance on the amount of health insurance they sell, which makes them work hard for greater gains.

Public Good

Many people in the country have very little to no knowledge about health insurance. Insurance brokers for medical services are the ones who connect with these people and tell them about the policies and the benefits they could get out of health policies. This is a benefit for the public since they get a chance to know about various policies through which they can secure their finances when in need.

Getting health insurance is the need of the hour, and these brokers help the general public know the health policies and select them as per their needs.

Flexibility in Work

The work of the health insurance broker is quite flexible and can be done from anywhere. They have to get in touch with the public at large and tell them about the health insurance policies that would benefit them in the long run. There is no pressure on work timings since it is up to you when you want to the potential leads.

Who requires a Health Insurance Broker License?

A health insurance broker license is needed by –

  • Individuals who work independently and sell health insurance policies need to get ahealth insurance broker license.
  • Any firm dealing in selling health insurance policies through its agents needs to furnish the health insurance broker license.
  • Those entities that are involved in the production of insurance contracts need to have a health insurance broker license.
  • Third-party administrators need to have the license. These are the entities that process the claims made at the time of the insurance claim.
  • If there are entities that are into health insurance sales through online mediums, they also need to have the license.

What do Health Insurance Brokers do?

The health insurance brokers are required to do tasks like –

  • They assess the needs of the clients and advise them on which policy to take depending on their salary, requirements, family size, age, the coverage they want, etc.
  • They are responsible for providing education to the clients about health insurance. Sometimes, it can be tough for clients to decide which insurance policy to buy, and this is where a health insurance broker should guide them in choosing the best policy, depending on their needs. They should teach things like policy terms, premiums, benefits, exclusions in the policy, etc.
  • They should help the client in comparing various health policies in the market and choosing the right one.
  • They also help the clients while filling out the application forms, documentation, and renewal (if needed).
  • They are responsible for settling disputes between the customer and the insurance company if there is one.
  • They help clients with various things even after the client has taken the health insurance.
  • They are required to help them in case the client has to claim insurance from the company.


With the growing health insurance sector, the role of health insurance brokers has increased in providing the best possible policy to clients. However, clients should have their sense of reasoning while choosing the health policy from insurance company and not depend upon the brokers. Having a Health Insurance broker license is very important to gain the trust of the clients and also to follow the rules and regulations set by the government to avoid penal charges. The Insurance Regulatory and Development Authority of India has laid down the procedure that should be followed to get a license to be a health insurance broker in India.

Corpbiz can help individuals, as well as companies, get the health insurance license for brokers. Getting the license is a very troublesome task and requires a lot of compliance and documentation, which would be made easy by the team in corpbiz. 

Frequently Asked Questions

  1. What is the role ofa health insurance broker?

    The role of the health insurance broker is to act as an intermediary between the customer and the insurance company. They are there to advise the clients on the best insurance policy for them and sell the policies for the insurance company.

  2. How many hours of training are required by IRDAI?

    The broker must have completed 15 hours of training through IRDAI to get the license.

  3. What is the difference between a TPA and a health insurance broker?

    A third-party administrator is an entity that provides the services of the insurance company, while the health insurance broker is the one who sells the policies and services of the insurance company.

  4. What are the ways through which a health insurance broker earns money?

    A health insurance broker earns money through the salary of the insurance company, incentives received for policy sales in a particular period, through providing consulting services to clients on health policies.

  5. Who governs the health insurance sector in India?

    The health insurance in India is governed by the IRDAI (Health Insurance) Regulations, 2016.

  6. How much margin is there for Health insurance brokers?

    The margin can go up to 15% if you are an individual broker, but if you are working in a company as an agent, the margin could range up to 7.5%.

  7. In which court the health insurance disputes are heard?

    The dispute arising out of the health insurance can be settled through the civil as well as the consumer court. They both have territorial and pecuniary Jurisdiction over the matter. The appeals against the orders can be filed in the High courts and the Supreme Court.

  8. Does health insurance cover skin treatment and plastic surgeries?

    In general, health insurance doesn't include any cosmetic treatment. However, some insurance may cover such things.

  9. What is the issuing period of the Health Insurance Broker License?

    The Health Insurance Broker License is issued by IRDAI for a period of three years from the date of approval. The brokers must renew the license one month before the expiry period.

  10. In which form isthe renewal request for the Insurance Broker License made?

    The renewal of the Health Insurance Broker License has to be made through Form K of Schedule I. 

Read Our Article: Different Types Of Insurance Broker Licenses

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