I am a 22-year-old graduate. I am very keen to work as a sales professional in the life insurance industry. What do I need to take into consideration before I venture into this field?

A career in the life insurance industry has become really rewarding and challenging since the liberalization of the insurance sector eight years ago. A hugely under-insured population ensures tremendous growth potential for the life insurance industry, making it an attractive career option. The main responsibility of a sales professional in a life insurance company comprises identifying and analysing customers’ needs and their present situation, and proposing the right financial solution. Insurance firms invest significantly in various training initiatives to ensure that the individual comes up the learning curve and delivers optimal need-based insurance solutions to customers.

I am a 24-year-old self-employed man and I am interested in buying a life insurance plan. Can you please tell me the basic conditions for buying a life insurance plan?

For buying a life insurance plan, two basic conditions must be fulfilled. First, the person who proposes to insure must be a major and should be eligible to enter into a valid contract. Second, the proposer must have an insurable interest in the life which he proposes to insure. Insurers may also look into other parameters while deciding whether a person can buy a life insurance plan, such as the health, family health history and premium paying capacity. In the case of a minor, a parent can propose a plan on his or her life.

Readers are welcome to write in with their queries to askmint@livemint.com. The questions will be answered by senior executives from leading insurance firms.

This week’s expert is Rajesh Relan, managing director, MetLife.