Starting an Insurance Marketing Firm (IMF) in India is a great opportunity for those who want to work in the insurance industry and offer a wide range of insurance products. With growing awareness about life, health, and general insurance, the demand for qualified insurance advisors and marketing firms is rising.

In this blog, we’ll explain how to start an Insurance Marketing Firm in India step-by-step, using simple language and expert insights. We’ll also guide you through key registrations like Insurance Marketing Firm Registration, Insurance Broking License Registration, Insurance Company License Registration, and ISNP Registration Online.

What is an Insurance Marketing Firm (IMF)?

An Insurance Marketing Firm is an entity registered with the Insurance Regulatory and Development Authority of India (IRDAI). It can sell insurance products of two life insurers, two general insurers, and two health insurance companies. Apart from this, it can also offer services like mutual fund distribution, pension products, banking products, etc.

Step-by-Step Guide to Start an Insurance Marketing Firm in India

Step 1: Understand the IRDAI Guidelines

Before you start, you must understand the regulations set by IRDAI. These guidelines cover everything—from eligibility, capital requirements, and the structure of the IMF, to the code of conduct, registration fees, and renewal process.

You must refer to the IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015 for complete information.

Step 2: Choose the Right Business Structure

You can register your Insurance Marketing Firm as any of the following:

• Proprietorship
  
  

• Partnership firm
  
  

• Limited Liability Partnership (LLP)
  
  

• Private Limited Company
  
  

Most entrepreneurs prefer LLPs or Private Limited Companies for ease of compliance and liability protection. You can consult Corpbiz to decide the best structure for your business.

Step 3: Complete Basic Company Registration

For LLP or Private Limited Company, you need to:

• Get Digital Signature Certificates (DSC) for all partners/directors.
  
  

• Apply for Director Identification Number (DIN).
  
  

• Reserve your business name via MCA portal.
  
  

• Register the entity with ROC (Registrar of Companies).
  
  

Step 4: Appoint Principal Officer

As per IRDAI rules, you must appoint a Principal Officer (PO) who is responsible for regulatory compliance and operations. The PO must meet these criteria:

• Have minimum graduate qualification.
  
  

• Undergo 50-hour training from IRDAI-approved institution.
  
  

• Pass the IMF examination conducted by the National Insurance Academy.
  
  

Step 5: Meet the Capital Requirements

You must have a minimum net worth of ₹10 lakhs to register an IMF. This capital should be maintained at all times.

Step 6: Prepare Required Documents

Here are some of the key documents needed for Insurance Marketing Firm Registration:

• Certificate of Incorporation
  
  

• MOA and AOA or Partnership Deed
  
  

• Address proof of business premises
  
  

• PAN card and ID proof of promoters
  
  

• PO’s educational and training certificates
  
  

• Details of business plan
  
  

• Organizational chart
  
  

• Net worth certificate from a CA
  
  

Corpbiz can help you prepare a complete document checklist for smooth registration.

Step 7: Apply for IMF License with IRDAI

You need to apply in Form A to IRDAI along with supporting documents and pay a registration fee of ₹5,000.

IRDAI will examine your application, and if found eligible, will issue the Certificate of Registration.

Step 8: Get ISNP Registration (Optional but Recommended)

If you plan to sell insurance online, you will also need ISNP Registration Online (Insurance Self Network Platform). This registration allows your IMF to create a digital platform and offer policies online with full compliance.

At Corpbiz, we assist in obtaining ISNP licenses, ensuring smooth tech integration and regulatory approvals.

Step 9: Tie-up with Insurers

Once your IMF is registered, you can sign agreements with:

• Up to two life insurers
  
  

• Up to two general insurers
  
  

• Up to two standalone health insurers
  
  

This gives you flexibility to offer a variety of policies to your clients.

Step 10: Start Operations and Comply with IRDAI Guidelines

After approvals and tie-ups, you can start selling policies. However, you must:

• Follow the code of conduct as per IRDAI.
  
  

• Submit periodic reports to IRDAI.
  
  

• Renew the registration every 3 years.
  
  

• Maintain adequate infrastructure and trained staff.
  
  

Benefits of Starting an Insurance Marketing Firm

• Low entry barrier compared to full insurance brokerage firms.
  
  

• Can offer multiple financial products, not just insurance.
  
  

• IRDAI-regulated model enhances customer trust.
  
  

• Opportunity to expand digitally via ISNP registration.
  
  

• Growing Indian insurance market ensures high demand.
  
  

How Corpbiz Helps You

At Corpbiz, we provide complete support to individuals and companies looking to start an Insurance Marketing Firm in India. Our services include:

✅ Business structure consultation
✅ Documentation & licensing assistance
✅ Insurance Broking License Registration
✅ Insurance Company License Registration
✅ Insurance Marketing Firm Registration
✅ ISNP Registration Online
✅ Compliance and renewal support

Our legal and compliance experts ensure that you don’t face any delays or legal issues during or after registration.

Frequently Asked Questions (FAQs)

Q1. What is the difference between an IMF and an insurance broker?
An IMF is allowed limited tie-ups (2 each with life, general, and health insurers), while brokers can work with unlimited insurers. Brokers also require higher capital.

Q2. How long does it take to register an IMF?
If all documents are in place, the process takes around 30 to 45 days.

Q3. Is online selling allowed for IMFs?
Yes, but you need to get ISNP registration to legally sell policies online.

Q4. Can an IMF offer other financial products?
Yes, an IMF can also distribute mutual funds, pension products, and banking services subject to IRDAI approval.

Q5. What is the validity of an IMF registration?
The registration is valid for three years and must be renewed before expiry.

Conclusion

Starting an Insurance Marketing Firm is a great way to enter India’s insurance market. With limited capital and simplified regulations, it offers a great business opportunity for financial professionals and entrepreneurs. Whether you need help with Insurance Broking License Registration, Insurance Company License Registration, or ISNP Registration Online, Corpbiz is your trusted partner in the journey.

Author: Atul Shukla
Business Compliance Expert | Corpbiz
Helping entrepreneurs start and grow insurance businesses with compliance and clarity.

Source: How to Start an Insurance Marketing Firm in India: A Step-by-Step Guide