What is IC-38 Exam? How to clear it?

The insurance sector is among the fastest-growing industries in the Indian economy, regulated by the Insurance Regulatory and Development Authority of India (IRDAI). To pursue this career, one must obtain an IC--38 exam. This exam is conducted online and features multiple-choice questions.   

Insurance is no longer seen as a luxury but as a necessity for financial planning. This surge in demand has created a vast market for life insurance agents ,health insurance agents, motor insurance agents, and general insurance agents.

What is the IC-38 Exam ?

The IC-38 exam is a qualifying examination conducted by the Insurance Regulatory and Development Authority of India (IRDAI) for individuals who wish to become licensed insurance agents or advisors. It serves as a gateway for those aspiring to sell insurance products in India.

The IC- 38 exam is divided into two categories

• IC-38- Insurance Exam divided into three parts Life, Non-Life, and Health
• IC-38-  Corporate Insurance Agent Exam are divided into 2 parts General and Health

IC 38 Insurance Advisor Exam Eligibility Criteria

• You must be at least 18 years old to apply.
• You should have completed at least 10th grade from a recognized board.
• You must pass the IRDAI licensing exam to become a certified insurance agent.

How to Register for the IRDAI Exam

To register for the insurance advisor examination, you must first enroll with an insurance company whose policies you intend to sell. The enrollment process involves filling out a registration form provided by the insurance company. Ensure that all your details are accurately entered in the form and pay the registration fee, which is determined by the IRDAI and may vary.

After completing the registration form and paying the required fee, you will be officially registered for the IRDAI exam. However, before you are eligible to take the exam, you must complete the mandatory training prescribed by the IRDAI. Only after finishing this training can you sit for the insurance advisor exam.

IC 38 Insurance Exam Format

Below, you will find a detailed overview of both the syllabus and structure for the IRDA insurance agent exam pattern:

Type of Questions:

1. Multiple Choice Questions (MCQs): Each question has four options, out of which only one is correct.
2. Scenario-Based Questions: Some questions may present a real-life scenario where candidates need to apply their knowledge to choose the correct answer.
3. Fact-Based Questions: These are straightforward questions testing knowledge of factual information about insurance regulations, products, or terms.

Sample Question - Insurance license exam

1: Which among the following is the regulator for the insurance industry in India?

1. Insurance Authority of India
2. Insurance Regulatory and Development Authority of India
3. Life Insurance Corporation of India
4. General Insurance Corporation of India

A bonus of ₹1000 is to be divided among three people so that Rajat gets twice as much as Suraj, who receives ⅕ as much as Ganga. How much money should Ganga receive?

1. ₹625
2. ₹375
3. ₹250
4. ₹100

Which type of insurance provides financial support to the insured in case of hospitalization?

1. Life Insurance
2. Health Insurance
3. Motor Insurance
4.  Travel Insurance

Which among the following is a method of risk transfer?

1. Bank FD
2. Insurance
3. Equity shares
4. Real estate

A customer having a complaint regarding his insurance policy can approach IRDA

1. IGMS
2. District Consumer Forum
3. Ombudsman
4. IGMS or District Consumer Forum or Ombudsman

IRDAI Life Insurance Exam Syllabus

• Principles of insurance
• Insurance products
• Regulations and guidelines
• Insurance marketing and sales
• Insurance claims and settlement
• Ethics and customer service

To obtain IRDAI certification as a Life Insurance Agent, it's essential to thoroughly cover each topic and grasp the key concepts and principles. Ensure you study all the topics outlined in the syllabus to be fully prepared for the exam.

Read More - IRDA Hall Ticket - Everything You Need to Know

Tips to clear the Insurance Broker Exam

1. Focus on IRDAI Study Material

The study material provided during pre-licensing training covers the exam syllabus comprehensively.

2. Practice Mock Tests

Attempting practice exams and previous question papers helps in familiarizing myself with the question pattern and time management.

3. Understand Key Concepts

Especially in areas like insurance principles, regulatory norms, and different insurance products.

How can PBPartners help you become a certified Insurance agent?

By partnering with PBPartners, you gain access to a robust support system that not only helps you become a certified insurance agent but also empowers you to succeed and thrive in your insurance career. We are equipped with the best training team and give you IRDAI-prescribed pre-licensing training that covers the syllabus required to pass the IC-38 exam. This training includes detailed modules on insurance products, industry regulations, ethics, and sales techniques.

Bottom Line

Passing the IRDAI exam to become an insurance advisor demands dedication, hard work, and a solid grasp of the exam pattern and syllabus. By following the steps outlined in this article, you can prepare effectively and boost your chances of success.

Make sure to thoroughly study the syllabus, use reliable study materials, take mock tests, revise regularly, and stay updated with the latest industry developments. With the right preparation and a positive mindset, you can successfully clear the IRDAI exam and begin a fulfilling career as an insurance advisor in India.

An insurance career is rewarding and you can choose to become an insurance advisor either with an insurance company or with PBPartners to benefit from insurance sales.

FAQs

What are the passing criteria for the IRDAI exam to obtain certification as a Point of Sales (PoS) agent?

The online insurance advisor's exam comprises a 50-mark questionnaire featuring multiple-choice questions. To successfully clear the examination and qualify for an insurance advisor's license, a minimum score of 40% is required.

What is the basic qualification for an insurance agent?

Qualification: The fundamental requirement is a minimum pass in the 10th standard or an equivalent examination from a recognized Board/Institution.

How can one effectively prepare for the IRDA exam?

To crack the IRDA exam, start by gathering pertinent study materials, giving special attention to official IRDA study materials when available. Understand the exam pattern and syllabus, and formulate a well-organized study plan by setting achievable daily and weekly study objectives.

What does POSP stand for?

POSP stands for Point of Sales Person. A certified POSP Insurance Agent, synonymous with an insurance agent, possesses the authority to sell insurance policies to consumers directly. This includes a diverse range of insurance products, from Motor and Life to Health and business insurance.

How can I obtain certification as an IRDAI agent?

• Registration: Begin by visiting the insurer's website. Locate the insurance agent application and provide the necessary basic details.
• Training: Following registration, you must undergo the essential training mandated by the IRDAI, which is available in both online and offline formats.

Is the IRDAI Insurance exam administered online or offline?

The IRDA exam takes place in a blended mode, combining online and offline elements. Specifically, question papers are reflected on a computer, while answers are recorded on physical answer sheets.