IRDA IC38 (Insurance Agent) Exam
The Insurance Institute of India (III), on behalf of IRDA (Insurance Regulatory and Development Authority), conducts the Agent IRDA exam to recruit insurance agents for various insurance companies. IRDA Exam is also known as the Insurance Agent Exam or IC-38 Exam.
To become an insurance agent, a person needs to qualify the IRDA IC38 exam. The candidate who will qualify the IRDA exam will get the license of Insurance Agent which will be valid for a period of 3 years. After the expiry of that licence, that candidate will be required to attend a physical training course of 25 hours so as to extend it again for a period of 3 years. For this, a renewal certificate will be issued to them.
1. Eligibility Criteria:
A. Age: A candidate must be above 18 years of age and there is no upper age limit
B. Minimum Educational Qualification: 12th pass for urban area residents and 10th pass for rural area residents (if the population is less than 5000).
C. Essentiality: To appear in the IRDA IC38 exam, a person must first be an insurer of the insurance company they wish to join. They will then have to attend 50 hours of training from an IRDA approved training institute to be called a life, general or health insurance agent.
- The training will be 75 hours for the first-time candidate.
- The insurance company will tie up with the training providers and they will arrange the training.
2. Exam Scheme:
There is no specific date fixed for the IRDA exam. When a group of applicants apply for it, the conducting body (Insurance Institute of India) conducts this IRDA exam accordingly. When the Insurance Institute of India releases the notification for the conduct of this exam, then the person willing to appear in this exam has to book their slot to appear in the exam.
There will be an online test consisting of 50 multiple-choice questions for 1 hour. Each question is of one mark. A person has to get 35% marks to pass this exam. The exam consists of 4 sections which are as follows:-
| Sections | Topics |
|---|
| 1. | Common Chapters | Introduction to Insurance, Customer Service, Grievance Redressal Mechanism, Regulatory Aspects of Insurance Agents, Legal Principle of an Insurance Contract |
| 2. | Life Insurance | What Life Insurance involves, Financial Planning, Life Insurance Products 1 and 2, Applications of Life Insurance, Pricing and valuation in Life Insurance, Documentation- Proposal Stage and Policy condition, Underwriting, Payments under a Life Insurance Policy |
| 3. | Health Insurance | Introduction to Health Insurance, Insurance Documentation, Health Insurance Products, Health Insurance Claims, Health Insurance Underwriting |
| 4. | General Insurance | Providing Technical Product Information, Providing professional advice, Fulfilling legal and regulatory requirements, Understanding Customer Protection and Ethics |
3. Issuance of Admit Card and Exam:
Admit cards for the IRDA IC38 exam will be available after slot booking. Candidates can download their admit cards online after entering their registration number and password.
A candidate has to appear at the examination centre with an admit card (in hard copy) and original photo identity proof issued by the government authority.
