Click above link to download the III book
Details of IC 38 Examination
- First the candidate needs to enrol and register with the insurance company as per his choice. Then through the insurer he will be able to write the exam.
- There is a fee of 500/- rupee one needs to pay to sit for the examination.
- IC 38 is an online examination and no offline exam is conducted as of now. The test will be conducted as designated centres over a computer terminal.
- Time limit for the exam is 1 hour or 60 minutes.
- There are total 50 multiple choice questions and each question will have only one correct answer.
- Correct answer for every question gains one mark and there is no negative marking for wrong answer.
- Minimum marks to pass the test is 18 out of 50 which comes to be 35%. Even if a candidate gets 17 marks in the test, one mark will be given as grace to pass the exam. So, in total we need to answer at least 17 correct questions to pass the test.
- The multiple-choice questions will be from Common insurance topics, General insurance, Life insurance and Health Insurance
- The result is generated as soon as the candidate submits the test.
Tips to Pass IC 38 Exam
- Don’t leave any question unanswered and attempt every question as there is no negative marketing in the test.
- Those people may find to pass the test difficult, who attempt sitting the test without having an insurance background and without even referring the study materials even once. It is thus highly advised to go through the study material at least once before sitting the test. Covering the whole syllabus at least once will give the candidate the required confidence to pass the test in single attempt.
- During the test it is advised to read carefully all the questions and particularly the options given by which the candidate can be able to relate the nearest answer, even if he cannot exactly recollect the specific answer.
- Utilize the total one hour provided in carefully reading the questions and options. Never try to attempt the test in a hurry.
- Time management is quite an important one while writing a multiple-choice type test of 60 minutes. Candidate should remember he has approximately 1 minute and 20 seconds per question in the test. One should not spend too much time on any particular question by keep on recollecting the correct answer. In this case there is a chance that he may not have sufficient time in the end to even go through all the 50 questions.
- One should mandatorily keep some spare time in hand to quickly revise the answers at the end. This reduces the chance of erroneously ticking up the wrong answer and increases the chances of passing the test.
IC 38 Study Materials and Guides
- Syllabus and study material are available to download for free of cost from the insurance institute of India website.
- This study material is the best way and may be considered as the ultimate guide to prepare for the exam. The whole syllabus is divided in life, non-life, and health and presented in form of chapters. There are also example and practise multiple choice type questions which gives the candidate a fair idea of the type of questions he can expect in the test.
- One can practise a few mock tests available in the internet.
Eligibility Criteria for becoming Insurance Advisor
As per IRDAI (Licensing of Insurance Agents) Regulations 2000, requires 12th standard as minimum qualification for applicants. Applicant should be 12th standard exam passed from recognized board if he resides in a place with 5000 or more population and should be 10th passed if he resides in place with population less than 5000.
Insurance Agent cannot change the Agency from one Insurance Company to another. So, you need to be very careful when we choose the Insurance Company. Insurance Agent can take maximum 3 Licenses from General Insurance Company, Life Insurance Company and SAHI Companies.
Initial steps to be followed to become Insurance Agent:
- Choose the Insurance Company for which you want to become Insurance Agent.
- Walk to the nearest office of your chosen company OR Apply online on Insurance Company’s website OR
- Enrol yourself with the Insurance Company you wish to be associated with as only through the Insurance Company you will be able to appear for examination.
- Complete the formalities by submitting the completed form along with the birth proof and highest qualification proof to Insurance Company office.
- Complete 50 hours training from IRDAI approved training institutions. Now, in-house trainings are arranged by respective Insurance Companies which helps to prepare for IRDAI examinations.. Applicant seeking license for the first time to act as composite insurance agent will have to complete 75 hours of training.
- Once the training is completed you will be provided with Training Completion Certificate from the Insurance Company to appear for the IRDAI Insurance pre recruitment qualification examination.
- Post examination & based upon the issue of the license by the Designated Person of the Insurance Company the agent should enter into an agency agreement with the Insurance Company valid for a specific period.
Composite Insurance Agent: – Composite Insurance agent holds a licence to act as an insurance agent for both Life Insurance Company and General Insurance Company. IRDAI insurance agent can represent one life insurance Company and one non-life insurance company and can also represent one standalone health insurance Company (SAHI Company).
Renewing Agent Licence: – A person desiring to renew licence; should make application to designated person in Form IRDA-Agents-VA. On receipt of application designated person renew the licence if the applicant seeking renewal of licence possesses the required qualification, has completed 25 hrs practical training & has passed the pre-recruitment examination conducted by Insurance Institute of India or other examination body. Composite Insurance Agent has to make two separate applications & has to complete 50 hrs practical training from an approved institution. Designated person also assures the applicant’s application fitment in all aspects along with requirement of necessary knowledge of insurance products & business to procure insurance business & necessary capability in providing services to the policy holders.
Fees: – Rs 250/- is the fees payable for issue or renewal of Insurance agent license. License issued stands valid for a period of three years.
Role of Insurance Agent: –
- Post completion of training & passing examination, an individual agent is licensed by IRDAI to sell insurance policies/products to the customers and provide post sales service including assistance (By identifying himself & Insurance Company of whom he is an Insurance Agent) to the insured customers at the time of claim.
- An Insurance Agent should serve Insurance customers to choose the right insurance policy for them, their families & appropriate insurance for their businesses that covers risk which in an unfortunate event may act as a financial aid.
- Insurance Agent should disclose to the Insured customers products for sale along with its features in detail offered by his Insurance Company.
- Insurance agent is required to obtain requisite documents required by Insurance Company & to explain the customers; information required to fill in the proposal form & explain to the customer importance of disclosure of all material facts which may affect underwriting decision & claim settlement later on.
- Insurance Agent should advise insurance customer to effect nomination or assignment & assist wherever necessary for any change in address, contact details etc.
Legal and Regulatory Aspects of Insurance Agency
Insurance Agent Licence granted by Insurance Regulatory & Development Authority of India is under the section 42 of Insurance Act. The Validity of Licence is 3 Years. If the Licence is cancelled due to fraud it cannot be renewed for five years. Insurance Agent needs to produce his/her licence in case anyone demands it.
Business sourced through Life Insurance Companies:
- Term Insurance
- Endowment Policy
- Retirement Plans
- Unit Linked Insurance Plans (ULIP)
- Whole Life Plans
- Money Back Insurance
- Child Insurance Policy
Business sourced through General Insurance Companies:
- Fire & Special peril Insurance
- Motor Insurance
- Health & Personal Accident Insurance
- Travel Insurance (Overseas & Domestic Travel)
- Marine Insurance
- Micro Insurance/Rural Insurance
- Liability Insurances
- Commercial Insurance
- Crop Insurance
- Home & Burglary Insurance etc.
Business that can be sourced through Stand-Alone Health Insurance Companies (SAHI Companies)
- Retail Health & Personal Accident Insurance (Indemnity & benefit Health, PA, Critical illness, Senior Citizen, Hospital Cash, Travel, Top-Up, Super Top-Up, Disease specific products etc.)
- Group Health, Group Personal Accident, Group Critical illness etc.
List of Life Insurance companies in India: –
- Life Insurance Corporation of India.
- HDFC Standard Life Insurance Co. Ltd.
- Max Life Insurance Co. Ltd.
- ICICI Prudential Life Insurance Co. Ltd.
- Kotak Mahindra Life Insurance Co. Ltd.
- Aditya Birla SunLife Insurance Co. Ltd.
- TATA AIA Life Insurance Co. Ltd.
- SBI Life Insurance Co. Ltd.
- Exide Life Insurance Co. Ltd.
- Bajaj Allianz Life Insurance Co. Ltd.
- PNB MetLife India Insurance Co. Ltd.
- Reliance Nippon Life Insurance Company.
- Aviva Life Insurance Company India Ltd.
- Sahara India Life Insurance Co. Ltd.
- Shriram Life Insurance Co. Ltd.
- Bharti AXA Life Insurance Company Ltd.
- Future Generali India Life Insurance Company Limited.
- IDBI Federal Life Insurance Company Limited.
- Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited.
- Aegon Life Insurance Company Limited.
- DHFL Pramerica Life Insurance Co. Ltd.
- Star Union Dai-Ichi Life Insurance Co. Ltd.
- IndiaFirst Life Insurance Company Ltd.
- Edelweiss Tokio Life Insurance Company Limited.
List of General Insurance companies in India including Standalone Health Insurance Companies:-
- Bajaj Allianz General Insurance Co. Ltd.
- ICICI Lombard General Insurance Co. Ltd.
- IFFCO Tokio General Insurance Co. Ltd.
- National Insurance Co. Ltd.
- The New India Assurance Co. Ltd.
- The Oriental Insurance Co. Ltd.
- United India Insurance Co. Ltd.
- Reliance General Insurance Co. Ltd.
- Royal Sundaram General Insurance Co. Limited
- Tata AIG General Insurance Co. Ltd.
- Cholamandalam MS General Insurance Co. Ltd.
- HDFC ERGO General Insurance Co. Ltd.
- Export Credit Guarantee Corporation of India Ltd.
- Agriculture Insurance Co. of India Ltd.
- Star Health and Allied Insurance Company Limited (SAHI)
- Apollo Munich Health Insurance Company Limited (SAHI)
- Future Generali India Insurance Company Limited
- Universal Sompo General Insurance Co. Ltd.
- Shriram General Insurance Company Limited,
- Bharti AXA General Insurance Company Limited
- Raheja QBE General Insurance Company Limited,
- SBI General Insurance Company Limited
- Max Bupa Health Insurance Company Ltd. (SAHI)
- Religare Health Insurance Company Limited. (SAHI)
- Magma HDI General Insurance Company Limited
- Liberty General Insurance Limited
- Cigna TTK Health Insurance Company Ltd. (SAHI)
- Kotak Mahindra General Insurance Company Limited
- Aditya Birla Health Insurance Co. Limited. (SAHI)
- DHFL General Insurance Limited
- Acko General Insurance Limited
- Go Digit General Insurance Limited
- Edelweiss General Insurance Company Limited