Insurance Agents Exam – IC 38

Insurance Agents Exam – IC 38 is the first and fundamental step towards becoming an IRDAI Agent/Insurance Advisor. Before recruiting, the IRDAI ( Insurance Regulatory and Development Authority of India, Insurance Institute of India) conducts this certification exam. The candidates need to pass this exam successfully in order to become a Life/Health/General insurance agent.

Steps for becoming an IRDAI Certified Insurance Agent

Select the Insurance Company you prefer to work in as an insurance agent.
Go to the nearest office of your preferred company or apply online on the company’s website.
Complete all the formalities by submitting the form along with your birth certificate and highest qualification proof to the selected insurance company.
Complete the 50 hours of training from IRDAI certified training institution. There is in-house training conducted by the respective insurance companies which will help you to prepare for IRDAI IC 38 examination. Candidates who are seeking a license for the first time to act as an insurance agent will have to get a complete 75 hours of training.
Once, you have completed the training, you will be provided with a Training Completion Certificate from the insurance company required to appear for the IRDAI Insurance pre-recruitment qualification exam.

IC-38 Exam Details

Insurance Agents Exam – IC 38 comprises a total of 50 questions. All the questions are either multiple-choice or multiple-response questions in which the candidates have to choose from a list of possible answers. The exam duration is 1 hour 50 minutes. The registration fee is Rs 250 and the examination fee is Rs 300. This exam is conducted in the English language. The candidates need to score 35% or more in order to pass the exam successfully. The IC-38 certification has a validity period of 3 years after which the candidates will have to renew their certification. Also, there is no negative marking system for this exam.

Prerequisites/Eligibility Criteria

The Insurance Agents Exam – IC 38 Exam has the following prerequisites-

According to the IRDAI Regulations 2000, the minimum qualification for candidates is to pass the 12th standard.
The candidate should have passed the 12th standard exam successfully from a recognized board if residing from a place of 5000 or more population.
The candidate should have passed the 10th standard if residing in a place with a population of less than 5000.

Course Outline for IC-38 Exam

Module 1 – Introduction to Insurance

Fundamental Concepts of Insurance
Customer Service Overview
Learning about the grievance redressal mechanism
Understanding the regulatory aspect of corporate agency
An overview of Insurance Contract Principles

Module 2 – Understanding Life Insurance

Life Insurance Concepts

Explaining Financial Planning

Life Insurance Product – I
Life Insurance Product – II
Understanding Life Insurance applications
Studying the concepts of pricing and valuation in life insurance
Documentation Policy
Underwriting
Payments ( Life Insurance Policy)

Module 3 – Overview of Health Insurance

Health Insurance Overview
Learning about Insurance Documentation
Health Insurance Products, Underwriting and Claims

Module 4 – Explaining the concept of General Insurance

Learning about the principles of Insurance
Having a clear understanding of the documentation
Learning the theory and Practicing Premium Rating
Overview of Commercial Insurance
Understanding the Claim Procedure

IC-38 Exam FAQs

Learn everything about this exam and get answers to your every question regarding the IC-38 exam by clicking here.

Renewing the License/Value of Certification

A candidate wanting to renew the license is required to make an application to the designated person in Form IRDA-Agents-VA.

On receiving the application form, the designated person renews the license if the candidate wants to renew the certification has the following qualifications –

Completed 25 hours of practical training
Successfully passed the IC-38 exam conducted by the Insurance Institute of India or other examination bodies.

If you are a Composite Insurance Agent, then you have to make two individual applications and complete 50 hours of practical training.

The candidates renewing the license will be required to pay Rs 250 as the renewal fee which will be valid for a period of three years.

Role of an IC-38 Certification Holder

After the completion of training and passing the IC-38 exam, the candidate is licensed by IRDAI to sell insurance policies or products to the customers and offer post-sales service, and provide the correct assistance to the customers.
The candidates/Insurance agents should assist the insurance customers to choose the right insurance policy suitable for them, their families, and relevant insurance for their businesses as well that will cover the risk from any unfortunate event.
The candidates are required to disclose to the insured customers all the products for sale and explain all the features and characteristics in detail offered by their respective companies.
You are required to gather the required documentation to explain to the customers all the information required to fill in the proposal form. Explaining the importance of disclosure of material facts affecting the underwriting decision and claiming settlement afterward.
Advise the insurance customer to affect nomination or assignment and assist them with any changes required in address, contact details, etc.

Registration Process

Firstly, create an account and register through the IRDA Portal
At the time of registration, a unique reference number is generated for every candidate.
Select the preferred exam date.
Make sure that your URN status is “Confirmed For Exams”, then send it to the NSE.IT Limited in the form of DDs.

When uploading the photo and signature in the portal, keep in mind that-

The photo and signature being uploaded in the portal are clear
The candidate’s face should cover 80% of the photograph
Should be a recent photograph with a size between 5KB and 50KB
The size of the signature should be 5KB and 10KB

Proceed to payment and do the payment in the form of a DD to the following address –

NSE.IT Ltd (Online Exam Center), Ground floor, Andheri-Kurla Road, Opposite Lotus Suites, Behind Trade Star Building, Andheri (East), Mumbai – 400059

Working Days – Monday – Friday 9.30 am to 05.30 pm

Exam guidelines for IC-38

1. Candidates should have any one of the following original photo identity proofs specified by the Regulatory Body-

PAN Card
Passport
Driving License
Election ID Card
Bank passbook including photo
Credit or Debit Card including Photograph
College ID, if any

2. The candidates will be only allowed a pen and a calculator.

3. No personal belonging is allowed in the exam hall including mobile phones.

4. Candidates are only allowed to use a mouse. There is no use of the keyboard in the exam, hence should not be used by candidates for any purpose.

5. The candidates will be provided with 10 minutes grace time if there is an internet or a power issue.

Preaparatory Guide

Getting certified for this exam is not that easy and requires a lot of focus, hard work, and determination. Also, it is important to put your efforts in the right direction and for that, you need an effective plan. To make your work easier, here is a well-planned, systematic format to help you reach your target. This study guide will give you an entire plan for your preparation including learning resources, practice tests, and more.

Refer to the official Site and Course Structure

Before starting the preparation, it is essential that you gather all the relevant and important details, information regarding the exam. This should be the first step a candidate needs to take when preparing for this exam. The candidate should visit the official site of the Insurance Agents Exam – IC 38 as it will contain the most accurate and original information. This site will provide you with all the latest updates about the exam and all the important exam guidelines. This also includes the resources you will need to prepare for the exam such as sample papers, online documentation, e-resources. Most of these are provided free of cost and some might charge you. Don’t forget to visit the website or lose out on any important information.

Also, it is very important for this exam is to carefully understand all the course modules in detail. Make sure you have clearly examined each of the core and elective modules. Study thoroughly and have an in-depth knowledge of every topic covered in the modules.

Module 1 – Introduction to Insurance
Module 2 – Learning about Life Insurance
Module 3 – Overview ofHealth Insurance
Module 4 – concept of General Insurance

Learning Resources provided by IRDAI

E-Books

There are E-Books provided by the IRDAI to the candidates to help them prepare for the exam. These will cover all the detail and modules coming in the exam. You will have to buy the e-book in order to have access to it. You can buy the book from the Institue of India’s website. Also, you need to be a registered member or candidate of the Insurance Institute of India to have access to the e-book.

Hard Copy of Study Materials

The candidates will also be provided with the hard copy of study materials, notes required for preparing for the IC-38 exam.

Reference Books

Books are always the best choice when preparing for an exam. The candidates must seek books that are full of relevant and useful information. The following are some books you can refer to when preparing for this exam –

Coursebook on Life Insurance (IC-38) by Mohinder Singh Kamboj
The Ultimate Guide to IC-38 IRDAI Life Insurance Agent Exam by M V Chary Smith
Insurance Principles and Practice book by SB Mishra Mn, S Chand

Practice Tests

Practice questions are very crucial for the preparation of the exam. This will help you to find your strengths and weaknesses, which you can work on to perform better each time. Self-evaluate your performance. Take as many practice tests as you can. This will boost up your confidence and get you familiar with the exam format and environment. Take a free practice test now!