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What is the IRDAI Exam?
IRDAI insurance agent exam is an entrance point for those aspiring for a career as an insurance agent. The exam plays a significant role in obtaining a license to sell insurance products. The exam is a blend of theoretical and practical knowledge. IRDAI tests the candidate's knowledge regarding insurance regulations, claim procedures, and policies. Procuring the license by preparing well and passing the exam enables them to safeguard the interests of prospective clients by guiding them to make informed decisions.
Why is the IRDAI Exam Mandatory for Life Insurance Agents?
Every individual aspiring to become a life insurance agent has to take up the IRDAI exam for insurance agent. The reasons for making the insurance exam compulsory are:
The aspiring agent should have a insurance advisory license to sell the products which is given only on passing the IRDAI exam for insurance agent.
The intention of conducting the exam is to ensure that the insurance agent is qualified and trained to sell the products.
Understanding insurance products can be complex for some of them. The knowledge gained through the exam gives them the confidence to sell the products.
Licensed insurance advisors are well-versed in the various insurance products and can efficiently customise the plans to align with the client’s needs.
Eligibility Criteria for the IRDAI Exam
To appear for the IRDAI (Insurance Regulatory and Development Authority of India) exam, candidates must meet the following eligibility requirements:
Age Limit
Minimum Age: 21 years
Maximum Age: 30 years
Educational Qualification
The required qualifications vary based on the role and location:
For Insurance Advisor
-Rural Areas: Minimum qualification is 10th pass
-Urban Areas: Minimum qualification is 12th pass
Post-Specific Qualifications
Actuarial
-First Class Bachelor's Degree with a minimum of 60% marks (aggregate of all semesters/years)
-Must have passed Nine papers of the Institute of Actuaries
Accounting
-First Class Bachelor's Degree with a minimum of 60% marks (aggregate)
-Must possess ACA / AICWA / ACS qualification
Legal
-First Class Bachelor's Degree with a minimum of 60% marks (aggregate)
-Must have either: LL.B with 60% marks, or Five-year Integrated LL.B course in First Class with 60% marks (aggregate)
General
-First Class Bachelor's Degree with a minimum of 60% marks (aggregate of all semesters/years)
Note: It is strongly recommended to refer to the official eligibility brochure before applying for the exam to ensure compliance with all criteria.
Necessary Documents for Registration
The documents necessary for IRDAI exam for insurance agent registration are:
Application form duly filled and signed.
Two recent passport-size photographs (coloured)
Address Proof
Education proof.
Date of Birth Proof
Photo ID Proof
A cancelled cheque
Bank statement for the last 6 months
IRDAI Exam Registration Process
The registration process for the IRDAI exam for insurance agent is given below:
Enroll with an Insurance Company
To begin with you should enrol with the IRDAI accredited insurance company you wish to work for. Undergo the mandatory 15 hour training programme comprising insurance regulations, claim procedures, and policies.
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Submit Required Documents
Fill out the prescribed form and submit it along with necessary documents such as date of birth proof, education proof, address proof, Photo ID proof, passport-size photographs, and cancelled bank account cheque.
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Pay the Registration Fee
On filling out the form, you get a registration number. You pay the registration fee online using the registration number.
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On completion of the registration process, you receive the exam slot and admit card via email or a registered portal.
IRDAI Exam Structure & Syllabus
The structure and syllabus for the IRDAI exam for insurance agent are given below:
The IRDAI exam for insurance agent is a 1-hour exam comprising a multiple-choice questionnaire. The question paper consists of 50 questions with 1 mark allotted for each question. You need 40% marks to qualify for the insurance advisory license. You have to score 40% to pass the insurance sales examination.
Key Topics Covered in IRDAI exam for insurance agent are:
Principles of Insurance
This topic covers the basic rules and concepts governing insurance contracts. The principles include insurable interest, good faith, indemnity, and more. The basic rules in the contract ensure fairness, reliability, and sustainability for both the policyholder and the insurance company.
Insurance Products & Policies
Insurance products and policies are all about the basics of insurance principles, regulatory structure, and insurance products, sales techniques, claims procedure and ethical practices.
Risk, Peril, and Hazard
You learn about the types of risks involved such as financial and non-financial. It also deals with the identification of these risks and how to mitigate and transfer them. The perils covered are natural like earthquakes, floods, etc., and human like theft and fraud. Peril is physical such as falls, frauds, and negligence. How to incorporate in the insurance claim angle is dealt with.
Selling Insurance Policies
You attempt questions on selling techniques i.e., identifying customers, understanding their needs, explaining insurance products, dealing with customer’s concerns, convincing them to buy, and follow-up to retain customers.
Regulatory Guidelines
The regulatory guidelines cover the code of conduct, licensing, claim settlement rules, grievance redressal, identity verification, disclosures, approvals, violations, penalties, and agent remuneration norms.
IRDAI Exam Sample Questions & Preparation Tips
The IRDAI exam sample questions and preparation tips will familiarise you with the insurance agent examination process.
Example Questions
Several sample questions covering every topic are available online. You get an insight into the exam pattern and what to expect in the insurance agent certification exam.
Here are some sample questions based on the syllabus for the insurance agent certification exam.
1. What does the first premium receipt signify?
Free-look period has ended
Evidence that the policy contract has begun
Policy cannot be cancelled now
Policy has accrued a certain cash value
2. Section 45 (indisputable clause) of the Insurance Act protects the insurer from Claim rejection provided the policy has been completed:
1 year
3 years
5 years
7 years
3. Which insurance policy offers both insurance and investment components under a single plan?
Endowment Plan
Unit Linked Insurance Plan
Term Insurance Plan
Money Back Policy
4. If the complex language used in a policy document gives rise to ambiguity, how will it be viewed?
In favour of the insurer
In favour of the insured
The policy will be declared void and the insurer instructed to return the premium with interest
The policy will be declared void and the insurer instructed to return the premium without interest
5. Insurance works on the principles of:
Sharing losses
Probabilities
Large Numbers
Randomness
Recommended Study Materials
You can refer to the following insurance exam study material to equip yourself for the actual exam:
The IC 38 course material sourced from the Indian Institute of Science (III) website covers the basics of insurance, its products, principles, and regulations.
The IC 38 Insurance Agent’s Health Book covers relevant topics of the exam.
Mock Tests & Practice Exams
Mock tests and practice exams will have a set of papers with sample questions along with answers. These are available online. You can solve the papers and refer to the answers to arrive at the score.
Attempting several mock tests is an integral part of the insurance advisory test preparation. The practice exams make you proficient and you can score well and succeed in the online IRDAI exam.
Why is the IRDAI Exam Important?
The IRDAI exam for insurance agents is mandatory to obtain an insurance business license and is important for several reasons. They are:
Firstly you will understand the features and benefits of the various insurance products.
With in-depth knowledge of the products, principles and regulations, the agent will be able to guide customers correctly, prevent fraud, and comply with IRDAI regulations.
It enables the agent to gain authorisation to sell insurance products legally and gain customer trust.
It helps the agents earn commission and progress professionally.
Success Stories of our DigiFCs
Here are some stories of successful insurance agents:
Sivaramakrishnan A N-Consultant
Be your own Boss! With no up-front monetary Investment. DigiFC is the answer!
Paul Thekkekara-Consultant
Partnering with DigiFC, HDFC Life has been a transformative decision for me.
Shweta Dubey-Consultant
I had a positive experience and helped me for personal and professional growth.
Jordan Alfred Andrades-Consultant
The decision to join DigiFC - HDFC Life has been a game-changer for me.
FAQs on IRDAI Exam for Life Insurance Agent
1 Who is eligible for the IRDAI exam?
Any individual who is 18 years old and is10th Standard pass if residing in rural areas and 12th Standard pass if residing in urban areas is eligible for the IRDAI exam for insurance agent.
2 What is the exam for an insurance agent in life insurance?
The exam for an insurance agent in life insurance is the IRDAI exam for insurance agent.
3 What are the fees for the life insurance agent exam?
The fee structure for the life insurance agent exam comprises registration fees and exam fees. The registration fee is Rs. 700 and the examination fee is Rs. 500 per subject.
4 Is the IRDAI exam online or offline?
The IRDAI insurance agent exam is an online exam.
Conclusion
The insurance industry has created a job opportunity by enabling individuals to be intermediaries to sell their products. However, completing the IRDAI exam for insurance agent is mandatory to obtain the license to sell insurance products legally. The exam will equip you with knowledge about the products, principles, regulations, selling techniques, and ethics so that you can bring in new clients, guide them to choose a plan that suits their requirements, build customer trust, ensure policy renewals, help customers with the claim process, etc. If you are looking for a part-time or full-time career with a flexible working environment, register with an insurance company of your choice and take up the insurance policy regulations test as soon as possible.
ARN : DM/04/25/22736