Insurance Advisor Exam IC 38 (Variable-YEAR)

Insurance Advisory Exam in India

To become a POSP insurance agent and start selling insurance with the insurer, an individual has to appear for the IC 38 examination. This is the traditional way to pursue a career as an insurance advisor. However, unlike POSP agent, an insurance advisor can sell insurance only from one specific insurance company with which he is enrolled as an advisor.

Eligibility Criteria to Become an Insurance Advisor in India

The below eligibility parameters have to be fulfilled to appear for the insurance advisor exam in India. You can appear for the exam only if you meet the below eligibility criteria.

• You should be at least 18 years old
• You should have passed class 10 if you reside in rural area
• You should have passed class 12 if you reside in urban area

Preparing for Insurance Advisor Examinations

Preparing for insurance advisory examinations is quite simple and an easy process. The first step is to appear for the training prescribed by IRDAI. During the training, you will be given knowledge about various insurance concepts and it’s importance. As per the prescribed syllabus, you will be guided on the below:

• Insurance market and it’s channels
• Principles of insurance
• Concept of insurance, it’s needs and purpose
• Important terms associated with insurance such as risk, peril, hazard, etc.
• Principles of insurance
• How to sell insurance, etc.

Insurance Advisory Exam Structure

The insurance advisory exam is conducted online. You will have to visit the nearest IRDA certified center to appear for the exam. The exam is a 50 mark questionnaire with multiple choice options. You have to score 40% to clear the exam and you will be eligible to receive the insurance advisory license.

Insurance advisory exam sample questions:

Coverage for suicide under a life insurance plan is provided within

• One year of policy revival
• One year of policy purchase
• Both of the above

ULIPs allow which of the below features

• Premium redirection
• Top up
• Partial withdrawal
• All of the above

An insurance advisor is required to follow the below practice

• Objection handling
• Fact finding
• Knowledge of financial products
• All of the above

Assignment is defined under section XXX of the insurance Act, 1938

• 38
• 39
• 41
• 86

Which principle is unique to life insurance policies

• Agreement and offer
• Consideration
• Uberrima fides
• All of the above

Insurance policies that are designed for rural population are known as

• Micro insurance plans
• Rural insurance plans
• Group insurance
• All of the above

Which of the below is a pure protection

• Term insurance
• ULIP
• Money back plan
• Endowment plan

IRDAI Registration Process for IC 38 Examination

To get started with the IRDAI registration process, you will first need to enrol with the insurance company who you would like deal with I.e sell policies of. Provide all the information to the insurance company in the registration form and proceed by paying the registration fee. Once you fill the form and submit it, the company will register you for the exam.
Then you will have to undergo the IRDAI prescribed training before appearing for the insurance advisory exam.

Insurance Advisory Exam Importance

Every individual looking to sell insurance is mandated to appear for the IRDA prescribed exam. Without the license, the insurance advisor will not be eligible to sell insurance. The main intent of the exam is to ensure that the insurance advisor is well qualified and trained to sell insurance. Insurance can be a complex subject for many, and hence with the exam, it becomes easy for the advisor to sell insurance by gaining the required knowledge. The insurance advisory exam tests the knowledge of the advisor and only those who clear the exam are eligible to get the license to sell insurance.
Licensed POSP insurance agent are well aware of the various insurance plans available and can recommend or sell the right insurance product to the client.