Every year, the Insurance Institute of India conducts the Insurance Regulatory and Development Authority ( IRDA ) exam to recruit insurance agents for insurance companies. Insurance agents are responsible for persuading customers to purchase insurance policies on behalf of the organization and assisting the public when they claim. It is profitable to be an insurance advisor in the long run as you get unlimited commissions on the basis of plans you sell. LIC agents get an attractive salary, lifetime pension, an advance for festive celebrations, a low rate of interest on home loans, a free rate of interest on vehicle loans etc.
Candidates can register for the irda online exam by visiting the official website.
Eligibility Criteria – A person must have a minimum qualification of a pass in 12th standard from a recognized institution to get a license of an insurance agent. The minimum age of the applicant must be at least 18 years. Their license can either be of a life insurance agent or a general insurance agent. It is mandatory that every agent is certified before they are granted permission to sell insurance. They have the correct knowledge of selling the right information product.
IRDA Online Training – Online training of 50 hours must be completed by the candidate from a training institution approved by IRDA. The training prepares one with the basic and important concepts of insurance conducted. They will make you aware of the insurance market, principles of insurance and major terms related to insurance. You will also be taught how to sell insurance policies. It becomes simple to qualify for the exam if you take the training accurately. Candidates who are willing to obtain a license of both life insurance agent and general insurance agent are required to attend a training session of 75 hours. They need to fill two separate entry forms. The insurance license is valid for three years, and after the expiry of the license, one needs to undergo a training of 25 hours to renew the license.
Syllabus and pattern of question paper – The syllabus of IC38 exam includes all aspects of understanding insurance and the general rules and regulations, numerical problems on loan, percent and discount calculation, understanding ethics, customer protection and claims. IRDA exam pattern consists of objective type questions. The questionnaire is of 100 marks, and a candidate must score at least 40% to qualify for the exam.
Preparation Strategy – Read all the chapters of the syllabus thoroughly and focus on important topics. Have a deep knowledge of the subject. Practice the question sets regularly. Solve past years question papers to know of the quality of questions. Each correct answer will fetch you one mark, and there is no negative marking so attempt the questions you are sure of first and avoid wasting time on doubtful questions. Making short notes will help you in quick revision. Take an ample number of mock tests once you are done with the syllabus to know of your strengths and weaknesses. Planning things before you start studying leads to smart preparation. The duration of the exam is 1 hour. While practicing mock tests, set a time limit and make sure that you complete the exam within the specified time limit. Try to complete the exam ahead of time so that you can get enough time for revision. Concentration is crucial as even a minor mistake during the interview or exam might keep you away from cracking the exam.
Choice of study material – The syllabus of any competitive exam is vast, and the choice of right study material plays a crucial role in cracking the exam. It’s advisable to choose study material which has an ample number of practice sets and has well-explained theoretical concepts. NCERT books are well structured with step-by-step details, and appropriate explanations are given for all concepts. The books are written in simple language which makes it easy to grasp the content.
Some recommended books to prepare for IRDA online exam are –
- The Ultimate Guide to IC38 by M V Chary
- Health Insurance Agents MCQ’s guide for IRDA exam IC38 by Dr Rakesh Agarwal
- Life Insurance agents MCQ guide for IC38 by Dr Rakesh Agarwal
- General Insurance Agents MCQ Guide for IC38 by Dr Rakesh Agarwal
- Principles of Insurance – Dr Rakesh Agarwal
The exam is conducted in online mode, and candidates get the results within five days of the examination. The preparation and performance of a student determine the marks scored by them during the examination. The exam is conducted to ensure that candidates with good knowledge are recruited to sell insurance policies. With an effective preparation strategy, one can crack the irda online exam and become an insurance agent.