This comprehensive guide will walk you through everything you need to know to pass the IRDA exam on your first attempt.
The IC-38 exam is conducted by the Insurance Regulatory and Development Authority of India (IRDAI) to certify insurance agents. This computer-based test evaluates your understanding of:
✔ Fundamental insurance concepts
✔ Regulatory guidelines
✔ Product knowledge
✔ Ethical selling practices
Before clearing this exam you must fulfill the eligibilty criteria. Passing the exam is compulsory before you can start selling insurance policies in India.
Principles of Insurance
Concept of risk and insurance
Fundamental principles like utmost good faith, insurable interest
Life Insurance Products
Term plans, endowment policies, ULIPs
Policy features and benefits
Health Insurance Fundamentals
Types of health covers
Claim process and exclusions
General Insurance Basics
Motor, home, and travel insurance
Commercial insurance products
IRDAI Regulations
Agent code of conduct
Policyholder protection norms
Sales Process & Ethics
Needs-based selling approach
Compliance requirements
Policy Servicing
Premium payments
Nomination and assignment procedures
1. Get the Right Study Material
Use the official IC-38 workbook published by the Insurance Institute of India
Refer to IRDAI’s “Handbook for Insurance Agents”
2. Create a Structured Study Plan
Dedicate 2-3 hours daily for preparation
Allocate more time to difficult topics and solve sample question papers
Maintain revision notes for quick reference
3. Take Mock Tests Regularly
Simulate exam conditions with timed tests
Analyze mistakes to improve weak areas
Many insurers provide free practice tests
4. Join Study Groups
Discuss concepts with fellow aspirants
Clarify doubts through peer learning
5. Focus on Understanding Concepts
Avoid rote learning
Relate concepts to real-life insurance scenarios
Life Insurance Agent Exam
Covers life insurance products and regulations
General Insurance Agent Exam
Focuses on non-life insurance products
Composite Agent Exam
For agents selling both life and general insurance
Mode: Computer-based test
Duration: 60 minutes
Questions: 50 multiple-choice questions
Passing Marks: 18 correct answers (35%)
Negative Marking: No
Start Early – Begin preparing at least four weeks in advance to cover all insurance concepts and regulations thoroughly.
Understand IRDAI Guidelines – Focus on insurance laws and regulations, as nearly 30% of exam questions are based on them.
Practice Time Management – Allocate approximately one minute per question to ensure you complete the exam within the timeframe.
Use Mock Tests – Regularly attempt practice tests to familiarize yourself with the question format and improve accuracy.
Stay Calm During Exam – Carefully read and analyze each question before selecting the most appropriate and correct answer.
Attempt All Questions – Since there is no negative marking, answer all questions to maximize your overall score potential.
You will receive your IRDA license. How to obtain IRDA license? within 15 days after successfully passing the exam and completing the required formalities. The license remains valid for three years and can be renewed upon expiration. Learn renewal process of IRDA license. Once licensed, you can start working with any insurance company. Learn top insurance companies
The IRDA IC-38 exam is your gateway to a rewarding career in insurance. With proper preparation and strategy, you can clear it comfortably. Remember, consistent study and practical understanding of concepts are key to success.
For more guidance on becoming an insurance agent, visit AdvisorBano.