What is the IC 38 Examination? How to Clear it ?

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What is the IC38 Examination? How to Clear the IC38 Exam?

The IC38 exam is the first step in becoming an IRDAI Agent/Insurance Advisor. This pre-employment qualification exam is conducted on behalf of the Insurance Regulatory and Development Authority of India (IRDAI) by the Insurance Institute of India (III).

The IC38 syllabus covers basic features of the Life, Health, and General Insurance sectors, spanning the history of insurance to reinsurance. The exam is held online, with no offline mode available. Candidates must score 18 out of 50 (35%) to pass. However, if a candidate scores 17 out of 50, they are eligible for a grace mark to pass. In short, answering at least 17 correct questions is required to pass.

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Criteria for Becoming a Licensed Insurance Agent

To become a licensed insurance agent in India, certain IRDAI regulations need to be followed:

The applicant must be at least 18 years old.
For urban areas, a 12th pass is the minimum educational qualification. For rural areas (population less than 50,000), the qualification drops to 10th pass.
An agent can only solicit insurance for one life insurance and one general insurance company.
Passing the IRDAI IC38 exam is mandatory for agent recruitment.
Candidates must complete 50 hours of training at an IRDAI-authorized training facility. For a composite broking license, which covers both life and general insurance, 75 hours of training is required.
Once awarded, the license is valid for three years. Renewal does not require retaking the exam but involves completing 25 hours of practical training.

Specifications of the IC38 Examination

The following points will help you prepare for the IC38 exam smoothly:

Enroll with an insurance company of your choice.
A fee of ₹500 is required to sit for the exam.
The IC38 is an online exam, conducted through a computer terminal at designated centers.
The exam consists of 50 multiple-choice questions (MCQs), with a 60-minute time limit.
There is no negative marking. Each correct answer earns 1 mark.
A minimum of 18 correct answers (35%) is required to pass. If a candidate answers 17 correctly, they will receive a grace mark to pass.
Topics covered include common insurance issues, general insurance, life insurance, and health insurance.
Results are generated immediately after submitting the test.

START IC38 MOCK TEST - CLICK HERE

How to Pass the IC38 Exam

Here are a few tips to help you succeed in the IC38 exam:

There is no negative marking, so don't leave any questions unanswered.
It is advised to go through the study materials at least once before the exam.
Carefully read each question and its options before selecting an answer, even if unsure.
Use the full 60 minutes for the exam; don't rush.
Time management is crucial. Spend no more than 1 minute 20 seconds on each question.
Keep some time at the end to review your answers and ensure everything is correct.

Study Materials and Guides for IC38

The Insurance Institute of India provides the syllabus and study materials for free on their website. The material is divided into three sections: life insurance, non-life insurance, and health insurance. It includes sample MCQs to give candidates a clear idea of the exam format. Practicing with online mock tests is also highly recommended.