Insurance Exam Pattern – IRDAI

Insurance Exam Pattern – IRDAI

Becoming an insurance agent or PoSP advisor represents a lucrative career path with the potential for unlimited commissions on the sold plans, coupled with the flexibility to work on your own terms. However, securing this role entails successfully passing an exam mandated by the Insurance Regulatory and Development Authority of India (IRDAI). Those who successfully clear this examination are eligible to obtain a license, allowing them to serve as licensed insurance advisors.

What is IRDAI exam?

The Insurance Regulatory and Development Authority (IRDA) exam stands as a pivotal step for those aiming to enter the insurance sector, serving as a gateway to acquiring the essential license for roles like insurance agent or broker in India or to work as an insurance PoS agent. Under this exam, one has to cover a spectrum of insurance aspects, from regulations to policies and claim procedures, this exam demands thorough preparation, as success unlocks a pathway to a fulfilling career. 

Successful candidates are equipped to effectively serve clients and protect their interests in the dynamic insurance industry.

Importance of Obtaining an IRDAI License for an insurance agent

The acquisition of an IRDAI license holds significant importance for insurance agents due to the regulatory role played by the Insurance Regulatory and Development Authority of India (IRDAI). Established as a central agency overseeing the insurance sector in India, the IRDAI not only regulates but also monitors insurance businesses within the country.

The primary purpose of obtaining an insurance license from this regulatory authority is to maintain a delicate equilibrium between insurance firms and policyholders. Given that insurance deals involve financial products, particularly those linked to indemnity for policyholders in the event of specific occurrences, the need for constant regulation in these domains becomes evident. Therefore, securing an IRDAI license is imperative before embarking on an insurance business to ensure adherence to regulatory standards and the fair treatment of all stakeholders involved.

IRDA Exam Eligibility Criteria:

Candidates seeking to appear for the examination should have completed their 10+2 from any recognized board of education in most cases. However, for those residing in rural areas with a population of less than five thousand, a minimum qualification of class 10th from a recognized board is required. Be you want to become an insurance PoS agent, or planning to become a LIC agent, this IRDAI exam eligibility criteria stand the same for everyone.

IRDA Exam Pattern and Syllabus for Insurance Agents: A Comprehensive Overview

Whether you are preparing for the RBI Grade B or NABARD Grade A exams, it’s crucial to familiarize yourself with specific topics and sections that are fundamental to numerous entrance examinations. Likewise, understanding the IRDA exam pattern and syllabus is essential for achieving a high score. 

Below, you will find a detailed overview of both the syllabus and structure for the IRDA insurance agent exam:

Number of Questions  50
Marks allotted Each question 1 Marks with no negative marking
Total Time of Examination 1 Hour
Total Marks 50 Marks
Passing Marks 35%

Insurance Agent Exam Syllabus

  • Principles of insurance
  • Insurance products
  • Regulations and guidelines
  • Insurance marketing and sales
  • Insurance claims and settlement
  • Ethics and customer service

IRDA Exam Registration Procedure to Become an Insurance Agent

Individuals aspiring to take the IRDAI examination must initiate the registration process by filling out the online form available on the official website. Additionally, those intending to become Life or General Insurance agents are required to undergo a 50-hour training session from an IRDA-approved institution before applying for the exam.

For those aspiring to become Composite Insurance agents, a more extensive 75-hour training session from an IRDA-approved institution is mandatory.

IRDAI Payment to Become Insurance Agent

Please note that the application fees are accepted through online modes. It is imperative to diligently input all required information on the application form. Upon submission, a unique registration number assigned to you, facilitating the online payment of fees

In conclusion, achieving success in the IRDAI exam to become an insurance advisor demands dedication, diligent effort, and a comprehensive grasp of the exam’s pattern and syllabus. Adhering to the steps outlined in this article will enable you to prepare methodically, enhancing your prospects of success.

It is crucial to immerse yourself in the syllabus, utilize dependable study materials, engage in mock tests, maintain a consistent revision and practice routine, and stay abreast of the latest developments. With meticulous preparation and a positive mindset, conquering the IRDAI exam is not only attainable but paves the way for a fulfilling career as an insurance advisor in India.

How PBPartners can help you become a IRDAI certified insurance agent

Opting to become a PoSP insurance agent with PBPartners provides you with access to a streamlined exam process, allowing you to become a Point of Sale Person (PoSP). As a PoSP, you gain the opportunity to sell insurance policies from various companies, opening avenues for substantial earnings.

  • Leverage online resources as a valuable supplement to your studies. For comprehensive guidance and study materials tailored for the IRDAI exam, consider connecting with PBPartners. This platform can provide essential support in preparing for the examination.
  • Explore opportunities to attend PB Pathshala events on insurance hosted by PBPartners Training and Support team. These events serve as excellent avenues to deepen your understanding of both the insurance industry and the intricacies of the IRDAI exam.
  • Additionally, establish connections with fellow insurance professionals. Engaging in conversations with industry experts allows you to gain valuable insights into both the sector and the nuances of the IRDAI exam.

Read More: How to become PoSP Insurance Agent

So why wait?

Embark towards a career in insurance today, join PBPartners, which promises a rewarding journey with many opportunities for professional growth and financial success knocking at your door.

FAQs

  1. What are the passing criteria for the IRDAI exam to obtain certification as a Point of Sales (PoS) agent?

The online insurance advisor’s exam comprises a 50-mark questionnaire featuring multiple-choice questions. To successfully clear the examination and qualify for an insurance advisor’s license, a minimum score of 40% is required.

  1. What is the basic qualification for an insurance agent?

Qualification: The fundamental requirement is a minimum pass in the 10th standard or an equivalent examination from a recognized Board/Institution.

  1. How can one effectively prepare for the IRDA exam?

To crack the IRDA exam, start by gathering pertinent study materials, giving special attention to official IRDA study materials when available. Understand the exam pattern and syllabus, and formulate a well-organized study plan by setting achievable daily and weekly study objectives.

  1. What does POSP stand for?

POSP stands for Point of Sales Person. A certified POSP Insurance Agent, synonymous with an insurance agent, possesses the authority to sell insurance policies to consumers directly. This includes a diverse range of insurance products, from Motor and Life to Health and business insurance.

  1. How can I obtain certification as an IRDAI agent?
  • Registration: Begin by visiting the insurer’s website. Locate the insurance agent application and provide the necessary basic details.
  • Training: Following registration, you must undergo the essential training mandated by the IRDAI, which is available in both online and offline formats.
  1. Is the IRDA exam administered online or offline?

The IRDA exam takes place in a blended mode, combining online and offline elements. Specifically, question papers are reflected on a computer, while answers are recorded on physical answer sheets.

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