What is the IC38 Examination?
Free IC38 Mock Test – The IC38 Examination is the initial step in the process of becoming an Insurance Regulatory and Development Authority of India (IRDAI) Agent or Insurance Advisor. It is a pre-employment qualification test administered by the Insurance Institute of India (III) on behalf of IRDAI. The IC38 exam covers essential aspects of the Life, Health, and General Insurance industries, encompassing the history of insurance from its inception to reinsurance. It is an online examination, and no offline version is currently available.
Passing Marks For IC38 Exam
To pass the IC38 exam, candidates need to achieve a minimum score of 18 out of 50, which is equivalent to 35%. Additionally, if a candidate scores 17 out of 50, one grace mark will be awarded to ensure their success. In other words, candidates must answer at least 17 questions correctly to pass the examination.
Eligibility Criteria For Insurance Agent
To become a licensed insurance agent in India, individuals must adhere to the following criteria as specified by the Insurance Regulatory and Development Authority (IRDA):
- Age Requirement: The applicant must be at least 18 years old.
- Educational Qualification: For urban areas, a minimum educational qualification of 12th grade is required. In rural areas with a population of less than 50,000, a 10th-grade pass is sufficient, as per Regulation 4 of the IRDAI (Licensing of Insurance Agents) Regulation 2000.
- Limit on Insurers: It is a legal requirement that insurance agents work with no more than one life insurance company and one general insurance company when soliciting insurance business.
- IRDAI IC 38 Examination: Candidates must pass the IRDAI IC 38 examination as a prerequisite for agent recruitment.
- Training: To become a licensed life or general insurance agent, candidates must complete 50 hours of training at an IRDAI-authorized training facility. If applying for a composite broking license, which covers both life and general insurance, a 75-hour training course is necessary. Insurance companies often collaborate with training providers to offer training to their agents.
- License Validity: Once awarded, the insurance agent license is valid for three years.
- Renewal: To renew the license for another three years, the applicant is not required to retake the examination. However, they must complete 25 hours of practical training as part of the renewal process.
Important Steps For Appearing in the IC 38 Examination
- Registration: To get started, candidates must register with an insurance company of their choice. The exam can then be taken through the chosen insurance company.
- Examination Fee: There is a fee of 500 Indian rupees to appear for the examination.
- Online Format: The IC38 exam is exclusively conducted online, and there are no offline options available. It will be administered using a computer terminal at designated centers.
- Time Limit: The exam has a duration of one hour, or 60 minutes.
- Question Format: There are a total of 50 multiple-choice questions in the exam, with only one correct answer for each question.
- Scoring: Each correct answer is awarded one mark, and there is no penalty for incorrect answers.
- Passing Score: To pass the exam, candidates must score a minimum of 18 out of 50, which is equivalent to 35%. Even if a candidate scores 17 out of a possible 20, a grace mark will be provided to ensure their success. In other words, a minimum of 17 questions must be answered correctly to pass the exam.
- Topics Covered: The multiple-choice questions in the exam encompass various aspects of insurance, including common insurance issues, general insurance, life insurance, and health insurance.
- Instant Results: Upon submission of the exam, the results are generated immediately.
Important Tips to Clear IC 38 Examination
- Answer All Questions: There are no penalties for incorrect answers in this test, so make sure to answer all questions, even if you’re uncertain.
- Study Materials: It’s challenging to pass the exam without any prior insurance experience or reviewing the study materials. Therefore, it’s highly recommended that you go through the study materials at least once before taking the exam. Covering the entire curriculum will boost your confidence and improve your chances of passing on your first attempt. Practice the IC38 Mock Test to clear the exam on the first attempt.
- Careful Reading: During the exam, read each question thoroughly, especially the options that seem closest to the correct answer, even if you’re not entirely sure about the answer. Take your time and avoid rushing through the test.
- Time Management: Time management is critical in a 60-minute multiple-choice test. With 50 questions, you should allocate approximately 1 minute and 20 seconds per question. Don’t spend too much time on any single question, as this might leave you with insufficient time to address all 50 questions.
- Revision Time: Reserve some time at the end of the exam to quickly review your answers. This helps reduce the chances of errors and increases your likelihood of passing the test.
Practice Free IC38 Mock Test
For those preparing for the IC38 Exam, the website of the Insurance Institute of India provides valuable resources, including free downloads of the syllabus and study materials.These study materials serve as a comprehensive and essential resource for exam preparation.The syllabus is divided into three sections: life insurance, non-life insurance, and health insurance, and it is further organized into chapters. Additionally, there are sample and practice multiple-choice questions available, which offer candidates a good understanding of the types of questions they can expect in the exam. Furthermore, there are a few mock tests available online for additional practice.Here we are providing a complete IC38 Mock Test For you.Our mock test collectively serve as a valuable guide for preparing for the IC38 Exam.