IC-38, also known as the IRDAI exam this is a key step for individuals who wish to build a career in insurance sales.
Understanding the IRDAI IC-38 Exam
IC-38 exam is the one that insurance companies make all applicants pass before they can be appointed as agents. IRDAI which sets the rules, is the Insurance Institute of India runs the exam. Candidates may prepare in the various fields of life, general and health insurance.
The exam is on what an insurance agent should know which includes insurance basics, products, customer service, regulations, claims and ethical responsibility.
Personally what I think is that customer service and ethics are of great importance. Selling insurance is more than just going over the details of the premium; customers are putting in the hands of the agent decisions which in turn affect their financial security.
Eligibility and Registration Process
Usually what we see is that an aspiring agent has to be at least 18 years of age and also meet the set of educational requirements. Also, insurance companies state that they require candidates to finish pre-recruitment training before they sit for the exam. At present insurer guidance reports on this as a part of the process which does vary according to which route is taken.
In most cases we see a person approach the insurer, complete the necessary training, register for the exam and then take the computer-based test.
Syllabus and Preparation Guide
The IC-38 curriculum includes study of insurance, legal and regulatory principles, customer service and insurance agents’ responsibilities. Also the Insurance Institute of India’s study material in which is the which is based on the area of insurance the student has chosen.
Instead of rote learning everything, it is better to study concepts like insurable interest, utmost good faith, indemnity, claims and policyholder rights. Also after going over each topic do some practice questions which in turn will make the actual exam less daunting.
Career Scope After Passing the Exam
Clearing the IC-38 is a step to take to become an appointed insurance agent. As per the terms of the license and appointment agents may work with insurers and assist customers with life, health or general insurance products.
In the insurance field, you also have the aspect of flexibility which comes from the commission-based structure as opposed to the set salary in a traditional job.
Conclusion
Helping future agents to get to know the products, rules and responsibilities that come with serving policyholders. If you enjoy meeting new people, explaining financial products and developing long-term customer relationships, preparing for IC-38 in depth is a great first step towards an insurance career.
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