The IRDA pre-recruitment examination also referred to as the LIC (Life Insurance Corporation of India) Exam is conducted by the Insurance Regulatory and Development Authority of India (IRDA). The IRDA exam requires serious preparation as there are lakhs of aspirants appearing for a finite number of available seats. Only one in a thousand manages to crack the examination. To achieve outstanding marks in the IRDA exam, an individual has to start preparing for the examination months ahead of time.
The eligibility criteria to apply for the IC38 examination are as follows.
- The candidate must be at least 18 years of age.
- The candidate will have to enroll himself with a specific insurance company that provides insurance services and is regulated by the IRDAl.
- The minimum education qualification required for a candidate is 12th pass.
In case, the candidate belongs from a rural background and the population of the village is significantly low, then the minimum academic qualification required is 10th pass. They just need to acquire training on insurance modules before sitting for an examination.
Below are some tips that will help in preparation for IRDA exam. To conquer the exam, you need to have a thorough time table and a regular study pattern. Stick to the below-mentioned reading material-
- The need, concept, and purpose of insurance
- Essential terms associated with insurance such as hazard, risk, and peril.
- Identifying the potential market for insurance sales and its different channels.
- The fundamental principles of insurance.
- The ideas and techniques which are necessary for the sale of insurance policies.
Here are seven tips to ace the IRDA exam in your first attempt:
Schedule a timetable
To successfully qualify in the IRDA exam, you will need a considerable amount of time to study and revise the accumulated knowledge. It is recommended to study for at least six to nine hours per day. This will help you stay updated on essential topics and make you more confident in appearing for the exam.
Start practicing mock question papers
Start exercising previous year’s question papers and mock question papers. Numerical based questions require practice, so make a habit of solving numerical based questions papers also. Solving these mock question papers will boost your limit of time needed to solve and answer the questions correctly. Practicing mock question papers will also generate the idea of dividing time to complete the questions quickly.
Thorough research on the syllabus
Start researching on the exam syllabus and pattern. This will clear the concept regarding the relevant topics that you need to study. Make different notes for each section of the test and details like total marks allotted for the section, the total time for each section.
IRDA IC38 study material
Carefully revise and go through the study materials provided by IRDA up to chapter 21. The study material is provided by IRDA and will help you crack the examination and also give you up-to-date data on insurance which will be required to sit for the test.
Attempt all questions
Try attempting all the questions, even the ones which you are not sure if the answer might be correct. Remember, there is no negative marking for incorrect answers, so try to answer each and every question.
It is imperative to stay confident and calm while answering the questions. Once you start panicking, you become more vulnerable in providing wrong answers which you might think are correct. Go through each question carefully and try to answer with a calm state of mind.
Most importantly remember that you are allowed only 60 minutes for a total of 50 questions. So do not get stuck on a question and waste time, instead proceed to the next question. After you complete answering all known questions, then start attempting the questions you are unsure of.
With these above points, preparation for IRDA exam will get much simplified and will help you score better marks. Through all these above feedback, an individual can successfully ace in an IRDA examination. The examination will determine your general knowledge and information on different insurance policies, types, and uses. An individual will require a substantial amount of motivation and preparation to crack the examination and get recruited by an insurance company.
Since an insurance company requires knowledgable individuals to sell insurance policies, companies generally prefer candidates who have previously taken a course in the study of insurance. The individuals who clear the test are given a professional license to sell insurance policies to the consumers.