One of the most coveted institutes, IRDA, an abbreviation for the Insurance Regulatory Development Authority of India, conducts scores of exams for various posts across the sector. Not only restricted to Insurance agents’ posts but the authority also conducts exams for posts ranging from Assistant Manager to General Manager. To provide clarity, here is a blog that will shed light on various parameters related to the IRDA exam, especially for Insurance Agents and Assistant Manager posts!
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The IRDA exam, also known as the Insurance Regulatory and Development Authority exam, is a significant milestone for individuals aspiring to work in the insurance sector. This exam plays a crucial role in obtaining the necessary license to become an insurance agent or an insurance broker in India. With a rich blend of theoretical knowledge and practical understanding, the IRDA exam tests candidates on various aspects of insurance, including regulations, policies, and claim procedures. Aspiring professionals are required to prepare diligently, as success in this exam opens the gateway to a rewarding career in the insurance industry, enabling them to serve clients and safeguard their interests effectively.
History of IRDA Exam
The Insurance Regulatory and Development Authority (IRDA) exam holds a significant place in the history of insurance in India. Established in 1999, the IRDA was entrusted with the task of regulating and promoting the insurance industry. To ensure the proficiency of insurance professionals, the IRDA introduced the IRDA exam, a standardized test designed to assess the knowledge and skills of aspiring insurance agents and brokers. Over the years, this exam has evolved to keep pace with the changing dynamics of the insurance sector, incorporating updated syllabi and testing methodologies. The IRDA exam has played a crucial role in enhancing the quality of insurance services and fostering trust between insurers and policyholders.
When is the Exam Conducted?
The IRDA exam date is not fixed like some of the upcoming government exams which have already been conducted. The notification of the test is released only when there are a number of vacancies available to recruit candidates in the coveted institute. Generally, the IRDA exam is conducted for the following posts:
- Assistant Manager
- Asst. General Manager
- Dy. General Manager
- General Manager
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IRDA Exam Eligibility
The candidate applying for the examination must have passed 10+2 from any recognised board of education, in general. Furthermore, if an applicant resides in a rural area where the population is less than five thousand then the criteria is that he should have completed class 10th from a recognized board. For posts other than Assistant Manager, the detailed eligibility parameters are released with the notification. When it comes to the post of Assistant Manager, an applicant must:
- Hold a bachelor’s degree in any discipline from a university recognised by the act of parliament or that of a state.
- Have secured at least 60% marks in graduation.
- Should be in the 21-30 age group bracket
Note: There are age relaxations for candidates belonging to reserved categories.
IRDA Exam Pattern and Syllabus: Insurance Agents
Be it RBI Grade B or NABARD Grade A, there are certain topics and sections that form an integral part of scores of entrance exams. Similarly, it is important to go through the syllabus as well as the IRDA exam pattern in order to score well. Both, the syllabus and structure for the IRDA insurance agent exam have been given a rundown below:
The questions asked in the IRDA exam are multiple-choice in nature and have five probable answers to each question.
|Number of Questions||50|
|Marks Allotted to Each Question||1 mark (there is no negative marking)|
|Total Time of Examination||1 hour|
|Total Marks||50 marks|
- Providing professional advice
- Understanding customer protection and ethics
- Fulfilling legal and regulatory requirements
- Understanding insurance
- Providing technical product information
- Understanding claims
IRDA Exam Pattern for the Post of Assistant Manager
The post of Assistant Manager comes with a wide range of responsibilities and due to this, the exam, in comparison to that of insurance agents, is slightly tough. The exam is conducted in 3 phases namely, Prelims, Mains, and Personal Interview. Go through the following tables to understand the IRDA pattern in depth.
|Sections||Total Questions||Marks||Duration [minutes]|
|Section||Total Marks||Time [Minutes]|
|Insurance & Management Related Topics||100||60|
Assistant Manager Post Syllabus
Unlike the exam for Insurance agents, there is a wide range of topics from which questions are framed for the Asst. Manager post-exam. The IRDA exam syllabus for Asst. Manager post has been given a rundown below:
- Antonyms and Synonyms
- Data Sufficiency
- Important Books and Authors
- English Grammar
- Profit and Loss
- Static GK Topics
- International & National Current Affairs
- Mensuration Formulas and Questions
- Arithmetical Reasoning and Number-Series, etc.
IRDA Exam Registration Process
The candidates who want to appear in the IRDA examination have to fill out the form online through their official website. Also, before applying for the IRDA exam, they need to complete a 50-hour training session from an IRDA-approved institution if they want to become a Life or General Insurance agent.
- But If you want to become a Composite Insurance agent, you need to complete 75 hours of training sessions from an IRDA-approved institution.
- Make sure that you add all the information carefully on the application form.
- Upon completion of the IRDA exam form, you will receive a unique registration number, which will be used to pay the fees online.
- The application fees can be paid via online mode only.
IRDA Selection Process
The selection process of the Insurance Regulatory and Development Authority of India (IRDA) is a rigorous and comprehensive procedure aimed at identifying the most competent individuals for key positions within the organization. It typically involves multiple stages, including written examinations, interviews, and evaluations of relevant skills and experience. The candidates are assessed on their knowledge of insurance regulations, industry trends, and their ability to analyze complex scenarios. The process emphasizes integrity, professionalism, and a deep understanding of the insurance sector. Successful candidates are those who demonstrate exceptional aptitude and potential to contribute effectively to the regulatory and developmental functions of IRDA.
The IRDA exam, conducted by the Insurance Regulatory and Development Authority of India, serves as a crucial step for individuals looking to pursue a career in the insurance industry. The exam aims to ensure that candidates possess the necessary knowledge and understanding of insurance principles, regulations, and practices. By evaluating their expertise, the IRDA exam helps maintain integrity and professionalism within the insurance sector, ensuring that policyholders are served by qualified and competent professionals.
Preparing for the IRDA exam requires a systematic and comprehensive approach. Begin by thoroughly studying the syllabus, which covers various aspects of insurance, including legal provisions, policy types, underwriting, claim settlement, and more. Make use of study materials such as textbooks, online resources, and previous years’ question papers to gain a deeper understanding of the subject matter.
Additionally, consider enrolling in specialized training programs or coaching institutes that offer guidance and mock tests to help you gauge your preparedness. Regular practice through sample papers and mock tests will not only familiarize you with the exam pattern but also improve your time management and problem-solving skills. Remember to stay disciplined, maintain a consistent study routine, and seek clarification on any doubts you may have along the way.
Yes, there are certain eligibility criteria that must be fulfilled to appear for the IRDA exam. The requirements may vary depending on the specific exam you are planning to take, such as the IRDA Agent Licensing Exam or the IRDA Insurance Surveyors Exam. Generally, candidates are required to meet the following criteria:
Minimum age: 18 years or above (may vary for different exams)
Educational Qualification: Minimum 12th standard or equivalent (may vary for different exams)
Completion of any mandatory pre-licensing training, if applicable
Thus, the IRDA exam is a gateway for those who want to build a career in the Insurance sector. If you want to pursue insurance or stock market-related courses from universities abroad but are not sure how to go about it then reach out to our experts at Leverage Edu who right from helping you select the most suitable university to complete the application-related formalities will provide assistance at every step!