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What is LIC Agent Exam?
Amongst the esteemed insurance organisations in the country, the Life Insurance Corporation of India organises a national-level competitive exam to recruit the best-fit candidates for the post of insurance agents. Officially conducted by the Insurance Regulatory and Development Authority of India (IRDA), the LIC Agent Exam can only be taken once a candidate goes through 100-hour training at a LIC training centre. It is also referred to as the IRDA exam and on successfully clearing it you will be licensed to become a LIC agent along with a certificate that remains valid for a period of three years. Through this blog, let’s take you through the essential of the LIC agent exam, its important notifications for the year 2021 as well as the eligibility criteria and syllabus of this test.
Must Read: How to Become an Insurance Agent?
LIC Agent Exam Dates 2021
There are no exact dates for the LIC Agent or IRDA exam. It is conducted throughout the year. The exam schedule for the year 2021 is posted on their official website. Here are the tentative dates for LIC Agent Exam 2021:
|Registration for New Candidates||6th to 15th April 2021|
|Slot Booking||4th to 10th May 2021|
|Exam Dates||5th, 6th, 12th & 13th June 2021|
|Last date to receive the Scribe request |
for Physically/Visually Challenged candidates
|31st May 2021|
|Results||30th June 2021|
LIC Agent Syllabus & Paper Pattern
As mentioned above, the LIC Agent or IRDA exam is of a total of 50 marks and there is no negative marking for wrong answers. Further, candidates are equipped with the essential knowledge of Life insurance as well as financial instruments during the training period they must complete to qualify for this exam. For the paper pattern of the LIC agent exam, here are the key types of questions mainly asked:
- Fill in the Blanks
- Yes/No & Right/Wrong
Further, the syllabus of the LIC Agent exam revolves around the following topics:
- Numerical Ability in discount, loan calculations and related percentages.
- Regulation, Instruments & General Application
Recommended Read: LIC AAO Syllabus
Eligibility Criteria for LIC Agent Exam
There are some basic prerequisites that an applicant needs to fulfil before registering their candidature for the LIC Agent exam. The eligibility requirement that you must know before applying for this exam are as follows:
- Only Indian citizens can appear for this exam.
- The minimum age limit of the LIC Agent exam is 18 years.
- The candidate must have completed their senior secondary education, i.e. [10+2] from a recognised board.
- The candidate must accomplish 100 hours of training at a LIC training centre.
Further, you will be a preferred candidate for the LIC recruitment if you have excellent interpersonal and communication skills, dexterous knowledge about finance and insurance as well as a persevering attitude.
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For those wanting to become a LIC agent by taking the IRDA exam, there is a specified application procedure you must adhere to submit your application. Below we have elucidated the step by step process you must know before appearing for the LIC agent exam.
- Firstly, you need to visit your nearest LIC branch and meet the Development Officer informing him about your interest in becoming a LIC agent.
- Then, the branch manager would conduct an interview with you and if you are found suitable for the role, you would be sent to the divisional or agency training centres of LIC.
- Training of approximately 100 hours needs to be taken by every aspirant. During this training period, you will be familiarised with the varied aspects of Finance and Insurance.
- After completing the training program, you can appear for the LIC agent exam which is organised by the IRDAI. It is a 50-mark test with no negative marking.
- If you clear this exam, you will be provided with an identity card as well as an appointment letter after which you can start working as an agent in the branch you will be allotted.
- The development officer of the allotted branch will provide you with insights on pursuing the job role as well as other variable inputs in the marketplace.
What does a LIC Agent do?
Working under the oldest and prestigious insurance corporation of India, the essential role of a LIC agent is to sell those policies that will provide payment to the beneficiaries when the policyholder dies. It will largely rely on the circumstances and situation of the policyholder, how the payment turns out to be but a cash-value policy is generally intended to avail retirement income, education funds for the children as well as plenty other benefits. Also, as a LIC agent, you will also sell annuities that provide an assurance of retirement income. Furthermore, health insurance agents are given the responsibility to increase the purchase of health insurance policies that facilitate coverage of costs of medical carer and loss of income in case of illness or injury.
LIC Agent Exam Question and Answers
These are some model questions and answers for the LIC Agent Exam-
Which of the following cases are likely to be declined or postponed by the insurer?
- Healthy 18 year old
- An obese person
- A person suffering from AIDS
- Housewife with no income of her own
An investor holds a wide range of shares. If the Reserve Bank of India announces a series of significant interest rate increases, the prices of shares are most likely to
- Become volatile
- Remain unchanged
If a person wants to maintain emergency funds the best place is a bank or
- Equity market
- Debt Mutual Fund
De-tarrification is the process by which pricing of insurance
- Reaches at a level as per industry trends
- Insurance can price their product on their past self-experience
A payment made under a money-back policy upon reaching a milestone will be classified under which type of claim?
- Death claim
- Maturity claim
- Periodical survivor claim
- Surrender claim
Must Read: LIC AAO Exam
Hence, we hope that this blog has helped you explore the pivotal features of what a LIC agent exam is as well as its key notifications, dates, pattern and eligibility. If you are interested in pursuing a course in Finance or its related fields, book an e-meeting with our Leverage Edu experts and we will help you find the best program and university that aligns with your career aspirations and preferences!