Insurance agent exam
Being an insurance agent is a lucrative career opportunity. You can earn limitless commissions on the plans you sell and work at your convenience. However, becoming an agent requires you to clear an exam. The insurance agent exam is prescribed by the IRDAI (Insurance Regulatory and Development Authority of India) and individuals who clear it can get a license to act as an insurance agent. Let’s understand the details about this insurance exam –
Eligibility requirement for insurance exam
To apply for becoming an agent and sit for the exam you should qualify on some eligibility parameters. Only if you meet the specified eligibility criteria can you appear for an insurance agent’s exam and get your license. Here are the basic criteria required to be met –
- You should be at least 18 years old
- You should have passed Class 10 if you live in a rural area and Class 12 in case of an urban area
- You have to enrol with a particular insurance company
- You have to undertake an IRDAI prescribed training before you become eligible to sit for insurance agent’s exam.
Structure of the exam
The insurance agent’s exam is conducted online. It is a 100-mark questionnaire containing multiple choice questions. You have to score at least 40% marks to clear the examination and be eligible for an insurance agent’s license.
Insurance exam preparations
Preparations for the insurance exam are simple. There is a certification course prescribed by the IRDAI. Training is provided by authorised institutions which equip you with the basic syllabus of the examination conducted. You understand the basics of insurance and its important concepts. As per the IRDA-prescribed syllabus, you are taught the following –
- The concept of insurance, its need and purpose
- The important terms associated with insurance like risk, peril and hazard
- The insurance market and its channels
- The principles of insurance
- How to sell, etc.
If you take the training properly, understand the insurance concepts and arm yourself with the knowledge you get, your insurance exam preparations are done and you can easily clear the insurance agent’s exam. You can view the sample questions here.
Importance of insurance exam
The Insurance Regulatory and Development Authority (IRDA) has mandated every agent to be certified before being able to sell insurance. This certification can be obtained only through the insurance agent’s exam.
The main reason for this examination is to ensure that trained and knowledgeable individuals sell insurance.
Since insurance is a technical concept, knowledge of its technicalities can be possessed only by individuals who have taken a course in insurance study.
The insurance agent’s exam tests the insurance knowledge acquired by prospective insurance agents. Only those individuals who clear the test can get their license.
Licensed agents are in a better position to sell the right insurance product to a client because they have the correct knowledge at their disposal.
Solutions offered by Mintpro
Mintpro offers a simpler insurance exam which is created by the Insurance regulatory and Development Authority of India (IRDAI). The exam is held for 100 marks on the guidelines prescribed by the IRDAI. The exam is and is simple. If you crack the exam, you can become a Point of Sale Person (PoSP).
You are also given the required training so that you get the knowledge of the exam syllabus. The syllabus is created as per the guidelines of IRDAI and training is given through online videos which are very easy to understand. Moreover, you can access these videos on the go and don’t have to take any classroom training.
So, you can choose Mintpro and get access to a simpler exam and become a Point of Sale Person (PoSP). As a Point of Sale Person (PoSP) you can sell insurance policies of different companies and earn handsomely.