The III Licentiate Exam Explained
Three papers, 60 credit points, one certificate. Here is how to pick the right combination.
The Licentiate is the first of the Insurance Institute of India's three professional qualifications, followed by the Associateship and the Fellowship. When people search for "the III exam", this is usually what they mean: a set of online MCQ papers, taken one session at a time, that add up to a certificate recognised across the Indian insurance industry.
To pass the Licentiate you need 60 credit points, including two compulsory papers: IC-01 Principles of Insurance, and either IC-02 Practice of Life Insurance or IC-11 Practice of General Insurance. A third, optional paper makes up the rest.
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How the Licentiate Adds Up to 60 Credit Points
IC-01 Principles of Insurance
Status
Compulsory for everyone
Credit points
20
IC-02 Practice of Life Insurance, or IC-11 Practice of General Insurance
Status
Compulsory, pick one
Credit points
20
One optional paper from III's list
Status
Your choice
Credit points
20, 30 or 40
| Paper | Status | Credit points |
|---|---|---|
| IC-01 Principles of Insurance | Compulsory for everyone | 20 |
| IC-02 Practice of Life Insurance, or IC-11 Practice of General Insurance | Compulsory, pick one | 20 |
| One optional paper from III's list | Your choice | 20, 30 or 40 |
Example Combinations by Stream
IC-14 Regulations of Insurance Business is the only 20-credit optional, so it is the one that lands exactly on 60.
Life insurance
Papers
IC-01 + IC-02 + IC-14
Total credit points
60
General insurance
Papers
IC-01 + IC-11 + IC-14
Total credit points
60
Health-focused
Papers
IC-01 + IC-11 or IC-02 + IC-27 Health Insurance
Total credit points
70
Claims-focused (general)
Papers
IC-01 + IC-11 + IC-29 General Insurance Claims
Total credit points
70
| Stream | Papers | Total credit points |
|---|---|---|
| Life insurance | IC-01 + IC-02 + IC-14 | 60 |
| General insurance | IC-01 + IC-11 + IC-14 | 60 |
| Health-focused | IC-01 + IC-11 or IC-02 + IC-27 Health Insurance | 70 |
| Claims-focused (general) | IC-01 + IC-11 + IC-29 General Insurance Claims | 70 |
Optional Papers You Can Choose
A selection from Table 1 of III's handbook, with credit points.
- check_circleIC-14 Regulations of Insurance Business: 20
- check_circleIC-24 Legal Aspects of Life Assurance, IC-27 Health Insurance, IC-29 General Insurance Claims: 30 each
- check_circleIC-39 Fraud Risk Management in Insurance, IC-72 Motor Insurance, IC-83 Group Insurance & Retirement Benefit Schemes: 30 each
- check_circleIC-102 Insurance Business Ecosystem, IC-103 Distribution Channels Management in Insurance, IC-104 Products of Life Insurance: 30 each
- check_circleIC-85 Reinsurance Management, IC-86 Risk Management, IC-89 Management Accounting: 40 each
The compulsory paper every Licentiate needs.
How to Do the Licentiate, Step by Step
- 1
Check eligibility
10th pass (Matriculation, SSC or equivalent), or three years at an insurer.
- 2
Register with III once
Online at insuranceinstituteofindia.com, for ₹800 plus taxes, which includes life membership of your nearest Associated Institute.
- 3
Choose your stream and optional
IC-02 for life, IC-11 for general, plus an optional such as IC-14.
- 4
Enrol for papers in a session
₹600 per 20-credit paper. You can sit up to 6 papers in one session, so all three can go in together, or one at a time.
- 5
Book your slots and sit the exams
Each paper is a 2-hour online MCQ, passed at 60%, with no negative marking.
- 6
Collect your certificate
Once you hold 60 credit points including both compulsory papers, III issues the Licentiate certificate within a month of the result.
Licentiate, Associateship, Fellowship
Licentiate
Credit points (cumulative)
60
Compulsory papers
IC-01; IC-02 or IC-11
Entry rule
10th pass or 3 years at an insurer
Associateship
Credit points (cumulative)
250
Compulsory papers
IC-22 or IC-45 (underwriting); IC-26 or IC-46 (finance/accounts)
Entry rule
Licentiate passed before the compulsory papers
Fellowship
Credit points (cumulative)
490
Compulsory papers
One actuarial paper, e.g. IC-28, IC-47, IC-81
Entry rule
Associateship passed; 240 more credits within 7 years
| Level | Credit points (cumulative) | Compulsory papers | Entry rule |
|---|---|---|---|
| Licentiate | 60 | IC-01; IC-02 or IC-11 | 10th pass or 3 years at an insurer |
| Associateship | 250 | IC-22 or IC-45 (underwriting); IC-26 or IC-46 (finance/accounts) | Licentiate passed before the compulsory papers |
| Fellowship | 490 | One actuarial paper, e.g. IC-28, IC-47, IC-81 | Associateship passed; 240 more credits within 7 years |
What the Licentiate Is Worth
III's handbook states that IRDAI and insurers in India and abroad recognise its certificates, and III's FAQ adds brokers, surveyors and third-party administrators to that list. Many insurers encourage employees to take III exams, and the Licentiate is the entry point to all of them.
It also opens III's specialised diplomas: Licentiate holders with IC-11 can take the Fire, Marine and Health Insurance diplomas and the Casualty Actuarial Science certificate, and those with IC-02 can take the Diploma in Life Insurance Underwriting. Outside India, ACORD treats the III Licentiate as a prerequisite for its ACORD Certified Expert programme.
Already Qualified Elsewhere?
III grants credits for prior learning to holders of certain qualifications, such as Chartered Accountants and graduates of specific insurance programmes and colleges III names, which can exempt you from papers. The list and conditions are in chapter 9 of III's Examination Handbook; check it before you enrol.
FAQs
What is the III Licentiate exam?expand_more
The first of the Insurance Institute of India's three professional qualifications. You need 60 credit points from online MCQ papers, including IC-01 Principles of Insurance and either IC-02 Practice of Life Insurance or IC-11 Practice of General Insurance.
How many papers are in the III Licentiate?expand_more
Usually three: IC-01, IC-02 or IC-11, and one optional paper. With IC-14 as the optional, the three papers total exactly 60 credit points.
Is IC-01 compulsory for the Licentiate?expand_more
Yes. IC-01 Principles of Insurance is compulsory for every Licentiate candidate, life or general.
What is the difference between IC-02 and IC-11?expand_more
IC-02 Practice of Life Insurance is the life stream's compulsory paper; IC-11 Practice of General Insurance is the general stream's. You need one of them, and your choice decides which specialised diplomas you can take later.
Is there a time limit to complete the Licentiate?expand_more
No overall limit. Each passed paper's credit points stay valid for five years from the date you pass, up to Associateship level.
Is the III Licentiate the same as IC-38?expand_more
No. IC-38 is IRDAI's licensing exam for insurance agents, run on iiiexams.org. The Licentiate is III's professional qualification for an insurance career, run on insuranceinstituteofindia.com.
Next steps
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