III IC-02: pattern, syllabus and eligibility
The Licentiate paper on how life insurance is sold, underwritten, serviced and claimed.
IC-02 Practice of Life Insurance is a Licentiate paper of the Insurance Institute of India. It covers life insurance products, premium calculation, underwriting, policy servicing, claims and the regulation of life insurance distribution. It is the natural next paper after IC-01 for life insurance staff and agents.
III IC-02 mock tests & question bank
Coming soon
We're building III IC-02 practice on PrepClever. Until it launches, this page has the pattern, syllabus and eligibility.
Eligibility Criteria
schoolEducation
Membership of the Insurance Institute of India, applied for online before registering. Check the current III Examination Handbook for the Licentiate entry rules.
cakeAge Limit
No separate age limit is prescribed for the paper; III membership rules apply.
flagNationality
Open to candidates in India; III also runs exams abroad on its published terms.
Exam Pattern
III IC-02 is an online objective paper of 100 multiple-choice questions, 2 hours long, marked out of 100. III's handbook sets the pass mark at 60% for MCQ papers and awards a distinction at 75%. III publishes no chapter-wise weightage; study the whole courseware.
III IC-02 Practice of Life Insurance
Online (Computer-Based)120 min| Section | Questions | Marks |
|---|---|---|
| Full courseware | 100 | 100 |
Key Topics & Syllabus
Products
- check_circleTerm, endowment and whole life plans
- check_circleULIPs and pension plans
- check_circleRiders and group insurance
Pricing and underwriting
- check_circlePremium calculation and bonuses
- check_circleUnderwriting and medical underwriting
- check_circlePolicy documents and conditions
Servicing and claims
- check_circleAssignment, nomination and revival
- check_circleSurrender, loans and paid-up value
- check_circleMaturity and death claims
Career Roles & Salary
Life Insurance Sales / Servicing Executive
Insurer pay scales
Sells and services life policies at insurers, banks and brokers.
How to Prepare
Become a III member
Apply for membership online at insuranceinstituteofindia.com.
Register for the paper
Choose III IC-02 and an exam date in the online exam schedule.
Study the courseware
III's official courseware is the syllabus.
Pass with 60%
100 questions in 2 hours; 60 marks to pass, 75 for a distinction.
Important Dates (Tentative)
| Event | Expected Date |
|---|---|
| Exam dates | Year-round online slots (see the III exam schedule) |
* Dates are indicative based on historical patterns. Check the official website for confirmed dates.
Prepare for III IC-02 the smarter way
III IC-02 practice is coming soon. Use the pattern and syllabus on this page to plan your study.
Related IRDAI exams
- IC-38IC-38 Insurance Agents Certification
- IRDAI POSPIRDAI Point of Sales Person
- III IC-01 Principles of InsuranceIII IC-01 Principles of Insurance (Licentiate)
- III IC-11 Practice of General InsuranceIII IC-11 Practice of General Insurance (Licentiate)
- III IC-22 Life Insurance UnderwritingIII IC-22 Life Insurance Underwriting (Associateship)
III IC-02 guides
- SyllabusThe IC-02 Practice of Life Insurance syllabus from III's Revised Edition 2023, chapter by chapter.
- Exam PatternIC-02 exam pattern: online MCQ paper, 2 hours, 60% to pass, no negative marking, 20 credit points.
- Eligibility & FeesWho can sit IC-02, the ₹600 paper fee and how to register with III.
- Exam DatesIII's 2026 session calendar for IC-02: enrolment, slot booking, exam dates and results.
- Study MaterialThe official IC-02 study course, Revised Edition 2023: ₹400 in English, ₹700 in Hindi.
- Formula SheetWorked calculations for premium, paid-up value, bonus and maturity amounts.
- Term InsuranceWhat term insurance pays, why it costs less than other plans, and its common variations.
- Endowment PlanHow an endowment plan combines life cover with a maturity payment.
III IC-02 FAQ
What is the pass mark?
60%, with a distinction at 75%.
Should I take IC-01 before IC-02?
IC-01 Principles of Insurance is the compulsory Licentiate paper and is usually taken first, though III lets members choose their order.
Does PrepClever have III IC-02 mock tests?
Not yet. III IC-02 practice is coming soon. Until then, this page covers the pattern, syllabus and eligibility.
Ready to crack III IC-02?
III IC-02 practice is coming soon. Until then, this page covers the pattern, syllabus and eligibility.