IC-22 vs IC-45: Which Underwriting Paper to Take
Same credit points, same fee, same pass rule. The choice is life or non-life, and it follows your job.
IC-22 Life Insurance Underwriting and IC-45 General Insurance Underwriting are the two underwriting papers of III's Associateship. You need one of them, not both: III's handbook lists IC-22 for the Life stream and IC-45 for the Non-Life stream, each worth 30 credit points.
The exams run on identical rules. What differs is the subject: IC-22 is about deciding whether to accept a human life and at what price, and IC-45 is about rating and accepting property, liability and other non-life risks.
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IC-22 and IC-45 Side by Side
Stream
IC-22 Life Insurance Underwriting
Life
IC-45 General Insurance Underwriting
Non-Life
Level
IC-22 Life Insurance Underwriting
Associateship, compulsory (one of the two)
IC-45 General Insurance Underwriting
Associateship, compulsory (one of the two)
Credit points
IC-22 Life Insurance Underwriting
30
IC-45 General Insurance Underwriting
30
Associateship either/or paper
IC-22 Life Insurance Underwriting
IC-26 Life Assurance Finance
IC-45 General Insurance Underwriting
IC-46 General Insurance Accounts Preparation and Regulation of Investment
Study course edition
IC-22 Life Insurance Underwriting
Revised Edition 2025
IC-45 General Insurance Underwriting
Revised Edition 2023
Chapters
IC-22 Life Insurance Underwriting
15
IC-45 General Insurance Underwriting
12, plus a glossary chapter
Book languages
IC-22 Life Insurance Underwriting
English only
IC-45 General Insurance Underwriting
English and Hindi
Printed book price (India)
IC-22 Life Insurance Underwriting
₹400
IC-45 General Insurance Underwriting
₹500 (English), ₹650 (Hindi)
Paper fee from 1 April 2026
IC-22 Life Insurance Underwriting
₹900 plus taxes
IC-45 General Insurance Underwriting
₹900 plus taxes
Format
IC-22 Life Insurance Underwriting
Online MCQ, 2 hours
IC-45 General Insurance Underwriting
Online MCQ, 2 hours
Pass mark
IC-22 Life Insurance Underwriting
60% (75% for distinction)
IC-45 General Insurance Underwriting
60% (75% for distinction)
| Detail | IC-22 Life Insurance Underwriting | IC-45 General Insurance Underwriting |
|---|---|---|
| Stream | Life | Non-Life |
| Level | Associateship, compulsory (one of the two) | Associateship, compulsory (one of the two) |
| Credit points | 30 | 30 |
| Associateship either/or paper | IC-26 Life Assurance Finance | IC-46 General Insurance Accounts Preparation and Regulation of Investment |
| Study course edition | Revised Edition 2025 | Revised Edition 2023 |
| Chapters | 15 | 12, plus a glossary chapter |
| Book languages | English only | English and Hindi |
| Printed book price (India) | ₹400 | ₹500 (English), ₹650 (Hindi) |
| Paper fee from 1 April 2026 | ₹900 plus taxes | ₹900 plus taxes |
| Format | Online MCQ, 2 hours | Online MCQ, 2 hours |
| Pass mark | 60% (75% for distinction) | 60% (75% for distinction) |
What Each Paper Actually Covers
- IC-22: judging a life
- Six chapters on principles, process, financial and occupational underwriting and reinsurance, then nine medical chapters: blood, nervous system, diabetes, thyroid, urinary, respiratory, digestive, cardiovascular and the special senses.
- IC-45: pricing a non-life risk
- The underwriting method, principles of rate making, rating approaches and pricing, IRDAI's File and Use procedures, tools of underwriting, types of policies, profitability and re-underwriting, policyholder protection, research and product innovation, and IT in underwriting.
The Real Difference: Medicine Against Pricing
IC-22 is a medical and financial judgement paper. Most of its chapters ask what a condition is, how its severity is measured and how it is usually rated. If you have spent time around proposal forms and medical reports at a life insurer, much of it will be familiar.
IC-45 is a pricing and process paper. It is about how rates are built, how products are filed with IRDAI and how an underwriting portfolio is kept profitable. It suits people who work on fire, engineering, marine, motor or liability risks.
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How to Choose
- check_circleWork at a life insurer, or in life bancassurance or a life broking team? Take IC-22.
- check_circleWork at a general or health insurer, a broker placing non-life risks, or a TPA? IC-45 is the natural fit.
- check_circlePlanning III's Diploma in Life Insurance Underwriting later? IC-22 counts towards it; III's handbook gives credit for IC-22 passed at Associateship.
- check_circlePrefer to study in Hindi? Only IC-45 has a Hindi study course.
The Choice Is Not Locked to Your Licentiate
III's handbook does not tie the Associateship stream to the paper you chose at Licentiate (IC-02 or IC-11). It does require the Licentiate to be passed before you register for either IC-22 or IC-45.
FAQs
Do I need both IC-22 and IC-45 for the Associateship?expand_more
No. III requires one: IC-22 for the Life stream or IC-45 for the Non-Life stream. Each is worth 30 credit points.
Which is harder, IC-22 or IC-45?expand_more
III publishes no pass rates, so there is no official answer. IC-22 has more chapters and a lot of medical detail; IC-45 is more about rating methods and regulation. The easier one is usually the one closer to your job.
Can I take IC-45 if I work in life insurance?expand_more
The handbook presents IC-45 as the Non-Life choice and does not bar anyone from it. Choose the one that matches the stream you want your Associateship in.
Do IC-22 and IC-45 cost the same?expand_more
Yes. Both are 30-credit papers, so both cost ₹900 plus taxes per attempt from 1 April 2026. Only the book prices differ.
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