IC-26 vs IC-46: Life or Non-Life Finance for Your Associateship
Same credit points, same pass rule, different books. Pick the stream you work in.
III's Associateship has two compulsory papers on top of the Licentiate: an underwriting paper and a finance paper. For the finance paper you choose one of two, each worth 30 credit points: IC-26 Life Insurance Finance for the life stream, or IC-46 General Insurance Accounts Preparation and Regulation of Investment for the non-life stream.
Pick the stream you work in, or want to work in. If you are at a life insurer, in its finance, accounts, actuarial or operations teams, IC-26 is the paper that matches your job. If you are at a general or health insurer, IC-46 is the closer fit.
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IC-26 and IC-46 Side by Side
From III's 2026 Examination Handbook, syllabus and price list.
Full title
IC-26 Life Insurance Finance
Life Insurance Finance (also called Life Assurance Finance in the handbook)
IC-46 General Insurance Accounts
General Insurance Accounts Preparation and Regulation of Investment
Stream
IC-26 Life Insurance Finance
Life insurance
IC-46 General Insurance Accounts
General (non-life) insurance
Level
IC-26 Life Insurance Finance
Associateship compulsory
IC-46 General Insurance Accounts
Associateship compulsory
Credit points
IC-26 Life Insurance Finance
30
IC-46 General Insurance Accounts
30
Format
IC-26 Life Insurance Finance
Online MCQ, 2 hours, 60% to pass
IC-46 General Insurance Accounts
Online MCQ, 2 hours, 60% to pass
Study course edition
IC-26 Life Insurance Finance
Revised Edition 2023, 15 chapters
IC-46 General Insurance Accounts
2023 edition
Printed book (India)
IC-26 Life Insurance Finance
₹800 English, ₹650 Hindi
IC-46 General Insurance Accounts
₹650 English, ₹600 Hindi
Book and audiobook languages
IC-26 Life Insurance Finance
English and Hindi
IC-46 General Insurance Accounts
English and Hindi
Paper fee
IC-26 Life Insurance Finance
₹900 + taxes
IC-46 General Insurance Accounts
₹900 + taxes
Matching underwriting compulsory
IC-26 Life Insurance Finance
IC-22 Life Insurance Underwriting
IC-46 General Insurance Accounts
IC-45 General Insurance Underwriting
| IC-26 Life Insurance Finance | IC-46 General Insurance Accounts | |
|---|---|---|
| Full title | Life Insurance Finance (also called Life Assurance Finance in the handbook) | General Insurance Accounts Preparation and Regulation of Investment |
| Stream | Life insurance | General (non-life) insurance |
| Level | Associateship compulsory | Associateship compulsory |
| Credit points | 30 | 30 |
| Format | Online MCQ, 2 hours, 60% to pass | Online MCQ, 2 hours, 60% to pass |
| Study course edition | Revised Edition 2023, 15 chapters | 2023 edition |
| Printed book (India) | ₹800 English, ₹650 Hindi | ₹650 English, ₹600 Hindi |
| Book and audiobook languages | English and Hindi | English and Hindi |
| Paper fee | ₹900 + taxes | ₹900 + taxes |
| Matching underwriting compulsory | IC-22 Life Insurance Underwriting | IC-45 General Insurance Underwriting |
What IC-26 Covers
Chapter titles from III's 2026 syllabus. III's handbook gives IC-46 only by title.
- IC-26 (15 chapters)
- Elementary Principles of Accounts; Life Assurance Business: Important Types of Life Assurance Policies; Accounting Procedures - Premium Accounting; Accounting Procedures - Disbursements; Accounting Procedure: Expenses of Management; Investments; Final Accounts: Revenue Account and Balance Sheet; Budget and Budgetary Control; Innovative Concepts in Financial Reporting; Accounting Standards (Applicable to Life Insurance Companies); Financial Analysis; Management Environment in India; Application of Financial Management Concepts in Insurance Industry; Taxation (Current Scenario); Anti-Money Laundering Guidelines and Prevention of Money Laundering (PML) Act.
Both Need the Licentiate First
III lets you register for the Associateship compulsories only after you have passed the Licentiate. That rule is the same for IC-26 and IC-46.
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Things to Know Before You Choose
- check_circleYou need only one of the two. Neither appears in III's table of optional subjects, so plan the rest of your 250 credit points from that table.
- check_circleThe handbook lists the underwriting paper (IC-22 or IC-45) and the finance paper (IC-26 or IC-46) as two separate choices. It does not say both must come from the same stream, but taking both from the stream you work in is the natural fit.
- check_circleYou can swap between IC-26 and IC-46 after enrolling, online and only during the enrolment period, because both carry 30 credit points.
- check_circleThe paper fee is the same for both: ₹900 plus taxes per attempt. The printed IC-46 book costs less.
- check_circleBoth study courses and both audiobooks are available in English and Hindi.
Chartered and Cost Accountants
Associates and Fellows of ICAI are deemed to have passed IC-26 or IC-46 for the compulsory-subject rule, and get no credit points for either if they sit it. Associates and Fellows of the Institute of Cost Accountants of India (ACMA/FCMA) are not allowed to sit IC-26 or IC-46 at all.
FAQs
Should I choose IC-26 or IC-46 for the Associateship?expand_more
Choose the stream you work in or plan to: IC-26 for life insurance, IC-46 for general insurance. Both carry 30 credit points, cost the same per attempt and have the same pass rule.
Is IC-26 compulsory for the III Associateship?expand_more
Only as one side of a choice. The Associateship needs IC-22 or IC-45, and IC-26 or IC-46, plus optional papers, for 250 credit points in all including the Licentiate.
Can I change from IC-46 to IC-26 after enrolling?expand_more
Yes, online and only during the enrolment period, since both are 30-credit papers. After enrolment closes, no change is allowed.
I am a chartered accountant. Do I need IC-26 or IC-46?expand_more
No. III deems ICAI Associates and Fellows to have passed the finance compulsory. They still need IC-01, IC-02 or IC-11, and IC-22 or IC-45, plus other papers to reach 250 credit points.
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