Build a career as a III IC-01
The compulsory first paper of the Insurance Institute of India's Licentiate diploma - the foundation every insurance professional is tested on.
Know the III IC-01 before you start
Online objective MCQ paper
Exam Mode
100 MCQs / 100 marks in 2 hours
Questions / Marks
60% (75% for a distinction)
Pass Mark
20 towards the Licentiate
Credit Points
Roles & salary as you grow
The III IC-01 opens an entry role that promotes upward: here's the ladder and what each rung pays.
Stage 1
Insurance Company Executive
₹3 to 6 LPA (entry level)
Underwriting, claims, operations and customer-service roles at life and general insurers, where the Licentiate is the standard first professional qualification.
Stage 2
Broker / TPA Professional
₹3 to 7 LPA
Placement, servicing and claims roles at insurance brokers and third-party administrators, where III qualifications count towards IRDAI's training requirements.
Stage 3
Agent or Advisor moving up
Commission-based, uncapped
A licensed agent who adds the Licentiate signals professional depth to clients and insurers, and the paper covers the principles IC-38 only touches.
Stage 4
Path to Associate and Fellow
Senior roles, ₹8 LPA+
The Licentiate is the first of III's three diplomas; the Associateship and Fellowship that follow are recognised for promotions and specialist roles across the industry.
*Indicative ranges from public data; actual pay varies by employer, city and cycle.
Are you eligible?
Education
Membership of the Insurance Institute of India (applied for online before registering for the exam). Check the current III Examination Handbook for any education requirement for your membership category.
Age
No separate age limit is prescribed for the paper; III membership rules apply.
Nationality
Open to candidates in India; III also runs the exam for candidates abroad on its published terms.
How the III IC-01 is structured
IC-01 is an online objective paper of multiple-choice questions, 2 hours long, marked out of 100. III's handbook sets the pass mark at 60% for every MCQ paper and awards a distinction at 75%. All questions are to be attempted, and if a question is found erroneous it is removed and marks are pro-rated on the remaining ones. The handbook does not mention negative marking. The syllabus is III's Revised Edition 2024 courseware of 11 chapters, which III describes as indicative rather than exhaustive. III publishes no chapter-wise weightage; the four sections below are how PrepClever's mocks group the chapters, in proportion to their size.
IC-01 Principles of Insurance
What you'll study
menu_bookIntroduction to Insurance and Risk
menu_bookRating, Pricing and the Principles of Insurance
menu_bookPrinciples (Three), Legal Aspects and Underwriting
menu_bookClaims, Reinsurance and Insurance Accounts
How to crack the III IC-01
Become an III member
Apply for membership of the Insurance Institute of India online; membership is required before you can register for a professional exam.
Register for IC-01 in an exam window
III publishes an examination calendar each year. Register for IC-01 within the window and pay the exam fee listed in the current handbook.
Study the IC-01 courseware
Work through the Revised Edition 2024 courseware's 11 chapters, making short notes on each principle of insurance and on the legal chapter.
Practise full-length mocks
Take timed 100-question mocks until you score comfortably above 60%, with extra repetition on claims, reinsurance and insurance accounts.
Sit the online exam
Attempt all questions in the 2-hour paper; a score of 60% or more passes, 75% or more earns a distinction.
Complete the Licentiate
Add IC-02 Practice of Life Insurance or IC-11 Practice of General Insurance plus one more paper to reach the 60 credit points the Licentiate needs.
The III IC-01 cycle
Several times a year on III's published examination calendar
Opens before each window; late fee in the extended period
Published on the III portal after the exam window
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III IC-01: common questions
What is III IC-01?
IC-01 Principles of Insurance is the compulsory paper of the Insurance Institute of India's Licentiate diploma. It carries 20 credit points and covers risk, the principles of insurance, the law of insurance contracts, underwriting, claims, reinsurance and insurance accounts.
What is the pass mark for IC-01?
60% and above, III's pass mark for every objective paper. 75% and above earns a distinction.
Is there negative marking?
III's Examination Handbook does not mention any negative marking for its professional exams and asks that all questions be attempted, so answer every question.
How many questions does IC-01 have?
The paper is marked out of 100 and the handbook's own wording is 60 marks out of 100; it is widely reported as 100 multiple-choice questions in 2 hours. The handbook does not print a question count for professional papers.
Which chapters carry the most marks?
III publishes no chapter-wise weightage. PrepClever's mocks spread the questions across the 11 chapters in proportion to their size, so every chapter gets practised.
How is IC-01 different from IC-38?
IC-38 is the agent licensing exam (50 questions, 35% pass mark) needed before you can sell insurance. IC-01 is a professional diploma paper that goes deeper into principles and law and needs 60% to pass.
What is free on PrepClever?
Real questions from the Claims, Reinsurance and Insurance Accounts chapters, in six free practice tests. The remaining chapters and the full 100-question mocks are premium.
More Insurance (IRDAI) pathways
IC-38
The mandatory pre-recruitment exam every aspiring insurance agent in India must clear before appointment.
IRDAI POSP
Just 15 hours of training and one online test to start selling insurance from anywhere.
IRDAI Surveyor
Become a licensed professional who inspects, quantifies and validates insurance claims across India.