IRDA Stands for the Insurance Regulatory and Development Authority of India. IRDA is the body that governs the functioning of various General Insurance and Life insurance companies of the nation.
Candidates who wish to work in the insurance sector can check out various Insurance exams in the linked article.
This article will upkeep you with all the necessary information about the IRDA exam like IRDA exam pattern & syllabus, salary and eligibility criteria of IRDA exam but, before diving deep into the IRDA exam details, we would like you to understand about IRDA and its purpose.
Table of contents
What is IRDA?
IRDA is the supervisory body in India that regulates and commands all the insurance companies in the country, both Life Insurances and General Insurance companies.
IRDA is the head organization that sets rules and guidelines to run the Indian Insurance Industry. While monitoring the activities of the insurance companies, IRDA also regulates and sees the development of these industries.
Purpose Of IRDA
The first General Insurance company was established in the year 1850 in Calcutta. Seeing the rising market many new insurance companies cropped up in both life and non-life segments practicing their own business rules and rates. Hence, bringing at stake the credibility of the insurance sector.
Now, new demands have rolled in several insurance products are flooded in the market because IRDA monitors the development and other insurance-related activities.
Roles & Responsibility Of IRDA
The whole and sole responsibility of the autonomous body IRDA is to regulate fair practices in the insurance market to impede the loss of customers.
The way the banking system of the nation works as per the guidelines set by the RBI, leaving no scope for the monopoly to take over, IRDA on the same lines of industrial practice plays an important role to control the insurance sector.
For more information on various exams related to banking sectors, Aspirants can check the Bank exams page here.
Major responsibilities of IRDA is as follows:
- Urge and ensure the systematic growth of the insurance industry to benefit the customers who invest in policies seeking safety.
- Safeguard the interest of the policyholders.
- Foster righteousness and fair dealings in the market.
- Expedite the claim settlement and overcome the disputes
- Keep a check on scams and frauds by setting standards and conduct vigilance.
The scope of work for IRDA is wide and it abides by its limitations without favoring any particular insurance company. To keep up the growth, the work and acts of IRDA are as mentioned below:
- IRDA monitors that no insurance company can deny the claim on their free will unless it falls beyond the scope of the cover. Thus, protecting the interest of policyholders at the time of issuance of the policy claims, and cancellation of the policy.
- IRDA clearly states the code of conduct for all insurance companies, loss assessors and surveyors. Thus, players come together to work on a single tune and compete with each other simply on the basis of discounts.
- IRDA conducts investigations, calls for both annual or need-based audit so as to prevent any misdeed.
- To bring equality for customers IRDA, regulates the terms and rates offered by the insurance companies.
- IRDA provides a resolution in case of any disputes emerged between the insurer and the policyholder.
- IRDA prevents insurers from quoting rates as per their convenience and hence it limits the major risks to the Tariff Advisory Committee.
- IRDA sets the minimum percentage limit for the insurers to carry for both life and non -life business. Thus, helps in the development of both rural and urban sectors.
IRDA offers great career opportunities in its varied segments to the aspirants longing to work in the insurance sector. Let’s take a look at these opportunities below.
Insurance Regulatory and Development Authority is a statutory body formed under an Act of the Parliament. IRDA is the highest regulatory body for the insurance sector in India.
Important links for candidates preparing for Insurance exams:
IRDA holds a recruitment drive through Insurance institutes of India for IRDA exam. IRDA exam is an all India level exam that recruits eligible candidates for dignified posts in IRDA.
The exam for IRDA is not an annual process, and the recruitment is done based on the requirement of the company.
The IRDA exam is conducted on regular intervals of time, and the posts for which the IRDA exam is conducted is as mentioned below:
- Assistant Manager
- Manager (Grade B)
- Assistant General Manager (Grade C)
- Deputy General Manager (Grade D)
- General Manager (Grade E)
Among the 5 posts mentioned above, the recruitment for IRDA Assistant Manger is conducted for graduates. For all the other posts, the recruitment is conducted for candidates who have attained a minimum age of 45 years. Scroll down for more information on IRDA Eligibility Criteria.
IRDA Exam – Eligibility Criteria
Candidates willing to appear for IRDA exam for Assistant Manager post have to qualify certain eligibility criteria. Detailed eligibility criteria for IRDA Assistant Manager Exam is released with the official notification of IRDA exam
The eligibility criteria for IRDA exam is brief is mentioned below:
Educational Qualification: Candidates who wish to appear for IRDA exam must satisfy the minimum education qualification for the exam.
The minimum Qualification for IRDA exam is Bachelor’s Degree i.e. the aspirants must have at least passed Graduation with a minimum aggregate of 60% marks.
IRDA Exam Age Limit: the minimum age of a candidate to appear for IRDA exam Assistant Manager Post is 21 years and the upper age limit for the same is 30 years.
Candidates belonging to special categories enjoy certain relaxation on IRDA exam Age limit.
- Scheduled Caste/ Scheduled Tribe – 5 years
- OBC category – 3 years
- PwD candidates- 10 years.
The above-mentioned IRDA eligibility criteria is for Assistant Manager Post. the required age limit and academic qualification for other posts of IRDA exam will be announced with the vacancies in IRDA official notification.
Now that aspirants are aware of IRDA exam eligibility criteria, they must know the detailed IRDA exam pattern and syllabus so as to prepare well for the exam.
IRDA Exam Pattern
The exam pattern of IRDA exam is set by the conducting body. The IRDA selection process comprises three stages.
- Phase-I Prelims exam
- Phase -II Mains exam
- Phase -III Interview
The phase-I of IRDA exam is an online objective type exam. The exam will be bilingual i.e. Hindi or English, except the English Language section.
Candidates have to qualify in each section and in aggregate as per the minimum cut-off marks of each section decided by IRDA.
|IRDA Exam – Prelims Paper Pattern|
|Sections||Number of Questions||Marks||Time|
|Reasoning||40 each section||40||90 minutes|
Negative marking: candidates will lose 1/4th mark for each wrong attempt.
Phase-I of IRDA Assistant Manager exam is a qualifying paper. Marks obtained in prelims will not be counted for an interview or final selection.
For General Awareness preparation in IRDA Exam Phase I aspirants can take help of Static GK topics collated in the linked page.
Phase-II of IRDA exam for Assistant Manager post is a descriptive type of paper.
|IRDA Exam – Mains Paper Pattern|
|English||100 each section||60 minutes
|Economic and Social Issues impacting insurance|
|Insurance and Management|
Phase-III of IRDA exam is the interview process or personality test. Candidates will be shortlisted for interview round based on total marks obtained in the three sections of Phase-I.
The final selection of candidates will be on the basis of performance in Phase-II and interview round.
Candidates who wish to appear for IRDA Assistant Manager exam are advised to practice IRDA Mock tests for extensive preparation of IRDA exam.
Now that the candidates are aware of the IRDA exam pattern, knowing the syllabus in detail is also prudent to ace IRDA exams.
IRDA Exam – Assistant Manager Syllabus
The Syllabus for IRDA Assistant Manager exam is decided by the Insurance Regulatory & Development Authority.
IRDA Assistant Manager syllabus is not much different from other competitive exams. Paper-I of IRDA syllabus covers questions from the four common sections i.e. Reasoning, English, General Awareness and Quantitative Aptitude asked in any other exam.
IRDA Syllabus for Assistant Manager post is as mentioned below:
|IRDA Assistant Manager Syllabus – Paper I|
|English Language||Reasoning Ability||General Awareness||Quantitative Aptitude|
|Correct and Incorrect Usages.
Verbal and figure classification.
Arithmetical Number Series.
Analysis and Judgement.
Books and Authors.
Science – Inventions and Discoveries.
Major Financial/ Economic News.
Budget and Five Year Plans.
International and National Organizations.
International Current Affairs*
National Current Affairs*
Awards and Honours.
Ratio & Proportion.
Permutation & Combination.
Mixtures & Allegations.
Sequences & Series.
Profit & Loss.
Time & Work.
Surds & Indices.
Problems on Ages.
Simple Interest & Compound Interest.
Mensuration – Cylinder, Cone, Sphere.
Time & distance.
*For Current Affairs preparation candidates can take help of daily, weekly and monthly current affairs provided by BYJU’S.
Apart from these, the syllabus of IRDA Assistant Manager exam also covers questions for professional knowledge in the Mains exam. This professional knowledge section includes question-based on:
- Insurance & Management,
- Loans, Regulations and their general application
- Economic and Social Issues impacting insurance
To test their overall preparation aspirants of the IRDA exam can take free Online Quiz provided in the linked page.
All the Insurance exams cover the same syllabus, therefore candidates planning to appear for IRDA exam 2020 can take a look at the syllabus pages linked below to get an idea of topics covered in the exam.
IRDA – Assistant Manager Salary
The very first thing that comes to mind when opting for a career is the monthly salary being offered. It is important for the aspirants to know that the IRDA Assistant Manager post is a lucrative job profile.
The Assistant Manager in IRDA gets the starting basic pay of approximately 28000/- to 30,000/ per month. The initial monthly gross remuneration is approximately 80,000/-.
Not just that, IRDA Assistant Managers are entitled to certain perks as well. They are :
Dearness allowance, House rent allowance, Grade Allowance, City compensatory allowance, Reimbursement of Expenses, Loans at concessional rate of interest, Leave travel concession, etc.
Hence, it can be rightly said that a career in IRDA as Assistant Manager is stable, dignified and promising. Candidates willing to apply for IRDA exam must keep abreast with the latest exam pattern and syllabus of IRDA exam to start their preparation and ace the exam.