IRDAI POSP Life case studies
IRDAI POSP Life · Put your knowledge to work in context.
The IRDAI POSP Life credential is a point-of-sales person authorisation for selling life insurance products, delivered through an examination built around the Insurance Regulatory and Development Authority of India (IRDAI) framework. The regulator describes itself as "a statutory body set up for protecting the interests of the policyholders and regulating, promoting and ensuring orderly growth of the insurance industry in India." The exam tests four equally weighted areas: life insurance products and their terms and conditions; the standard life product Saral Jeevan Bima; the regulatory framework of Acts, rules and regulations; and distribution, agency functions and policyholder protection. The IRDAI POSP Life case studies are 5 cases and about 3,855 words.
1Revival, suicide exclusion and a form filled by the seller
Rakesh, 34, a salaried engineer in Nagpur, bought a 30-year pure term plan with a sum assured of ₹1 crore; the annual premium is ₹14,200 and the policy was issued in March 2022. He paid two premiums and then let the policy lapse in 2024 when he changed jobs.
801 words, about 4 min2Saral Jeevan Bima for a 62-year-old grandmother: age, term and sum assured limits
Sunita, 62, a widow in Coimbatore, runs a small tailoring unit and receives ₹18,000 a month in rent. Her grandson, whom she is raising, starts an engineering course in three years, and she wants cover until he finishes - about ten to twelve years from now.
784 words, about 4 min3A rebate request, a backdating request and cash into a personal account
Farhan, who runs a hardware shop in Bhopal, has agreed to buy a ₹50 lakh term plan with an annual premium of ₹1,20,000 from a POSP working for XYZ Life. At the last minute he makes three requests.
785 words, about 4 min4An endowment mis-sold by a POSP authorised only for pure term
Meena, 58, a retired government school teacher in Mysuru, receives a pension of ₹26,000 a month and holds ₹7 lakh in a fixed deposit. In November 2025 a POSP Life appointed by PQR Life sells her a 20-year non-linked endowment: annual premium ₹1,50,000, sum assured ₹15 lakh, with an illustration showing a maturity value of about ₹27 lakh.
745 words, about 4 min5Assignment to a bank, nomination, and a claim paid after the time limit
Vijay, 45, a flour-mill owner, took a ₹60 lakh pure term policy from DEF Life in August 2019 and nominated his wife, Kavita. In 2022 he took a ₹35 lakh home loan from a bank and executed a conditional assignment of the policy in the bank's favour, which the insurer registered.
740 words, about 4 min