IRDAI POSP Life study guide
IRDAI POSP Life · Work through your exam, one topic at a time.
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 study guide has 5 sections and about 2,044 words.
01Life Insurance Products and Terms and Conditions
This domain tests whether you can read a policy schedule and product literature and explain them accurately: which product type is being sold, what is payable on death or on survival, and how definitions such as sum assured, paid-up value, surrender value and revival actually work. Mis-description at the point of sale is the root of most repudiation disputes.
429 words, about 2 min02Life Insurance Standard Products (Saral Jeevan Bima)
This is IRDAI's standard, uniform individual term product that every life insurer must offer - a pure risk, non-linked, non-participating plan. Any distributor, including a POSP, can sell it with confidence because the core terms are identical across companies.
362 words, about 2 min03Regulatory Framework, Acts, Rules and Regulations
This domain tests the statute book behind every sale: the Insurance Act, 1938 as amended in 2015, the IRDA Act, 1999, and IRDAI's current regulations. Questions tend to be about limits, penalties and which section does what.
426 words, about 2 min04Insurance Distribution
Selling is regulated as tightly as the products. This domain covers who may distribute life insurance, through which channel, what a distributor may and may not say, and how remuneration works - the daily decisions of an agent or POSP.
406 words, about 2 min05Agency Functions and Policyholder Protection
Agency work does not end with the proposal. This domain tests service duties - an accurate proposal, premium handling, nomination, revival, claim support - and the policyholder's legal remedies when something goes wrong.
421 words, about 2 min