IRDAI POSP Life study plan

Define the core life insurance vocabulary (policyholder, proposer, life assured, nominee, premium, sum assured, maturity, surrender) and write a one-line definition for each from memory.

Distinguish the four main product families (term, endowment, whole life, ULIP) by listing for each: payout trigger, premium pattern, and whether a fund value exists.

Explain the difference between death benefit and maturity benefit, and identify which product types pay each.

Map the standard policy document sections (proposal form, policy schedule, endorsements, free-look clause) and state the purpose of each section.

Explain key policy conditions: grace period, revival, lapse, paid-up value, surrender value, and policy loan, and state how each affects the policyholder.

Describe standard exclusions and the suicide clause in plain language suitable for a customer conversation.

Differentiate riders (accident, critical illness, term rider) from base cover and state how riders change premium and benefit.

Explain nomination and assignment, including what happens to the claim when the nominee is a minor.

State the eligibility parameters of Saral Jeevan Bima (entry age band, policy term options, premium payment terms, minimum and maximum sum assured) accurately.

Explain the death benefit structure, including the distinction between the absolute amount assured on death and the 10-times-annualised-premium condition.

Explain the maturity benefit and the treatment of the policy when the life assured survives the term.

Describe the policy loan, surrender, and revival provisions of the standard product and the waiting period, if any.

List the standard exclusions and the suicide clause of the product and explain them in customer language.

Compare Saral Jeevan Bima with a typical term plan and a typical endowment plan across premium, benefit, and flexibility.

Calculate simple illustrations: given age, term, and sum assured, work out the annualised premium and the death benefit payable under the 10-times rule.

Explain the free-look period, grace period, and revival window as they apply to the standard product.

Identify the documents a nominee must submit at claim time for a standard product death claim.

Outline the structure and purpose of the Insurance Act, IRDA Act, and the regulations governing life insurers and intermediaries, and state which body does what.

Explain the licensing and renewal requirements for a POSP, including eligibility, training, examination, and code of conduct obligations.

Describe the commission and remuneration rules applicable to insurance agents and POSPs, and what is prohibited.

State the record-keeping, reporting, and anti-money-laundering obligations an insurance distributor must follow.

Explain the policyholder grievance redressal path: insurer grievance officer, IRDAI grievance portal, and the insurance ombudsman, including which forum handles what.

Describe the duties of an insurer toward the policyholder at the proposal stage, including disclosure of material information and the duty of the proposer to disclose.

Explain mis-selling, rebating, and unfair trade practices, and state the consequences for a distributor.

Describe the free-look right and how a policyholder can cancel a policy within it.

Explain the POSP role, scope of authority, and the distinction between a POSP and a full agent or a corporate agent.

Describe the sales process end to end: needs analysis, suitability, proposal completion, premium payment, policy issuance, and servicing.

Explain know-your-customer requirements and the documents needed to complete a proposal accurately.

Draft a suitability conversation script for a customer choosing between a term plan and an endowment plan.

Revise all four domains by re-reading your own summaries and correcting any errors you find.

Complete at least 100 practice questions across all domains and log every wrong answer with the reason.

Re-explain the five weakest topics from your error log in your own words without notes.

Simulate a timed full-length test and review every mistake before finishing.