IC 38 is the pre-recruitment examination sat by candidates being appointed as insurance agents in India. If you are here from a NISM search, the first thing to be clear about:
IC 38 and NISM are unrelated. Different regulators, different syllabuses, different exams — passing one gives you no standing in the other.
NISM certifications sit under SEBI and cover securities markets. IC 38 sits under the insurance regulator and covers insurance. We cover both because the same people frequently need both, not because they overlap.
Who sits IC 38
Candidates being appointed as insurance agents, across life, general and health lines. In practice that includes a large number of people who already hold, or are working towards, a NISM certification:
- Mutual fund distributors (Series V-A) adding insurance to what they can sell
- Financial advisers who want to cover protection as well as investment
- Bank and NBFC staff whose role spans both product sets
If you are one of those, IC 38 plus Series V-A is the common pairing — it covers the two products a retail client is most likely to ask about.
What the syllabus covers
Broadly, the exam covers:
- Principles and practice of insurance — risk, insurable interest, indemnity
- The insurance contract — proposal, documentation, underwriting basics
- Products across life, general and health insurance
- The agent's role, duties and code of conduct
- Policyholder protection and grievance redressal
- The regulatory framework governing agents
Prepare from the official study material for the line you are being appointed for. The exam is written from it, and it is the only syllabus that is authoritative. Anything you read online — including this page — is orientation, not the syllabus.
How to prepare
The preparation problem is the same shape as a NISM exam, which is why the same approach works:
- Read the official material once end to end before you attempt any practice test. You are building a map, not memorising.
- Practise the product-comparison questions specifically. This is where candidates lose marks — features blur across policy types, and the exam is precise about which product does what.
- Learn the code of conduct and grievance provisions properly. Straightforward, predictable marks that candidates routinely underprepare because the material feels obvious.
- Take timed full-length tests. Reading questions against a clock for the first time on exam day costs marks you had already earned.
Our IC 38 mock test uses the same interface and timing as the real exam, with an explanation for every question, and a free demo before you pay anything.
IC 38 alongside NISM
If you are building an advisory practice rather than just clearing a requirement, the sequence usually goes:
- The mandated certification for your primary role first. If you distribute mutual funds, that is Series V-A — see our preparation guide.
- IC 38 next, when insurance becomes part of what you offer.
Neither substitutes for the other, and neither renews the other. Both need tracking separately, which is worth setting up before you hold three credentials and no diary entries.
A note on what we can and cannot tell you
We publish exact fees, durations and pass marks for NISM exams because we maintain that data against the official source and re-verify it. We deliberately do not publish those figures for IC 38, because we do not hold verified data for it and a wrong number on an exam page costs a reader money or a booking.
For the fee, duration, pass mark and current syllabus, use the official source for the exam you are being appointed for, or ask the insurer sponsoring your appointment — they administer the process and will have the current details.
Practise before you sit it. Our IC 38 mock tests use the real exam interface and timing, with explained answers and instant analytics. Free demo before you pay. Try the IC 38 mock test.
