SYLLABUS (LIFE)

1. INTRODUCTION TO INSURANCE

   1. Purpose and Need of Insurance

   2. Insurance as a social security tool

   3. Role of Insurance in the development of economy

2. FUNDAMENTALS OF AGENCY LAW

   1. Definition of an Agent

   2. Agents' Regulations

   3. Insurance intermediaries

   4. Methods of remunerating the agent

3. LEGISLATIVE AND REGULATORY MATTERS

   1. Insurance Act, 1938

   2. Life Insurance Corporation Act, 1956

   3. Insurance Regulatory & Development Authority Act, 1999

   4. Consumer Protection Act, 1986

   5. Ombudsman Scheme

   6. Other Acts like Income Tax Act, Married Women’s Property Act, Contract Act, etc. connected with conduct of Life Insurance Business

   7. Code of conduct in Advertisement & Publicity areas.

4. PROCEDURE FOR BECOMING AN AGENT

   1. Pre-requisites for obtaining a license like age, qualification, training, Insurance company sponsorship, maintenance & duration of license, cancellation of license: revocation or suspension/ termination of appointment

   2. Insurance company sponsorship

   3. Code of Conduct: Unfair Practices, Rebates; Prohibited Inducements and Discrimination; twisting and poaching, Misrepresentations & incomplete comparison; False statements regarding insurance companies financial condition

   4. Termination of Agency

5. FUNCTIONS OF THE AGENT

   1. Proposal Form and other forms for grant of cover.

   2. Financial and medical underwriting

   3. Material and relevant information like family history, medical examination, special medical reports, admission of age special reports, Moral Hazard report, advance payment of premium before acceptance of the risk: Sec. 64VB of the Insurance Act.

   4. Revivals

   5. Nomination & Assignment

   6. AProcedure regarding settlement of policy claims.

6. COMPANY PROFILE

   1. Organizational Set-up of the company including strengths of the company, promotion strategy , market share,

   2. Important Activities

   3. The Indian Context

   4. Structure

   5. Products

   6. The Actuarial Profession- role in life insurance companies

   7. Product Pricing- Actuarial aspects

   8. Distribution Channels which the insurer has; - other distribution channels - their relative merits and demerits

7. FUNDAMENTALS/ PRINCIPLES OF LIFE INSURANCE

   1. Life Insurance Contracts

   2. Insurable Interest

8. FINANCIAL PLANNING AND TAXATION

   1. Savings and Investment Schemes like shares, units, capital markets, mutual funds, etc. vis-à-vis insurance

   2. Tax benefits under insurance policies.

   3. Life cycle- Needs including:

      1. Solutions- Matching of the customers needs & requirements to that of the products available

      2. Comparison between different products offered vis-à-vis premium chargeable, coverage, etc.

9. INSURANCE SALESMANSHIP

   1. Introduction

   2. Selling Process

   3. Pre-Approach

   4. Interview

   5. Objectiond

   6. Closing

   7. Service

   8. Consumer Education

   9. Consumerism in Insurance

10. COMPUTATION OF PREMIUMS/BONUSES

    1. What is Premium?

    2. Premium calculation including rebates- mode rebates, large sum assured policies rebate

    3. Extra premium, rider premiums,

    4. Computation of benefits- Surrender Value, Paid up Value etc.

11. INSURANCE DOCUMENTS

    1. Insurance Documents including proposal forms and other relevant forms

    2. First Premium Receipt/Renewal Premium Receipt

    3. Policy Contract

    4. Endorsements

    5. Renewal Notice/ Bonus notices

    6. Other Insurance Documents related to insurance

12. LIFE INSURANCE PRODUCTS

    1. Traditional/Unit Linked policies

    2. Individual and Group Policies

    3. With Profit and Without Profit Policies

    4. Different types of insurance products- whole life products, Interest sensitive products,, Term Assurance, Annuities, Endowment Assurance, etc.

    5. Insurance products for Female, Children, Physically /Mentally Handicapped lives

13. OPTIONS, GUARANTEES AND RIDERS

    1. Policy riders

    2. Policy options

    3. Policy guarantees

14. GROUP INSURANCE & / PENSION PLANS

    1. Special legal/other Features of group Insurance/Superannuation schemes

    2. Group insurance schemes – Employees Deposit Linked Scheme (EDLI) and Non- EDLI Schemes

    3. Gratuity schemes

    4. Superannuation Schemes- Money purchase and Defined benefit Schemes

    5. Savings linked insurance policies

    6. Voluntary Retirement Schemes

    7. Group annuity Schemes

15. HEALTH RELATED INSURANCE (Long Term Health Care)

    1. Critical Illness/ Dreaded Disease Plans

    2. Health Insurance riders

    3. Long term health care

    4. Notification of claim, doctor’s report, claim form, payment of claims

16. OBLIGATIONS OF INSURERS TO RURAL/SOCIAL SECTORS

17. CLAIMS

    1. Introduction

    2. Intimation Procedure

    3. Claims Documents- Forms

    4. Settlement Procedures

18. AGENCY COMMISSION STRUCTURE

19. PERSONAL DEVELOPMEMT

    1. Scope

    2. Products knowledge

    3. Consumer orientation

    4. Business target

    5. Personal growth

    6. Records and review

    7. Target market

    8. Trust worthiness

    9. Long term relationships

20. BEHAVIOURAL ASPECTS

    1. Motivation

    2. Morale

    3. Communication Skills

    4. Persuasive Skills

    5. Analytical Ability

    6. Behaviour with others

21. FEEDBACK TO COMPANIES ON CUSTOMERS REQUIREMENTS WITH REGARD TO THEIR INSURANCE NEEDS AND MISCELLANEOUS MATTERS

    1. New requirements of the customers

    2. Modifications on the coverage, rates, etc. of the customers