III Exam Credit Point System of Examinations 2027

Insurance Institute of India (III Exam) Credit Point: A Complete Guide

The Credit Point System of Examinations is an important framework introduced to provide flexibility in the III examination process.
It allows candidates to earn credits by successfully completing individual subjects or papers.
These credits can be accumulated and used to fulfil the requirements for obtaining the desired professional qualification.
The system reduces the pressure of completing all subjects within a single examination cycle.
It also encourages continuous learning and enables candidates to progress through the examination in a structured manner.
Candidates should understand the credit requirements, validity and examination rules applicable to their qualification.

III Exam Structure

• To complete the III (Insurance Institute of India) examination, candidates must earn a total of 490 credit points. Each subject carries a specific number of credit points.
• The qualification process begins with the Licentiate Certificate, which requires 60 credit points to complete.
• After completing the Licentiate level, candidates can progress to the Associateship Diploma, which requires 250 credit points, including the credit points earned at the Licentiate level.
• The final stage is the Fellowship Diploma, which requires 490 credit points, including the credit points earned at both the Licentiate and Associateship levels.

Thus, candidates progress through the three levels—Licentiate, Associateship, and Fellowship—by accumulating the required credit points at each stage.

Important Note

• The above system will allow flexibility to the candidates to choose subjects of his/her choice from the available subjects and accumulate credit Candidates shall be allowed to appear only for a maximum 6 papers in one examination.
• However, certain subjects will be compulsory i.e. if the candidate does not pass the compulsory subjects, in spite of accumulating credit points, he/she will not be granted Licentiate Certificate, Associateship and/or Fellowship
• It is necessary to pass the Licentiate Examination before registration for the compulsory subjects of the Associateship. Similarly, Candidates who have passed Associateship examination only will be allowed to register for the compulsory subjects at the Fellowship.

The subjects and combined credit points for passing Licentiate, Associateship and Fellowship examinations are as under.

 At Licentiate Examination:

• Principles of Insurance (IC – 01) (20 Credit Points)

AND

• Practice of Life Insurance (IC – 02) (20 Credit Points) OR Practice of General Insurance (IC- 11)(20 Credit Points)

Note: Plus (any one subject of 20/30/40 credit points) from the Table 1 on below in order to acquire 60 credit points.

At Associateship Examination (eligible for registration only after passing the Licentiate examination) :

•  Life Insurance Underwriting (IC – 22 for Life) (30 Credit Points) /OR General Insurance Underwriting (IC – 45 for Non-life) (30 Credit Points)

AND

• Life Insurance Finance (IC – 26 for Life) (30 Credit Points) /OR General Insurance Accounts Preparation and Regulation of Investment (IC – 46 for Non-life) (30 Credit Points)

Note: Plus other subjects from the Table 1 in order to acquire 250 credit points (including 60 Credit Points at the Licentiate level).

At Fellowship Examination (eligible for registration only after qualifying for the Associateship Examination) :

 One Compulsory Actuarial subject (i.e. any one Subject from the following)

• Foundation of Actuarial Science ( (Life) (IC – 28) (40 Credit Points) OR
• Foundation of Casualty Actuarial Science Part ± I (IC – 47) (Non-Life) (40 Credit Points) OR
• Mathematical Basis of Life Assurance, (IC – 81) ( (Life) (40 Credit Points) OR
• Foundation of Casualty Actuarial Science Part ±II (Non-Life) (IC-84) (40 Credit Points) OR
• Actuarial Aspects of Product Development (IC – 92) ( (Life) (40 Credit Points)

iii Exam Yearly Mock Test Subscription – Licentiate, Associates, Fellowship

Table 1 (Optional Subjects)

Credit Points for current Subjects/Papers