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Diploma in Life Insurance (DLI) - Self-Study


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1. Programme Description

The SCI Diploma in Life Insurance is a self-study Programme developed and awarded by the Singapore College of Insurance (SCI) as a professional qualification for Singapore-based insurance industry practitioners.

It is a technical and supervisory qualification for life insurance staff working across all sectors of the life insurance industry, and the logical progression after obtaining the Cert SCI (Life Insurance) and Cert SCI (Health Insurance) designations.

This Programme provides a good understanding of the various individual life, annuity and disability insurance products, including design, pricing, underwriting, claims, investments and other managerial operations of a life insurance company. In addition, this Programme presents an overview of risk management relating to insurance and retirement planning. It also provides an in-depth treatment of the legal aspects of life insurance, life insurance company operations, as well as the process and environment relating to financial planning.

Developed to meet industry standards and compliance, this Programme provides the technical knowledge and skills needed to provide quality services to clients and effectively manage a successful life insurance business.

Furthermore, this Programme can be a milestone towards the attainment of the Chartered Life Underwriter®/Singapore (CLU®/S) Programme, which is awarded by the SCI under licence from The American College.

2. Who Will Benefit

The Programme is suitable for:

(a)Supervisors, team leaders, senior executives and those with long-term ambitions of assuming managerial positions ;
(b)Anyone wishing to hold a recognised, respected insurance qualification;
(c)Insurance staff members employed in support functions wishing to develop their knowledge of the business; and
(d)Those wanting to be provided with a pathway towards achieving the CLU®/S qualification.

3. Eligible For Certified Insurance Professional (CIP) Membership Of The Australian And New Zealand Institute Of Insurance And Finance (ANZIIF)

ANZIIF members are recognised throughout the insurance and financial services industry as professionals who are qualified, knowledgeable and committed to excellence in their fields. DLI holders are eligible to apply for Associate CIP membership.

ANZIIF grants Associate Membership to financial services professionals who have completed an insurance/finance qualification equivalent to the ANZIIF Certificate IV level or any other recognised education requirement (Life or General Insurance Affiliateship). Upon such membership approval, an Associate of ANZIIF may use the post nominal ANZIIF (Assoc) CIP.

You can read more about CIP on the ANZIIF Website at: https://theinstitute.com.au/membership/cip

For more information on the ANZIIF membership application and applicable fees payable, you can refer to this link at: https://theinstitute.com.au/membership/about-membership

Do note that ANZIIF reviews its membership criteria, benefits and eligibility requirements from time to time. All decisions on election to membership will reflect the requirements at the time of application.

4. Benchmarked To UK Qualifications & Credit Framework (QCF)

SCI Qualification

Comparability To The Qualifications & Credit Framework (QCF) Of The United Kingdom (UK)

Diploma in Life Insurance (DLI)

Is considered comparable to QCF Level 4 standard.

Note: Regulated Qualifications Framework (RQF) has now been introduced in the UK, and the RQF levels are in line with the QCF levels in terms of comparability.

5. Overview of Modules & Learning Outcomes

(a) DLI01: Individual Life Insurance
This module provides in-depth knowledge of life insurance, its underwriting process and the role of claim assessors. It covers a wide range of topics from the basis of life insurance, product design and pricing, to the various types of life, annuity and disability insurance products.

The DLI01 Study Text consists of 561 pages (excluding Supplementary Notes).

(b) DLI02: Risk Management, Insurance and Retirement Planning
Focuses on the use of risk management techniques in treating the risks faced by individuals. It also provides an outline of the basic insurance principles, as well as the various classes of insurance, given the importance of insurance in the risk management process. In addition, it presents the steps in insurance planning to equip the candidates with the knowledge on how to perform insurance planning services.

The DLI02 Study Text consists of 271 pages (excluding Supplementary Notes).

Candidates will be taught the importance of retirement planning, the possible sources of retirement funds, how to invest for retirement, how to help their clients overcome inadequate retirement resources as well as the steps involved in quantifying one’s retirement needs.

(c) DLI03: Life Insurance Law
This module examines and provides in-depth treatment of the legal aspects of life insurance, including basic principles of contract law, incontestable clause, assignments, law of agency and the rights of beneficiaries.

The DLI03 Study Text consists of 256 pages (excluding Supplementary Notes).

(d) DLI04: Life Insurance Company Operations
This module provides a good understanding of the life insurance company’s operational processes. It also covers specific functions such as claims handling, new business, information technology, actuarial management and marketing.

The DLI04 Study Text consists of 683 pages (excluding Supplementary Notes).

(e) DLI05: Financial Planning: Process and Environment
Provides an overview of the financial planning process, including communication techniques, ethics, risk tolerance, time-value-of-money concepts and financial planning applications. It also offers an understanding of the role and responsibilities of a financial planner, along with some analytical skills to aid in financial decision making.

The DLI05 Study Text consists of 290 pages (excluding Supplementary Notes).

6. Minimum Entry Requirements

In order to be registered for the Programme / Examination, the candidate:
(a)must be at least 18 years of age;
(b)should be a Singapore Citizen / Singapore Permanent Resident or foreigner who is ordinarily resident in Singapore at the point of registering for the Programme / Examination;
(c)should preferably be engaged in financial services activities;
(d)must have successfully completed the Capital Markets and Financial Advisory Services (CMFAS) Examination Module 5 and Module 8 or Module 9, as well as Health Insurance examination.

The candidate must produce the following relevant supporting documents during the signing of the Advisory Note and Student Contract:

Item 1(a) & (b) above: NRIC / valid Passport
Item 1(c) above: Business Card, Staff Card or Letter from Employing Company
Item 1(d) above: Original Certificates, Result Slips or Letters of Certification

7. Qualifying Requirements

To qualify for the Diploma, the candidate must fulfil the following requirements:

(a)The candidate may take the modules in any order. However, the SCI recommends that the candidate should take them in the order of the module numbers. There is no limit on the number of examination attempts per module by the candidate. Having passed that module examination, the candidate cannot retake it, unless the completion period has expired.
(b)To obtain the SCI Diploma in Life Insurance, the candidate must pass all five (5) modules (DLI01 to DLI05) within three (3) consecutive years.

8. Time Bar For Examination Completion

Please note that it is the candidate’s responsibility to monitor his or her own time bar for the examination completion of the Diploma in Life Insurance Programme accordingly. The SCI will not send any notification to remind the candidate in this respect.

9. Award Conferment Date

The Certificate parchment will be sent out by ordinary post to the Candidate three (3) months after the release of the final results of the Candidate.

10. Designatory Letters Awarded

Dip SCI (LI) Designation
Upon successful completion of the examination modules (Modules DLI01 to DLI05) within the specified time frame, the candidate will be entitled to use the designatory letters Dip SCI (LI).

Note: The candidate has to meet the specified Continuing Professional Development (CPD) Requirement, in order to maintain the respective designatory letters as described above.

AFC Designation
Upon passing DLI05, the candidate can apply for the Associate Financial Consultant (AFC) designation directly with IFPAS, subject to any terms and conditions as specified by IFPAS.

11. Gaining Another Professional Designation

Having attained the Diploma in Life Insurance designation, the Dip SCI (LI) holder may earn the Chartered Life Underwriter®/Singapore (CLU®/S) designation by completing the following three additional modules:

  • Investments
  • Planning for Business Owners and Professionals
  • Group Benefits and Health Insurance
  • The Chartered Life Underwriter®/Singapore (CLU®/S) designation is awarded by the SCI under licence from The American College.

    12. Examination Details

    Modules Examination Format Length Of Examination Pass Mark Requirement
    DLI01: Individual Life Insurance 100 Multiple Choice Questions 2 hours 70%
    DLI02: Risk Management, Insurance and Retirement Planning 100 Multiple Choice Questions 2 hours 70%
    DLI03: Life Insurance Law 100 Multiple Choice Questions 2 hours 70%
    DLI04: Life Insurance Company Operations 100 Multiple Choice Questions 2 hours 70%
    DLI05: Financial Planning: Process and Environment 100 Multiple Choice Questions 2 hours 70%
    Important Note: All examinations will be conducted in Computer-Screen Mode.

    13. CPD Hours Awarded

    DLI01 to DLI05: 2 CPD hours per module for the relevant examination passed.

    14. Signing Of Advisory Note & Student Contract

    Before registering for the module, the candidate must first sign and return to the SCI an Advisory Note and a Student Contract with the SCI as required under the Private Education Act (Chapter 247A). The candidate can request for the links to view the Advisory Note and Student Contract by e-mail.

    Candidates are required to make an appointment by calling the SCI at: 6221 2336 for the signing of the Advisory Note and Student Contract.

    The appointment times are from 9:00am to 4.30pm, and from Mondays to Fridays only.

    You are advised to make appointment to sign the Student Contract at least one working day in advance. If you are not able to turn up for your scheduled appointment, please call us again to make another appointment.

    From 2018 onwards, these documents need to be signed for every module of the Diploma programme.

    The date of signing the Advisory Note and Student Contract must coincide with the date of registration for the module. It is compulsory that the required payment (payable either through Credit Card or NETS) must be made on the same day when the Advisory Note and Student Contract are signed.

    The candidate is also required to bring along his/her relevant original educational certificates, NRIC (For Singaporeans or Singapore Permanent Residents) or valid Passport (For foreigners) for verification purposes

    Click here for Step-By-Step Guide

    15. Cooling-Off Policy

    The Student Contract provides a Cooling-Off Period of 7 working days counting from the date of signing the Student Contract. Should the Candidate decide to withdraw from the examination(s) within the Cooling-Off Period, the Candidate must complete and submit the “Withdrawal Form For CPE-Registered Programme” in person at SCI during office hours. The Candidate must return the original signed Student Contract(s) and the study text(s) issued, in its original condition. (A copy of the “Withdrawal Form For CPE-Registered Programme” is available for download at the SCI Website at: https://www.scicollege.org.sg.) Otherwise, a fee of $107.00 (inclusive of 7% GST) will be charged per study text. The Student Contract(s) signed between the SCI and the Candidate will be rescinded, and the SCI will give a full refund of the examination fee and the one-time registration fee of S$32.10 (inclusive of 7% GST), if any, to the Candidate within 14 working days.

    16. Refund Policy

    Should the Candidate decide to withdraw their examination registration(s), he may do so by completing the “Withdrawal Form For CPE-Registered Programme” in person at SCI during office hours. The Candidate must return the “Withdrawal Form For CPE-Registered Programme” together with the original signed Student Contract(s). A copy of the “Withdrawal Form For CPE-Registered Programme” is available for download at the SCI Website at: https://www.scicollege.org.sg. The Student Contract(s) for the DLI programme signed between the SCI and the Candidate will be rescinded.

    Candidates to note the following refund policy :

    • Withdrawal notice of more than 14 working days before the examination registered for, 75% refund of the examination fee.
    • Withdrawal notice of between 14 to 7 working days before the examination registered for, 50% refund of the examination fee.
    • Withdrawal notice of less than 7 working days before the examination registered for, there will be no refund.

    There will be no refund of the one-time registration fee of S$32.10 (inclusive of 7% GST).

    No substitution is allowed.

    17. Absent on Day of Examination

    Candidates will be graded ABSENT if they do not attend the examination on the examination date. No refunds will be given.

    If the Candidate is absent from the examination owing to the following valid reasons:

    • Medical grounds (self);
    • Bereavement cases (immediate family member);
    • Disabling accident or injury (self);
    • Court appearance (self); or
    • National Service (self) in accordance with the Enlistment Act (Chapter 93)

    The Candidate may apply for his examination entry to be rescheduled to the next examination series by completing an online “Absent On The Day Of Examination For CPE-Registered Programme” Form(s) at SCI Website at: https://www.scicollege.org.sg within three working days of the examination that the Candidate was absent from due to valid reasons as above. Supporting documents will have to be uploaded upon submission of the “Absent On The Day Of Examination For CPE-Registered Programme” Form(s). No other reasons will be entertained.

    18. Rescheduling Policy

    The Candidate may apply for his examination entry to be rescheduled to the next examination series, by paying a fee of S$53.50 (inclusive of 7% GST) per module for rescheduling notice given at least 7 working days before the examination date. Should there be a change in the study text edition, the Candidate is required to pay the difference between the first-timer and re-taker examination fee.

    Rescheduling applications must be submitted online with payment via the SCI website, using the “Rescheduling Of Examination For CPE-Registered Programme” Form. No rescheduling will be allowed for notice of less than 7 working days from the examination date. Should the Candidate decide to reschedule to a later examination date, please note that the time bar will remain as of the first registered examination date.

    19. Continuing Professional Development (CPD) Requirements

    The holder of the respective designation, Dip SCI (LI) must fulfil a Continuing Professional Development (CPD) requirement of 30 hours every two (2) years. If the holder attains the designation in year 2013, the reporting period will be from year 2015 to year 2016. The CPD hours earned per reporting period must be from educational activities in acceptable subject matter areas (relating to life insurance, reinsurance, risk management and regulatory changes or developments affecting the life insurance industry).

    20. Grievance Procedure / Dispute Resolution

    The SCI is committed to providing prompt and efficient channels for candidates to seek resolution for their dispute and grievance. A candidate’s dispute or grievance may arise from any experience aspect at the SCI which the candidate believes to be unfair, unjust or unreasonable. The SCI’s policies and procedures will take precedence over the dispute and grievance process. A candidate who is seeking dispute or grievance resolution must follow the 3-step Dispute and Grievance Resolution Process as outlined below. Each step must be completed before going to the next step.

    STEP 1.

    Send an e-mail to Officer-In-Charge of the Programme via [email protected]. The e-mail will be acknowledged within 3 working days. The Officer-In-Charge will investigate the dispute or grievance and provide a resolution to the candidate within 20 working days from date of receipt of the e-mail. The SCI will make an effort to seek resolution at operational level. In all correspondence with the SCI, the candidate must provide the following contact information:

  • Full Name (as in NRIC);
  • NRIC / Passport Number;
  • Contact Number: Office & Mobile; and
  • Programme Title & Modules/Subjects.
  • STEP 2

    In the event that the resolution rendered is not resolved or unsatisfactory, the candidate may escalate the dispute or grievance to the Head of Department (HOD). The HOD will investigate the dispute or grievance and will provide a resolution to the candidate within 5 working days from date of appeal.

    STEP 3

    If a mutually amicable resolution cannot be found, the candidate may file an appeal with the SCI’s Chief Executive. The Chief Executive will investigate the dispute or grievance from an independent perspective, and will work with the SCI’s Senior Management to offer a resolution within 5 working days from the date of appeal to the Chief Executive.

    In the event that the candidate and the SCI are unable to resolve the dispute or grievance amicably, either party may approach the CPE’s Student Services Centre (SSC) for help. The officers at the SSC will review the issues and may refer the dispute to the CPE Mediation-Arbitration Scheme. If the dispute is not resolved through mediation at the Singapore Mediation Centre, the dispute will be referred for arbitration by an arbitrator appointed by the Singapore Institute of Arbitrators.

    21. Programme Changes

    SCI solely reserves the right to make any changes (including the fees) owing to any unforeseen circumstances, or when it considers necessary or appropriate to do so.

    For the latest details, please refer to the SCI website at: www.scicollege.org.sg

     
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