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Diploma in Life Insurance (DLI) - Self Study


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:

3. Benchmarked To Qualifications & Credit Framework (QCF)

The UK National Academic Recognition Information Centre (NARIC) has benchmarked the SCI DLI as comparable to a Qualifications and Credit Framework.

SCI Qualification

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

Diploma in Life Insurance (DLI) – Dip SCI (LI)

Is considered comparable to QCF Level 4 standard.

For more information on QCF, you can refer to this link at: http://www.accreditedqualifications.org.uk/qualifications-and-credit-framework-qcf.html

UK NARIC is the National Agency responsible for providing information, advice and opinion on vocational, academic and professional skills and qualifications from all over the world. As the National Agency, managed on behalf of the UK Government, under contract to the Department for Business, Innovation and Skills (BIS), NARIC provides the only official source of information on international education and training systems and wide-ranging international qualifications and skills attained from outside the UK. UK NARIC is part of the NARIC network. This is an initiative of the European Commission created in 1984. The network aims at improving academic recognition of diplomas and periods of study in the Member States of the EU, the EEA countries, and the associated countries in Central and Eastern Europe and Cyprus. It is also the UK National Agency in the wider European Network of Information Centres (ENICs).

4. 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.

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:


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:

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 Programme, 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 download and view these documents from the links at:

(a) Advisory Note and
(b) Student Contract,

before he or she comes down personally to the SCI to sign them in the presence of an Officer from the SCI. We would encourage you to go through these documents. The candidate is also required to bring along his/her relevant original educational certificates, NRIC or Passport and employment pass (where applicable).

With effect from 24 August 2015, candidates are required to make an appointment by calling the SCI at: 6221 2336 for the signing of the Student Contract for the following programmes:

1. Diploma in General Insurance and Risk Management (DGIRM)
2. Advanced Diploma in General Insurance and Risk Management (ADGIRM)
3. Diploma in Life Insurance (DLI)

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.

Signing of these documents will be in relation to the examination series already opened for registration.

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

Click here for Step-By-Step Guide

Click here for FAQs

15. Refund/Withdrawal/Rescheduling Policies

(A)   WITHDRAWAL FROM EXAMINATION
 
1.   Withdrawal During Cooling Off Period
If the Candidate’s written notice of withdrawal (by e-mail or post) is received during the cooling off period, there will be a full refund of the examination fees paid.

2.   Withdrawal After Cooling Off Period
At least 21 days BEFORE the Examination Date
•  If the Candidate’s written notice of withdrawal (by e-mail or post) is received at least 21 days before the date of Examination, please refer to the Refund Table below.
•  In addition, the Candidate is required to return the signed Student Contract to the SCI in order to terminate the contract, where applicable.
 
REFUND TABLE
(Subject To Review On A Yearly Basis)
 
Amount of Refund (for those who have paid first attempt examination fee): If Candidate’s written notice of withdrawal is received:
A full refund of the examination fee paid1: During the cooling off period
• S$269.65 per module (member company)
• S$299.60 per module (non-member company)
At least 21 days before the examination

Amount of Refund (for those who have paid the examination retake fee): If Candidate’s written notice of withdrawal is received2:
• S$74.90 per module (member company)
• S$82.40 per module (non-member company)
At least 21 days before the examination




1
If the Candidate furnished his written notice of withdrawal during the cooling off period, the one-time non-refundable registration fee of S$32.10 (inclusive of 7% GST) will also be refunded.

  2 No withdrawal is allowed if it is less than 21 days before the examination, but the Candidate may opt to re-schedule to the next immediate examination series subject to availability of space and schedule.

(B)   RE-SCHEDULING OF EXAMINATION
  Owing to personal reasons, you may wish to re-schedule prior to the examination. You do not need to furnish any reason to the SCI in order to re-schedule your examination. However, take note that the following guidelines apply:
 
At least 21 days BEFORE the Examination Date
•  To apply for re-scheduling of examination, you are required to download the Re-scheduling of Examination Form at this link. A free re-scheduling, only to the next immediate examination series (subject to availability of space and schedule), is allowed.

•  You are required to submit a completed Re-scheduling of Examination Form at the SCI reception counter in person or by post and it should reach the SCI at least 21 days before the date of the examination. Candidates applying by post are reminded to allow sufficient time for mailing. No fax or e-mail applications will be accepted.

•  If the validity period of the original Student Contract is affected due to the re-scheduling of examination, the candidate will be required to come to the SCI to sign a new Student Contract or an addendum, where applicable.

  Between 2 working days and 20 days BEFORE the date of examination
To apply for re-scheduling of examination, you are required to download the Re-scheduling of Examination Form at this link. A re-scheduling fee of S$53.50 (inclusive of 7% GST) per module applies (subject to availability of space and schedule).

 You are required to submit a completed Re-scheduling of Examination Form at the SCI reception counter in person or by post and it should reach the SCI at least 2 working days before the date of the examination. Candidates applying by post are reminded to allow sufficient time for mailing. No fax or e-mail applications will be accepted.

If the validity period of the original Student Contract is affected due to the re-scheduling of examination, the candidate will be required to come to the SCI to sign a new Student Contract or an addendum, where applicable.

(C) SUBSTITUTION
  No substitution is allowed.

(D)  ABSENT ON DAY OF EXAMINATION
  Candidates will be graded ABSENT if they do not attend the examination on the examination date.
If you are absent from the examination owing to the following valid reasons:

 
1. Medical grounds (self or immediate family member);
2.   Bereavement cases (immediate family member);
3.  Disabling accident or injury (self);
4.  Court appearance (self); or
5.  National Service (self) in accordance with the Enlistment Act (Chapter 93);
 
you may apply either for your examination entry to be transferred to the next available session (subject to availability of space and examination schedule) or for a 50% refund of the original examination fee paid. A transfer is only allowed if you are absent from the examination owing to any one of the above valid reasons. Only one transfer is allowed per module. No other reasons will be entertained.

To apply for transfer to the next available session or for a 50% refund of the original examination fee paid, you are required to submit a completed Absence From Examination Form to the SCI reception counter in person or by post within 7 days from the date of the examination. Candidates applying by post are reminded to allow sufficient time for mailing. No fax or e-mail applications will be accepted. Applications without the relevant supporting document(s) or Applications received after the prescribed deadline will NOT be processed.

You may download the Absence From Examination Form at this link or e-mail to: talk2us@scidomain.org.sg to request for a copy of the Absence From Examination Form.

(Note: Immediate family member refers to spouse, children, parents or grandparents.)

 
1. For medical case of self or immediate family member
   Candidate must submit valid medical certificate issued by registered medical practitioners or hospitals in Singapore. The name of the candidate and the date of medical leave must be printed on the valid medical certificate. For immediate family member, the name of the immediate family member and date of medical leave must be printed on the valid medical certificate, and it should be submitted together with the documentary proof of relationship.

  For hospitalisation case of self or immediate family member
Candidate must produce a valid Hospitalisation Leave Certificate and it must contain the following:

 
1. Name of the candidate
2.   The licensed doctor’s clinic name, address and contact number
3.  The period of hospitalisation leave
4.  The reason for the hospitalisation
5.  Doctor’s signature
 
For an immediate family member, the name of the immediate family member as well as items (2) to (5) must be printed on the valid Hospitalisation Leave Certificate, and it should be submitted together with the documentary proof of relationship.

Applications will not be considered without valid Medical Certificates/Hospitalisation Leave Certificates. Please note that no other forms of medical evidence are acceptable.

2. For bereavement cases of immediate family member
Candidate must produce a valid death certificate and documentary proof of relationship.

3.    For disabling accident or injury of self
Candidate must produce a police report or a valid medical certificate issued by registered medical practitioners or hospitals in Singapore or a valid Hospitalisation Leave Certificate (refer to item 1. above for details).

4. For court appearance (self)
Candidate must produce a writ of summon with his/her name displayed.

5. National Service (self) in accordance with the Enlistment Act (Chapter 93)
Candidate must produce the Singapore Armed Force (SAF) Notice indicating the candidate’s name and identification number.

16. 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).

17. 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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