What is the CEILLI exam?
The Certificate Examination in Investment-Linked Life Insurance (CEILLI) is the Asian Institute of Insurance (Aii) exam that life agents must pass before selling investment-linked policies in Malaysia. You must already be contracted as a life insurance agent. After passing, you register with LIAM before transacting investment-linked business.
The exam format
| Questions | 60 multiple-choice questions |
|---|---|
| Time | 1½ hours |
| Pass mark | 50% |
| Fee | RM 115, including e-learning module, e-book, e-result and certificate |
| Languages | English, Bahasa Malaysia and Mandarin |
| Delivery | Virtual Computer-Based Exam (VCBE) |
| Exemptions | No longer recognised from 8 August 2024 |
New agents can instead sit Aii's PCIL, a single 100-question exam covering basic insurance (40), life (30) and investment-linked (30) in 2 hours.
What the exam covers
- Product structure: units, allocation, insurance charges, minimum death benefits and the SAM rule
- Fund types and unit pricing: equity, fixed income, money market and balanced funds; forward pricing at NAV; daily valuation
- Charges and fees: FMC caps of 1% and 1.5%, surrender and switching charges, notice periods
- Investment principles: risk and return, diversification, interest rate, credit, currency and liquidity risk
- Regulatory requirements: BNM approval, Minimum Allocation Rates, product illustrations at 2% and 5%, statements and fund reports
- Sales practice and suitability: FTFC fact-finding, risk of capital loss, commission disclosure, Schedule 7
- Policy features: top-ups, switching, premium holidays, sustainability tests, coverage term extensions
- Calculations: units bought, free-look refunds, surrender values, switching, MAR and SAM, cost averaging
Free official resources, and what we add
Aii does not publish a free question bank; the exam fee includes an e-learning module and e-book. BNM's Policy Document on Investment-linked Business is free on bnm.gov.my and contains most of the rules tested. Our questions are written from it and from the FSA, and every calculation shows the full working.
How to prepare
- Read the Aii e-book, then skim the BNM policy document for the numbers: MAR (60/80/95/100%), FMC caps, notice periods and illustration rates.
- Understand how money flows: premium, allocation, units bought, charges deducted by cancelling units.
- Practise every calculation type until you can do it without notes.
- Learn the suitability rules in BNM's Fair Treatment of Financial Consumers policy document.
- Sit a full timed mock of 60 questions in 90 minutes, then revisit your weakest topics.
Practice questions with answers
Tap a question to see the correct answer and explanation.
What does an insurer do with the portion of an investment-linked premium that is "allocated"?
- Pays it directly to the agent as commission
- Buys units in the chosen funds
- Keeps it as profit for shareholders
- Pays it into the policy owner's savings account
Answer: B, Buys units in the chosen funds. The allocated premium buys units in the fund(s) the policy owner chooses. BNM defines the Minimum Allocation Rate as the minimum proportion of premiums allocated to the unit funds before deducting any charges. Source: BNM Policy Document on Investment-linked Business (13 February 2023), paragraph 5.2.
At what price must an insurer sell and buy back units in an investment-linked fund?
- The NAV per unit on the date the request is approved
- The highest price recorded in the last 30 days
- A price agreed between the agent and the client
- NAV per unit at the next valuation date
Answer: D, NAV per unit at the next valuation date. Paragraph 13.1 requires units to be sold and repurchased at the NAV per unit as at the next valuation date after the request is received by the insurer, not when the request is approved. Source: BNM Policy Document on Investment-linked Business (13 February 2023), paragraph 13.1.
What is the maximum annual FMC for an investment-linked fund that invests fully in money market instruments or fixed income securities?
- 1% of the fund's NAV
- 1.5% of the fund's NAV
- 2% of the fund's NAV
- 0.5% of the fund's NAV
Answer: A, 1% of the fund's NAV. Paragraph 21.3 caps the annual FMC at 1% of NAV for funds investing fully in money market instruments or fixed income securities, and 1.5% for other funds. Source: BNM Policy Document on Investment-linked Business (13 February 2023), paragraph 21.3.