Insurance is a risk management program which acts as a guard against future risks and includes ‘equitable transfer’ of the risk of losing an asset from one body to another against the payment of a premium. It can cover life, health, property, travel and any such thing which holds value to its owner. This industry involves application of Actuarial science which evaluates a risk from mathematical and statistical approach.
Formerly there were only Government organizations in the Indian market, but now many private international companies have started investing in this industry, leading to increased demand for trained professionals. For a formal training in this field, you can enroll in Insurance courses in India.
Qualifications for Insurance courses in India:
Actuarial science is generally taught as degree course or one of the subjects offered during a degree program in India. Several short term courses are also offered in Actuarial Science or Insurance by many institutions.
The details of the Insurance courses in India are -
- B.A (Insurance), B.A (pass) with insurance as a subject, Duration: 3 years, Eligibility: Class XII.
- PG Diploma in Certified Risk and Insurance management, Duration: 3 years (regular), 2 years(accelerated), Eligibility: Graduation (for regular), Post Graduation (for accelerated)
- Certificate course in intermediaries in Specific insurance subjects, Duration: 3 months, Eligibility: Graduation
- Course for insurance agents, duration: 100-150 hours, Eligibility: Class XII
- Courses for Insurance managers, Duration: 1 year, Eligibility: Graduation
- PG Diploma in Insurance and Risk Management, Duration: 1 Year (regular), 18 months (part time), Eligibility: Graduation/CA
- B.S.C (with Actuarial science as a subject), Duration: 3 years, Eligibility: Class XII
- PG Diploma in Insurance Science, Duration: 1 year, Eligibility: Graduation
- PG Diploma in management of Insurance and financial services, Duration: 15 months, Eligibility: Graduation
- Master’s program in Insurance Business, Duration: 2 years, Eligibility: Graduation.
- Foundation in Financial Planning, Eligibility: Graduation.
- M.S.C in Actuarial Science, Duration: 2 years, Eligibility: B.S.C
Institutes offering Insurance Courses in India:
Institutions offering courses in various areas of Insurance are -
- Actuarial Institute of India, Mumbai-400 001
- Institute of Certified Risk and Insurance Managers, Hyderabad
- University of Delhi, Delhi 110007
- The College of Vocational Studies (University of Delhi), Sheikh Sarai, Phase II, New Delhi
- Academy of Insurance Management, Asia Pacific Institute of Management, New Delhi, 110024
- Birla Institute of Management Technology, New Delhi
- Goa University, Goa
- Kurukshetra University, Kurukshetra
- Department of Humanities and Social Sciences, Indian Institute of Technology (IIT), Mumbai
- University of Bombay, Mumbai, 400032
- University of Pune, Pune, 411007
- Manipur University, Imphal
- Utkal University, Bhubaneshwar, 751004
- Guru Nanak University, Amritsar
- University of Chennai, Centenary Building, Chepauk, Chennai,
- Aligarh Muslim University, Aligarh
- University of Kalyani, PO Kalyani- 741235, Nadia District
After completing Insurance Courses in India, trained personnel can get absorbed as an Insurance agent, broker, Insurance surveyor, Actuary or officer in this sector. Depending on your qualification, you can be recruited in Administration, Development, Accounts or Investment of an Insurance company. However, if you want to get a job as an actuary anywhere in this industry except in Postal Life Insurance, you need to take an entrance exam from the Actuarial Society of India. An insurance surveyor should have a license to work in this field.
Scope for a Career in Insurance in India:
Job opportunities in insurance are varied. Major Government companies operating in this field in India are Life Insurance Corporation of India, General Life Insurance and Postal Life Insurance. The salary in case of Government jobs ranges in between Rs.3,000-Rs.8,000 for development officer to Rs.14,000-Rs.16,000 for Zonal managers. Major Private Companies in this sector are Kotak Mahindra, Birla Sunlife, HDFC and ICICI
In Private sectors the salary starts from Rs.6,000 to Rs.9,000 and management graduates can join for Rs.15,000-Rs.25,000.
Scope for a Career in Insurance Abroad:
Multinational insurance companies hire trained personnel in various roles mentioned above offering higher pay packages in countries like U.K.