What is Insurance

The students who want to have a dynamic and competitive career in the finance sector can major in Insurance.   


Typically, Insurance is a preventative measure for financial losses. It is a contract between an insurer (the one who provided insurance) and insured (the one who buys the insurance policy) that offers financial compensation against losses. It is offered to both individuals and firms.

Insurance is a vast field, and therefore, there are several courses that one can undergo to make a fruitful career in Insurance. One can decide among these courses the one that suits their criteria the most.

While Insurance is a professional course and can be pursued in terms of Actuarial Sciences, students can also opt for management courses in Insurance. Courses like BBA, BA, and B.Com in Insurance Management are available in the undergraduate level. For the Master’ level, students can take up an MBA, MA, and M.Com. in Insurance Management. PhD courses are also available in Insurance and Risk Management. 

Eligibility Criteria (UG & PG) of Insurance

UG Eligibility

  • Applicants must have qualified 10+2 with a minimum of 60% marks from a recognised board.

  • The candidate must have commerce/maths in 10+2.


PG Eligibility

  • Applicants must have attained a bachelor’s degree in any stream from a recognised university.

  • A minimum aggregate of 55% marks must be obtained.


PhD eligibility

  • Applicants must have passed a PG course with an aggregate of 55% marks.

  • An applicant with an OBC/SC/ST certificate requires a minimum aggregate of 50%.

  • Candidates can apply for JRF till the age of 30.


Entrance Exams for Insurance

The admission process differs from college to college, but the majority of them have entrance exams for the students who seek admission in their colleges. Some of the common entrance exams are:

Undergraduate Level –

  • DU JAT (JOINT ADMISSION TEST) – This is a national level exam conducted by NTA for Undergraduate courses for Business, Finance, Economics and Commerce. It is conducted through online mode in September.

  • NMIMS NPAT – The entrance exam is conducted to offer admission to Undergraduate degree in NMIMS University. This exam is conducted through online mode in June.

  • BUMAT (Bharati Vidyapeeth Undergraduate Management Aptitude Test)- It is a national-level entrance exam, conducted by Bharati Vidya Deemed to be University for undergraduate management courses. It is conducted through offline mode in August.

 

Postgraduate Level-

  • BHU PET (Post Graduate Entrance Test) – This exam is conducted by Banaras Hindu University for Post-graduation courses in various streams. The exam is conducted through online mode in August. It is held once in a year.

  • CMAT (Common management admission test) –This is a national level entrance exam, conducted for all the management courses by NTA. The entrance exams are mostly held in January.


Note- This exam is valid for JNU, and all the AICTE approved colleges and universities.

  • XAT (Xavier’s Aptitude Test) – This is a national level exam, conducted in online mode in January.


Note- About 150 colleges seek the marks obtained in XAT to provide admission to the colleges. 


PhD Level- 

UGC NET (National Eligibility Test) – Conducted by NTA, UGC NET is a national level entrance exam for Junior Research Fellowship or Assistant professor. It is conducted in September – November. 

Scope of Insurance in India and Abroad

The Insurance Industry expands 15-20% annually. Due to its vast dimension, banking and Insurance offer vast opportunities for a professional to get a handsome paying job and job security.

This is an ever-growing industry that presents lucrative career opportunities. It contributes about 7% in the country's economy as of now, which could increase immensely in the near future as 80% of the population doesn’t have any life insurance policy.

This indicates that there is scope and demand for expansion. And thus it will create an enormous amount of jobs. Individuals graduating in Insurance can work in banking sectors, insurance companies, in auditing, finance, accounting and government undertaking agencies.  

Course Fees Insurance

Minimum Fees Maximum Fees
Private Government Private Government
UG
41.77 K
B.Com in Insurance at Maharaja Agrasen College, Jagadhri
30.45 K
B.A. in Insurance at College of Vocational Studies, New Delhi
4.83 Lakhs
B.B.A in Insurance at Manav Rachna International Institute of Research and Studies, Faridabad
30.45 K
B.A. in Insurance at College of Vocational Studies, New Delhi
PG
20.00 K
M.Phil. in Insurance at MATS University, Raipur
4.27 K
M.Com in Insurance at Shivaji University, Kolhapur
10.00 Lakhs
M.B.A in Insurance at Amity University, Mumbai
4.99 Lakhs
M.B.A in Insurance at School of Insurance Studies, National Law University, Jodhpur
DIPLOMA
37.00 K
Diploma in Insurance at Apex Professional University, Pasighat
2.20 K
Diploma in Insurance at Dr Babasaheb Ambedkar Open University, Ahmedabad
95.05 K
Diploma in Insurance at Loyola Institute of Business Administration, Chennai
2.20 K
Diploma in Insurance at Dr Babasaheb Ambedkar Open University, Ahmedabad

Course Subjects

Since there are so many courses available for insurance management, the course syllabus might slightly vary. Therefore, a rough outline is given below-

1st Year

  • Principles and practice banking 1
  • Financial Accounting 1
  • Principles of Insurance Physical Education
  • Business Management
  • value education
  • Economics
  • English
  • Principles and practice banking 2
  • Financial Accounting 2
  • Insurance Law and practice
  • Environmental Studies
  • Financial Mathematics
  • English 2
  • Entrepreneurship Management

 

2nd Year

  • Financial Management
  • Workshop of Numerical Skills
  • Central Banking
  • Business Economics
  • Legal Regulatory Aspects of Banking
  • E-Commerce and E-Business
  • Service and Marketing
  • Workshop on Reasoning Skill
  • Business Ethics
  • Institutional Training

 

3rd Year

  • Business Environment
  • Cost Accounting
  • Financial Statistics
  • Income Tax
  • International business
  • Business Communication
  • Management Accounting
  • Auditing
  • Project

Careers in Insurance

With the increased competition in the finance market, insurance and risk management professionals are highly valued in the industry.

There are a variety of career options one can choose from.

Students majoring in insurance can work for government agencies, non-profit organisations and insurance and risk management firms.

Other than insurance agencies, a student majoring for insurance can work in various domains such as banking, auditing & finance, underwriting.

Job Profiles and Top Recruiters

Job Profile

Description

Insurance Claim Specialist

The insurance claims specialist’s job is to review insurance claims submitted by the customers. The job profile also assesses unusual claims and whether they can be covered under the scheme.

Insurance Claim Adjuster

The job of an insurance claim adjuster is to analyse how much damage is to be paid to the customers who have incurred a loss.

Insurance Agent

The insurance agent’s job is to identify, contact and sell an insurance policy to customers. They get a fixed amount as brokerage on each insurance sold.

Insurance Account Manager

The Insurance Account Manager looks after the accounts for a firm or insurance company. Their target is to achieve high sales and feed into the accounts database.

He may also supervise the work of account executives. They build relationships with new clients and help them design plans that lead to profit.

 

Top Recruiters in Insurance Sector

  • Life Insurance Corporation of India (LIC)

  • General Insurance Corporation (GIC)

  • ICICI Prudential

  • Birla Sun-Life

  • Reliance

  • HDFC Standard Life-Insurance Co.

  • Max New York Life

  • SBI Life Insurance

  • Om Kotak Mahindra

  • Birla Sun-Life

  • ING Vysya Life

  • IFFCO Tokyo General Insurance Company Limited

  • ICICI Lombard

  • Tata AIA Life

  • Royal Sundaram

  • Chadha & Co.

  • Axis Bank

  • Muthoot Finance

  • HDFC Bank

  • Syndicate Bank

  • Bajaj Allianz Life Insurance Co. Ltd. 

Required Skillset for Insurance

To thrive in an industry, it is of prime importance to have academic brilliance paired up with common skills.

Some of the skills relevant to this industry are-

  • Mathematics and computer skills: This job involves finance and a lot of calculation. A professional should be skilled to manage details without errors.

  • Communication Skills: Good communication is very important in this occupation as you have to deal with a customer that might not be so aware of the finance terms and until you have a command over communication, you cannot sell your policy.

  • Active listening: Active listening results in meaningful communication which serve as a strong factor in the development of client relationships. If you do not listen to the client, you wouldn’t be able to answer their query.

  • Monitoring and evaluation skills: evaluation of your work is very important because you can't afford errors in this occupation, to deal with errors monitoring and evaluation of your work is constructive.

  • Adaptability: The trend around the world is changing rapidly, and unless one can adapt to the changing scenario and further their skill, it would be tough to survive in such a competitive field.

Course Curriculum for Insurance

The course curriculum is designed to provide theoretical knowledge in the field of banking and insurance as well as exposure to the market reforms and all the finance policies. The course deals with banking, finance, auditing, Insurance and accounting.

The structure of the course helps make a professional that is well-suited to work for sectors than insurance as well. It’s a practical-oriented field which enables an individual to have a better knowledge of real work banking and insurance problems.

Other than professional skills and knowledge, the curriculum boosts an individual’s soft skills such as confidence and communication skills.

The Bachelor of Business and Insurance is a three years long undergraduate course that is divided into 6 semesters. It deals with various kinds of insurance such as

  • Life insurance

  • Health insurance

  • Personal insurance

  • Commercial insurance

  • Auto- Industry insurance

  • Insurance law and risk management

Questions related to Insurance

Showing 70 out of 70 Questions
24 Views

what is the principle of insurance

Heena Agrawal 16th Mar, 2021
Hi...
Principle of Utmost Good Faith

The fundamental principle is that both the parties in an insurance contract should act in good faith towards each other, i.e. they must provide clear and concise information related to the terms and conditions of the contract.

The Insured should provide all the information related to the subject matter, and the insurer must give precise details regarding the contract.

Example Jacob took a health insurance policy. At the time of taking insurance, he was a smoker and failed to disclose this fact. Later, he got cancer. In such a situation, the Insurance company will not be liable to bear the financial burden as Jacob concealed important facts.

Principle of Proximate Cause

This is also called the principle of Causa Proxima or the nearest cause. This principle applies when the loss is the result of two or more causes. The insurance company will find the nearest cause of loss to the property. If the proximate cause is the one in which the property is insured, then the company must pay compensation. If it is not a cause the property is insured against, then no payment will be made by the insured.

Example

Due to fire, a wall of a building was damaged, and the municipal authority ordered it to be demolished. While demolition the adjoining building was damaged. The owner of the adjoining building claimed the loss under the fire policy. The court held that fire is the nearest cause of loss to the adjoining building, and the claim is payable as the falling of the wall is an inevitable result of the fire.

In the same example, the wall of the building damaged due to fire, fell down due to storm before it could be repaired and damaged an adjoining building. The owner of the adjoining building claimed the loss under the fire policy. In this case, the fire was a remote cause, and the storm was the proximate cause; hence the claim is not payable under the fire policy.

Principle of Insurable interest

This principle says that the individual (insured) must have an insurable interest in the subject matter. Insurable interest means that the subject matter for which the individual enters the insurance contract must provide some financial gain to the insured and also lead to a financial loss if there is any damage, destruction or loss.

Example the owner of a vegetable cart has an insurable interest in the cart because he is earning money from it. However, if he sells the cart, he will no longer have an insurable interest in it.

To claim the amount of insurance, the insured must be the owner of the subject matter both at the time of entering the contract and at the time of the accident.

Principle of Indemnity

This principle says that insurance is done only for the coverage of the loss; hence insured should not make any profit from the insurance contract. In other words, the insured should be compensated the amount equal to the actual loss and not the amount exceeding the loss. The purpose of the indemnity principle is to set back the insured at the same financial position as he was before the loss occurred. Principle of indemnity is observed strictly for property insurance and not applicable for the life insurance contract.

Example The owner of a commercial building enters an insurance contract to recover the costs for any loss or damage in future. If the building sustains structural damages from fire, then the insurer will indemnify the owner for the costs to repair the building by way of reimbursing the owner for the exact amount spent on repair or by reconstructing the damaged areas using its own authorized contractors.
Principle of Subrogation

Subrogation means one party stands in for another. As per this principle, after the insured, i.e. the individual has been compensated for the incurred loss to him on the subject matter that was insured, the rights of the ownership of that property goes to the insurer, i.e. the company.

Subrogation gives the right to the insurance company to claim the amount of loss from the third-party responsible for the same.

Example If Mr A gets injured in a road accident, due to reckless driving of a third party, the company with which Mr A took the accidental insurance will compensate the loss occurred to Mr A and will also sue the third party to recover the money paid as claim.

Principle of Contribution

Contribution principle applies when the insured takes more than one insurance policy for the same subject matter. It states the same thing as in the principle of indemnity, i.e. the insured cannot make a profit by claiming the loss of one subject matter from different policies or companies.

Example A property worth Rs. 5 Lakhs is insured with Company A for Rs. 3 lakhs and with company B for Rs.1 lakhs. The owner in case of damage to the property for 3 lakhs can claim the full amount from Company A but then he cannot claim any amount from Company B. Now, Company A can claim the proportional amount reimbursed value from Company B.

Principle of Loss Minimisation

This principle says that as an owner, it is obligatory on the part of the insurer to take necessary steps to minimise the loss to the insured property. The principle does not allow the owner to be irresponsible or negligent just because the subject matter is insured.

Example If a fire breaks out in your factory, you should take reasonable steps to put out the fire. You cannot just stand back and allow the fire to burn down the factory because you know that the insurance company will compensate for it.



152 Views

PGDM in banking insurance and financial service (BIFS) course of GIM goa should i take it or not

Heena Agrawal 11th Mar, 2021
Hi...
Eligibility criteria...
For admissions, student must be graduate with minimum of 50 per cent. And, it is must to take at least one of the entrance exam out of CAT, XAT or CMAT.

The cutoff for last stood at 81 per cent for XAT, 87 per cent for CAT and 97.5 per cent for CMAT.

For selection process, students academic record is being evaluated with result in qualifying exam. The sections are made basis overall profile including GD and PI evaluation.

work experience to be eligible?

A:It is not necessary to have work experience. However, it adds value to your profile if the experience is relevant. Additionally, freshers with good knowledge and confidence are equally welcomed here.

About placement..

The leading private banks such as HDFC Bank are already associated with us, and other HDFC group companies such as HDFC Ltd, HDFC Life have also expressed strong interest and support. They have received inputs and support from ICICI Bank, Tata Goup companies such as Tata Capital, Tata AIA and Tata AIG also visit for placement. Highest salary offered in the BFSI space witnessed a drastic jump in the last placement season with a package of Rs 24.37 lakh per annum.

college facilitate internships?

A:Yes, they do offer internships to students. These are generally longer duration internships stretching to six months. Most of the companies are from finance industry such as HDFC Bank, HDFC Insurance, ICICI banks and Insurances, etc.

possible for a student to switch to another programme during the tenure?

A:Switching between programmes is not allowed. Stream once chosen at entry remains same for the next two years. Electives from that curriculum will be required to be chosen.
15 Views

Is B.com( banking insurance and financial services) a good course? Do this 3year course have any scope? Do this course help to prepare for groups? Or, Is there any other course better than this in degree?

Anurag Khanna 25th Jan, 2021

Hello Aspirant,

See B.Com (//B.Com) (Banking Insurance & Financial Services) or basically we can say it as B.Com (//B.Com) . in Banking management, it as and undergraduate course of 3 years duration. So if we discuss about it's scope then it has wide scope the field (Banking) for which this course is made is the pillar of national economy. This course provide you the proper knowledge of different aspects of banking and business like Business Communication, Environmental Studies, Accountancy & Financial Management and Mathematical & Statistical Techniques with proper application based knowledge of risk-coverage, financial contracts that bind two people to certain responsibilities which are known as Policy and Policy-holder relationship. If you pursue this course and get certified in it then you will get chance to work with some national economic/banking bodies like regulatory agencies and global markets. Some top recruiters for this field are TCS, Sutherland, HCL, DELL, CTS, CITY Bank, and some others for different sectors such as Banks, investments, the insurance industry, savings and loan associations, etc. Some top institutes offering this course are like Sir Padampat Singhania University, Chandigarh University, Manav Rachna International University, University of Technology and Management, Sandip University, GD Goenka University, Apeejay Stya University, International College of Financial Planning, Jain University and so on. Nowadays average salary offered to the graduates in above course ranges from INR 5-25 LPA depending upon experience of the candidate.

I hope this information helps you.

Good Luck!!

12 Views

Which one is better B.com( Banking insurance and financial services) or B.com( general). Which one has better scope? And which one is best to prepare for groups?

Anurag Khanna 25th Jan, 2021

Hello Aspirant,

See both the course which you have mentioned in the question are good for commercial fields, so let us discuss about both the courses in detail.

B.Com (//B.Com) stands for Bachelor of Commerce, it is an undergraduate course of three year duration. This course provide you the proper knowledge of Commerce, Economics, Accounting and Finance. Some top recruiters for this field are EY, ICICI Bank, Microsoft, Mc Kinsey and Company, IBM, Nestle, Sony, Deloitte, Nokia, ITC, Genpact, Wipro, HCL, HP and some others for different roles such as Accountant, Tax Assistant, CA, Actuary, Bank PO. Some top institutes offering this course are like Shri Ram College of Commerce, Hindu College, Lady Shri Ram College for Women, Hansraj College, Loyola College, Madras Christian College, CHRIST University, Ramjas College and so on. Nowadays average salary offered to the graduates in above course ranges from INR 4-9 LPA depending upon experience of the candidate.

Now let us discuss about specialization of above discussed course, B.Com (//B.Com) (Banking Insurance & Financial Services) or basically we can say it as B.Com (//B.Com) . in Banking management, it as and undergraduate course of 3 years duration. So if we discuss about it's scope then it has wide scope the field (Banking) for which this course is made is the pillar of national economy. This course provide you the proper knowledge of different aspects of banking and business like Business Communication, Environmental Studies, Accountancy & Financial Management and Mathematical & Statistical Techniques with proper application based knowledge of risk-coverage, financial contracts that bind two people to certain responsibilities which are known as Policy and Policy-holder relationship. If you pursue this course and get certified in it then you will get chance to work with some national economic/banking bodies like regulatory agencies and global markets. Some top recruiters for this field are TCS, Sutherland, HCL, DELL, CTS, CITY Bank, and some others for different sectors such as Banks, investments, the insurance industry, savings and loan associations, etc. Some top institutes offering this course are like Sir Padampat Singhania University, Chandigarh University, Manav Rachna International University, University of Technology and Management, Sandip University, GD Goenka University, Apeejay Stya University, International College of Financial Planning, Jain University and so on. Nowadays average salary offered to the graduates in above course ranges from INR 5-25 LPA depending upon experience of the candidate.

I hope this information helps you.

Good Luck!!

10 Views

Which is better B.com( Banking insurance and financial services) or B.com(accountancy and taxation)? Which has better scope? And which one is best to prepare for groups?

Anurag Khanna 25th Jan, 2021

Hello Aspirant,

See both the course which you have mentioned in the question are good for commercial fields, so let us discuss about both the courses in detail.

So let us start with B.Com (//B.Com) (Banking Insurance & Financial Services) or basically we can say it as B.Com (//B.Com) . in Banking management, it is an undergraduate course of 3 years duration. So if we discuss about it's scope then it has wide scope as the field (Banking) for which this course is made is the pillar of national economy. This course provide you the proper knowledge of different aspects of banking and business like Business Communication, Environmental Studies, Accountancy & Financial Management and Mathematical & Statistical Techniques with proper application based knowledge of risk-coverage, financial contracts that bind two people to certain responsibilities which are known as Policy and Policy-holder relationship. If you pursue this course and get certified in it then you will get chance to work with some national economic/banking bodies like regulatory agencies and global markets. Some top recruiters for this field are TCS, Sutherland, HCL, DELL, CTS, CITY Bank, and some others for different sectors such as Banks, investments, the insurance industry, savings and loan associations, etc. Some top institutes offering this course are like Sir Padampat Singhania University, Chandigarh University, Manav Rachna International University, University of Technology and Management, Sandip University, GD Goenka University, Apeejay Stya University, International College of Financial Planning, Jain University and so on. Nowadays average salary offered to the graduates in above course ranges from INR 5-25 LPA depending upon experience of the candidate.

Now coming to B.Com (//B.Com) (accountancy and taxation ), it is also an undergraduate course of 3 years duration. So if we discuss about it's scope then it has good scope as the field (Banking) for which this course is made is required by almost all the companies whether it is any MNC or and local or small-scale company either in government or in private sector. This course provides you the proper knowledge of different aspects of accounting and taxation like banking, accounts, taxes, and management. Roles offered for this field are Accountant, Finance Manager, Operations Manager, Account Executive, Financial Analyst, Executive Assistant, Chartered Accountant etc. Some top institutes offering this course are like Miranda House, Lady Shri Ram College for Women, Hindu College, St. Stephen’s College, Presidency College, Lovely Professional University and so on. Nowadays average salary offered to the graduates in above course ranges from INR 10-20 LPA depending upon experience of the candidate.

I hope this information helps you.

Good Luck!!

Courses Similar to Insurance

The question have been saved in answer later, you can access it from your profile anytime. Access now

Explore MBA colleges in other popular locations

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

Careers360 App
  • 150M+ Students
  • 24,000+ Colleges
  • 500+ Exams
  • 1500+ E-books
  • Economic Times
  • Financial Express
  • Firstpost
  • Livemint