Hii Arun, 

This is Shalini. 

Actuarial science is a discipline that assesses financial risk in the insurance and finance fields, using mathematical and statistical methods. Actuarial science applies the mathematics of probability and statistics to define, analyze and solve the financial implications of uncertain future events. Traditional actuarial science largely revolves around the analysis of mortality and the production of life tables, and the application of compound interest.

Applications of Actuarial Science-

Life insurance and pension plans are the two main applications of actuarial science. However, actuarial science is also applied in the study of financial organizations to analyze their liabilities and improve financial decision-making.Actuaries employ this specialty science to evaluate the financial, economic and other business applications of future events.

For more details please go through the link below -

https://en.m.wikipedia.org/wiki/Actuarial_science

Hope my answer will help you. 

Thank you. 

Hey Arun Kumar,

Actuarial Science is a study that helps in predicting future values and help firms make informed financial decisions. A career in this field involves application of maths, statistics,economics. An actuary can take up roles such as product pricing, financial modelling, valuations, risk management, designing social security schemes, etc. It involves four stages which consists of 15 exams. First , to become eligible to pursue actuaries, you need to clear the entrance exam known as ACET which is held twice in a year. This is the criteria for the Institute of Actuaries in India.

Good Luck.