The Insurance sector in India has grown exceptionally during the last decade especially with the entrance of private and foreign investments in the sector.In the modern age everything has grown expensive in all field thus making savings for the future a distant dream especially for the middle income and lower income group of the society. Matters get really worse especially when the earning member of the family dies unfortunately or is handicapped in one way or the other making it impossible for him to earn a decent living. In this case entire savings of a family can be spent by just trying to cope up with the situation. In this scenario, Insurance comes in as a very dependable source of relief for a family coping up with financial crisis in the event of the unfortunate death of the earning member of the family. Insurance is such a source that they can lean depend upon to get them out of the situation.
The introduction of the health insurance by many government and private companies has managed to assist people to cope up with the potential medical expenses. However these insurance policies can have high premium values depending on the company and plan. It becomes essential to do some research and find details of low cost insurance policies.
There are various institutes that provide courses specifically in the insurance sector. Below are the list of all the institutes:
1. Indian Institute of Commerce and Trade
(Department of Distance and Open Learning)
Sapt-Rishi, 5/28 Vikas Nagar
Lucknow-226022 (INDIA)
Phone : +91-522-2766456 , 0522-6545285, 0522-4004049
e-mail : iict@satyam.net.in e-mail : info@iict.in
website : http://www.mbapursuit.com/indian-institute-of-commerce-and-trade
2. MIT School of Distance Education
124, Paud Road,
Kothrud, Pune 411038.
Phone: (020) 30923053
Fax: (020) 25454918
Email: dec@mitdec.com
Website: www.mitdec.com
3. Symbiosis Centre for Distance Learning
Symbiosis Bhavan, 1065 B, Gokhale Cross Road,
Model Colony, Pune 411016. Maharashtra, India.
Phone: (020) 66211000 (Hunting lines)
Fax: (020) 66211040, 66211041
Web Site: http://www.scdl.net/index.asp
4. Institute of Insurance and Risk Management
Plot No: 1149, Road No.57/59
Jubilee Hills, Hyderabad-500033
Andhra Pradesh, India.
Phone: +91 40 23556470, 23600578
Fax: +91 40 23556471
Email: pmkrishna@iirmworld.org.in
Web Site: http://www.iirmworld.org.in/distancelearning.htm
There are about 30 insurance companies in India. The major government companies are Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC) and Postal Life Insurance. Many multinational companies like ICICI Prudential, Om Kotak Mahindra, Birla Sun-Life, Tata AIF Life, Reliance, HDFC Standard Life-Insurance Co., Max New York Life, SBI Life Insurance, ING Vysya Life etc. are the top companies in the private sector. In non-life insurance segment, major private players are ICICI Lombard, Royal Sundaram, Cholamandalam, IFFCO Tokyo, Tata AIG etc.
One can generally start as an insurance agent who advices the individuals and enterprises about insurance protection to their health, life and properties and sell the policies to provide protection against financial loss. This industry also provide great opportunities in marketing, distribution, actuarial, underwriting operations and investing departments.
Actuaries evaluate the risk for their companies to be used for strategic management decisions and determines premium rates etc. Graduates with 55% marks in Mathematics/ Statistics/ Econometrics/ Computer science or MBA in finance, CA, CWA, MCA are eligible to join for actuary training. Actuaries are highly paid people at the entry level salary is expected to be around Rs. 8 lakh per annum with a seven figure salary per annum, in the private sector.
Underwriters reviews the insurance applications and decides whether they should be accepted or rejected. They explain policies and quotes rates to medical personnel, other insurance companies or field representatives. Candidates with medical or life science background are preferred for this job. For the underwriters it is around Rs. 6 lakh per annum.
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