There are different institutes in
India that provide courses in Insurance.Mentioned below are a few premier
institutes.
- Actuarial Society of India,Mumbai
- Amity School of Insurance and Actuarial Science,
Noida
- Birla Institute of Management and Technology, New
Delhi
- College Of Insurance, Mumbai
- Institute of Insurance and Risk Management,
Hyderabad
- International Institute for Insurance and Finance,
Hyderabad
- International School of Actuarial Sciences (ISAS),
Hyderabad
- National Insurance Academy, Pune
- The ICFAI School of Finance and Management,
Hyderabad
Remuneration
The pay scale in the government
sector is based on government rules depending on position held. For each grade,
along with their basic pay other allowances are also granted. In the private
sector the salary scales are more lucrative. They take in management graduates
to work mainly in the areas of marketing and sales with an initial salary
ranging from Rs 15,000 to Rs 25,000 per month.
Commissions are the most common
form of compensation for insurance agents and the amount depends on the type
and amount of insurance sold, and whether the transaction is a new policy or a
renewal. On the 1st year of policy, they may get about 25-32% of the premium
amount, followed by 7.5% in the 2nd and 3rd and 5% in 4th and 5th year. When
they meet their sales goals bonuses are also awarded. Remuneration of agents
are governed by IRDA regulations, while earnings of surveyors depend upon nature
of work and assignments.
Actuaries are one of the most
highly paid people in the insurance sector and the entry level salary is
expected to be somewhere around Rs. 8 lakh per annum and with a few years
experience they could earn a seven figure salary per annum, especially in the
private sector. For the underwriters it is around Rs. 6 lakh per annum