In the last few years insurance sector has chartered rapid growth. As an industry it offers various career opportunities. Career in insurance can be varied and very satisfying with high pay packages.

Insurance means getting covered or protected against hazards of life. With changing business scenario insurance sector has grown tremendously and promises to grow more in recent future. This has opened vast career opportunities for youngsters. With globalization, as private companies are entering the market the insurance industry is ever increasing. Both public and private companies are there in the market. A lot of MNCs have also entered this sector generating lots of career opportunities.

Insurance companies provide different types of insurance and annuities. Other than life policies there are policies for old age, education of children, property liability insurance that safeguards the policyholders against hazards like flood, fire and theft.

Career in insurance is a dynamic but stable one with plenty of growth opportunities.

Eligibility for insurance jobs

To embark on a career in insurance one has to clear the entrance examination of Actuarial Society of India, Mumbai. Students who have successfully passed 10+2 are eligible. To work in insurance sector a license is required which can be obtained by undergoing training.

Other than this, the eligibility criteria for different posts in public sector are different.

A pleasant personality with good social skills can prove very beneficial for professionals in this field.

Job Prospects and Career options in insurance sectors

Normally people start their career in insurance as insurance agents. They can become development officers by sheer hard work. The sector also employs administrative officers and assistant administration officers, actuaries, insurance surveyors along with investment professionals. Other than these the insurance sector also provides ample opportunities in the fields of distribution, marketing, investment and underwriting operations.

Remuneration in insurance industry

Remuneration depends on the type of job in the insurance sector. An insurance agent mainly earns commissions which depend on the type of insurance sold. The amount of commission also depends on the amount of the premium and whether it is a new policy or a renewal. Bonuses can be earned by meeting sales goals.

For administrative positions in government sector the salary depends on the grade. In private sector the salary is very lucrative.

Actuaries are the highly paid people in insurance sector. Their salary is around Rs. 8 lakh per annum which grows with experience.

Such good packages make career in insurance a lucrative one.