Have you passed 12th standard or graduation? Do you want to build a rewarding career in Insurance sector? If yes, this article will be of help to you. Here, I’ve listed down some of the best insurance and risk management courses available in India.
Article Overview and Contents
How’s this article of help to me, you may ask. If you are an insurance education aspirant, you will be able to find relevant courses and training programs here! You will also find important details such as course duration and eligibility criteria!
12th pass, Graduates and Postgraduate candidates – each of you will find some useful academic programs here! This article caters to the needs of each and every type of audience!
In simple terms, insurance is a means of protection from financial loss. It uses a hedge against the risk of a contingent, uncertain loss.
Let’s check out some important terms related to insurance industry. Here they are –
- Insurer: The entity which provides the insurance is known as the insurer or insurance company.
- Insured: The person or entity who buys the insurance is known as the insured or policyholder.
With time, insurance sector has evolved. There are different types of insurances. Some of the prominent ones are –
- Health insurance
- Automobile insurance
- Loan insurance
- Property insurance
- Business insurance
- Life Insurance
- Travel insurance
- And more….
Some of the above mentioned insurances can further be broken down into sub-types!
Types of Degrees
Broadly speaking, insurance courses in India can be classified into the following main formats –
- UG (Undergraduate) courses
- PG (Postgraduate) courses
- Doctoral Degree courses
UG programs can be pursued after completing 12th class. PG programs can be pursued after completing relevant Bachelor’s Degree program. Doctoral programs can be pursued after completing relevant Master’s Degree programs.
Each type of Degree mentioned above consists of different course formats. Let us take a look at some of them –
Types of courses
Here are some of the popular course formats –
- Bachelor’s Degree courses
- Master’s Degree courses
- Diploma courses
- Certificate courses
- PhD programs
Come, let us check out the list of insurance courses in India. Here they are –
List of insurance courses in India
1 Bachelor’s Degree Courses
- BBA in Banking and Insurance
- BBA in Insurance and Risk Management
- BA in Banking and Insurance
- B.Com. in Banking and Insurance Management
- B.Com. in Risk and Insurance Management
- BBA in Insurance Management
- BBA in Finance and Insurance Management
2 Master’s Degree Courses
- MBA in Banking and Insurance
- MBA in Insurance and Risk Management
- MA in Banking and Insurance
- M.Com. in Banking and Insurance Management
- M.Com. in Risk and Insurance Management
- MBA in Insurance Management
- MBA in Finance and Insurance Management
3 Diploma Courses
- PG Diploma in Banking and Insurance
- PG Diploma in Insurance Management
- PG Diploma in Insurance Management
- Advanced Diploma in Insurance Management
- Diploma in Insurance Management
- Professional Diploma in Banking and Insurance
- Advanced Diploma in Finance and Insurance Management
4 Certificate Courses
- PG Certificate in Banking and Insurance Management
- Advanced Certificate in Insurance Management
- Certificate in Risk and Insurance Management
- Certificate in Business Insurance
5 PhD Programs
- PhD in Finance and Risk Management
- PhD in Banking Practices
- Bachelor’s Degree courses: Passed 10+2 from a recognized board.
- Master’s Degree courses: Completed relevant Bachelor’s Degree course.
- PG Diploma courses: Completed relevant Bachelor’s Degree course.
- PG Certificate courses: Completed relevant Bachelor’s Degree course.
- PhD programs: Completed relevant Master’s Degree course.
Course duration varies from one academic program to another. Here are the details –
- Bachelor’s Degree courses: 3 years
- Master’s Degree courses: 2 years
- Diploma courses: 1-2 years
- Certificate courses: 6-12 months
Fees charged for the program varies from one course format to another. It depends upon the following factors –
- Type of course
- Rating of the college
- Type of college (Government or SF)
- Scholarship status of the student
Government colleges are known to charge relatively lower fees that Self Financed institutes.
Insurance professionals have diverse job opportunities available in front of them. They have access to Government jobs, Private jobs and self-employment.
Popular Government Sector recruiters are –
- Government Banks
- Government Insurance Agencies
- Government Finance Institutes and Departments
- Relevant Government Departments
Popular Private sector recruiters are –
- Private Banks
- Finance Institutes
- Insurance Firms
- Credit Companies
In the above mentioned firms, they may don the following roles –
- Assistant Manager
- Sales Manager
- Insurance Agent
- Customer Service Representative
If you want to remain self-employed, you may start your own consultancy or sell policies independently. Also check – banking courses in India.
Starting salary depends upon the following main factors –
- Status of the employer
- Type of employer (Private or Government)
- Educational Qualification of applicant (UG/PG/PhD)
- Job Location
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On an average, the starting salary of a Bachelor’s Degree holder could be anywhere between 30-40K INR per month. In case of a Government job, the salary will be based on the pay scale and grade.