Career in Insurance

Ranjan K Baruah *

After economic liberation in India, many private corporate and career option have flourished and one such career option is in insurance filed.

Insurance has been an integral part in one's life as it helps in many ways. We are always familiar with term like Life Insurance and companies whether under government or purely private have capitalize on life insurance and they are doing business and at the same time also helping people in many ways.

Insurance means being covered or protected against any hazards of life. It is a financial agreement that binds two people to certain obligations which is known as Policy. One who buys insurance/ gets insurance coverage is the policy holder or insured and the one who sells the policy is the insurer.

All Insurance companies come under the Insurance Regulatory and Development Authority (IRDA) which is established to regulate, promote and ensure orderly growth of Life and General insurance industry in India.

Posts and designation related to the fields are Development Officer, Insurance Agents, Composite Agent, Insurance Surveyor, Actuaries, etc. Some of the courses related to insurance are BBA Insurance, Diploma in Capital Marketing and Insurance Management (DCMIM), Diploma in Insurance, Diploma in Insurance and Risk Management (DIRM), International Post Graduate Diploma in General Insurance, International Post Graduate Diploma in Life Insurance, MBA Insurance, MBA Risk and Insurance, M.Com specialization in Banking and Insurance, Master of Insurance Business, Post Graduate Diploma in Banking, Insurance and Financial Services Management, Post Graduate Diploma in Insurance and Risk Management , Post Graduate Diploma in Insurance Business Management, Post Graduate Diploma in Insurance Law, Post Graduate Diploma in Insurance Management , etc.

The foremost choice to open a career in this field is to start as an insurance agent. They are the people who advice the individuals and enterprises about insurance protection to their health, life and properties and sell the policies to provide protection against financial loss.

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. Minimum qualification required for joining these companies as insurance is senior secondary where a student must be 12th pass. Higher qualification is always seen as additional advantage.

One has to pass the entrance examination conducted by the Actuarial Society of India, Mumbai.

Students who have passed 10 + 2 or equivalent exam are eligible. License is needed to work in this field which can be achieved through a training programme.

Though the minimum qualification for the insurance agent is 12th but for other administrative and management posts higher qualifica- tion like graduates or MBAs are preferred. Personnel attributes which are essentials are like good communication and networking skills. One needs to have pleasant personality and friendly behaviour with others to get more success in this field.

Initially people have thought that insurance are for those who are rich or afford to pay the amount but now it has changed its course and there are many aspects of insurance including crop insurance and others which benefits the farmers. Many corporate are also trying to reach out to rural areas for their business which brings more scope for young people and others who wanted to get associated with insurance sector.

Updates:

IFS Examination: The Union Public Service Commission will hold a Screening Test for selection to Indian Forest Service (Main) Examination, 2016 through Civil Services (Preliminary) Examination, 2016 which will be held on 7th August.

The Indian Forest Service Examination will consist of two successive stages -(i) Civil Services (Preliminary) Examination (Objective type) for the selection of candidates for the IFS (Main) Examination; and (ii) IFS (Main) Examination (Written and Interview) for the selection of candidates for the IFS. Candidates who will be declared by the Commission to have qualified for admission to the IFS (Main) Examination will have to apply accordingly.

IRF Scholarships: Islamic Research Foundation (IRF) provides Educational Scholarship to Islamic Students for pursuing graduation and post graduation courses like Medicine, Engineering, Education, Management etc. in India.

The IRF scholarships are available for poor students who are unable to pay fees for their courses and best in their educational studies. Last date for applying is 22nd May.