Life insurance companies in India enjoy a vast and almost virgin market. Large section of the Indian population is still untouched by the life insurance industry. The market was earlier ruled solely by the Life Insurance Corporation of India or LICI. But since the government has adopted the free market policy many foreign insurance companies have joined hands with Indian banks to introduce more life insurance products to Indian buyers which increases jobs in India. This, along with increased awareness, has opened new scopes for insurance companies in India. As a result job scopes in the life insurance industry have increased manifold in the last decade.
The life insurance industry of India is now one of the largest employment generators of the country. Check out the following job options available with the life insurance industry in India.
Life agents: The major recruitment in the life insurance industry goes on in the front of life insurance agents. Depending upon the education level and experience, insurance agents can be recruited at various stages. The minimum qualification required to become a life insurance agent is graduation. To join at the entry level the incumbent doesn’t require experience but he/she needs to clear the IRDA exam to become certified life insurance agent. The MBA graduates can join at the managerial and team leader position even as fresher.
Most of the life insurance agents earn through commission. But many of them also earn by fixed salary+ incentive structure as well.
The major players in the life insurance market of India are,
- Life Insurance Corporation of India
- 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
Underwriters: The underwriters assess risks and set the terms of providing an insurance coverage to the applicant. In the life insurance industry the underwriters are given very prominent position.
To become an underwriter the candidate needs to have a graduation. Bachelor’s degree in computer science along with knowledge in finance, accounting and statistics is considered desirable to enroll as a life insurance underwriter.
Actuaries: The actuaries are responsible for designing insurance policies based upon the statistical data available on demography and life expectancy of the population.
To become an actuary the candidate has to qualify in the entrance exam conducted by the Actuarial Society of India (ASI).