General Insurance: Admission 2024, Fees, Syllabus, Entrance Exam, Top Colleges, Career Scope
Akansha BishtContent Writer
General Insurance courses are intended to teach students about General Insurance actuarial techniques, rate making, the insurance domain, risk management, and other related aspects. General Insurance is an agreement between a policyholder and insurer wherein the insurance company protects their valuable assets from fire, theft, burglary, or any other unfortunate accident.
These courses are offered at various levels including Certification and Diploma. Some popular courses in this domain include the International PG Diploma in General Insurance, Diploma in General Insurance, Advance Certificate in General Insurance, etc. Admission to these courses is based on the merit procedure.
IIRM Hyderabad, National Insurance Academy- NIA, AIMS Institutes, and Institute of Finance, Banking and Insurance are some of the top General Insurance college options in India. The average General Insurance course fee ranges between INR 2,200 to INR 11 Lakh.
General Insurance students can seek employment opportunities in the Banking, Finance, and Insurance sectors. Some popular job profiles under this domain include Regional Manager, Unit Sales Manager, Operations Manager, Branch Manager, Area Sales Manager, Relationship Manager, and more. The average salary of a Regional Manager is INR 14.9 LPA in India.
I want you to know that interested candidates can continue reading the article for more General Insurance course details.
Links relevant to the General Insurance Course:
Know everything about Insurance
- General Insurance Course Details: Highlights
- All about General Insurance
- 2.1 Types of General Insurance
- 2.2 General Insurance Vs Life Insurance
- Best General Insurance Colleges in India
- General Insurance Career Scope: Job Profiles, Salary & Top Recruiters
- 4.1 General Insurance Top Recruiters
- General Insurance Course FAQs
General Insurance Course Details: Highlights
The objective of the General Insurance courses is to create a cadre of associates/professionals in the Insurance industry to be well versed in risk management, governance and regulatory compliances. Here are some key highlights of the General Insurance courses for candidates' reference:
| Parameters | Course Details |
|---|---|
| General Insurance Course Level | Diploma and Certification |
| General Insurance Course Duration | 3 Months to 2 Years |
| General Insurance Admission Process | Merit-Based |
| General Insurance Course Fee | Between INR 2,200 to INR 11 Lakh. |
| General Insurance Top Colleges | International PG Diploma in General Insurance, Diploma in General Insurance, Advance Certificate in General Insurance, etc. |
| General Insurance Job Profiles | Regional Manager, Unit Sales Manager, Operations Manager, Branch Manager, Area Sales Manager, Relationship Manager, and more. |
| General Insurance Average Salary | INR 14.9 LPA |
| General Insurance Top Recruiters | Acko General Insurance Limited, Agriculture Insurance Company of India Limited, Bajaj Allianz, SBI, Kotak Mahindra, and more. |
Note: The information is sourced from external sites and may vary.
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Q: What are the benefits of a General Insurance?
A General insurance policy has many benefits, such as:
- Reimbursement: General insurance policies reimburse the insured for financial losses caused by certain events.
- Peace of mind: General insurance policies can provide peace of mind during loss, covering a major portion or total loss.
- Tax Benefits: Premiums paid for insurance policies may be eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
- Sum Insured: These policies work on the principle of indemnity, providing compensation or cover for damages, loss, or injury to the insured asset.
Q: What is the scope of General Insurance?
General Insurances provide cover to individuals against unforeseen or unexpected incidents such as accidents and natural calamities. Health insurance, car or motor insurance, home insurance, and travel insurance all come under this category.
All about General Insurance
In simple terms, insuring about anything, except human life is known as General Insurance. It helps people protect the things they value the most, like their cars, homes and other valuables. General Insurance covers assets against theft or damage due to fires, natural calamities, accidents, man-made disasters like riots or terrorist attacks, etc. A General Insurance policy pays for the losses incurred by the insured during the period of the policy.
General Insurance Course Recommended Topics:
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Types of General Insurance
As a General Insurance student, it is crucial to know in depth about the type of General Insurance available in the market. Here are some of the most common types of General Insurance:
- Health Insurance: A Health Insurance policy covers the cost of treating medical emergencies ranging from bearing the cost of treatment and hospitalization to medicines and consultation fees. The two types of health insurance plans include the Mediclaim plan and the Critical Illness Plan.
- Home Insurance: A Home Insurance policy is essentially a policy that covers the financial loss that can occur in the event of damage caused to the policyholder's house. Generally, it covers the damages caused to the structure of their house due to natural calamities.
- Travel Insurance: A Travel Insurance policy will cover several financial risks that might come up when the policyholder travels. These travels could be for leisure, business-related, or even when you travel for studies. It usually covers both foreign as well as domestic trips.
- Motor Insurance: A Motor Insurance Policy covers any liability that might occur towards a third party in case of an accident or any other event in which an injury or damage is inflicted upon a third party or to their property due to one's vehicle. It also covers the damage to the policyholder's vehicle including accidents, wear and tear, or even theft of the vehicle.
- Commercial Insurance: Commercial Insurance policies are designed to cover the different types of risks that an ongoing business might face. These could include property insurance, fire insurance, marine insurance, commercial general liability insurance, and workmen’s compensation insurance, among others.
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General Insurance Vs Life Insurance
While General Insurance provides cover to other aspects and assets in a person’s life, for example, health, car, travel, home, etc., Life Insurance covers the life of a person. General Insurance provides cover against other types of risks that may affect a person’s health or some of his/her physical assets like a home or a vehicle etc., Life Insurance policies provide cover against the risk of life. Here are some key differences between the both:
| Parameters | General Insurance | Life Insurance |
|---|---|---|
| Meaning | Covers non-living assets. | Covers life. |
| Contract Term | You get insurance policies for the short and long term. You can choose to buy a policy for one year or more. |
Life cover comes for a long term, up to 99 years of age. Term life comes for a short term like 10, 15, or 20 years. |
| Claim Payment |
Can avail of cashless claim or reimbursement claim facility. In the cashless claim, the claim will get settled directly between the network service provider and the insurer. |
The nominee receives the sum assured in case of the insured's demise, or the insured receives the sum assured at maturity upon survival. |
| Savings Component |
Not available | Available |
| Premium |
The policyholder usually makes a one-time payment during purchase or renewal. |
The policyholder must pay the predetermined premium regularly, choosing from options like monthly, quarterly, or yearly intervals. |
Note: The information is sourced from external sites and may vary.
General Insurance Course Links students find interesting:
Q: What is the main purpose of General Insurance?
General Insurance is an agreement between a policyholder and insurer wherein the insurance company protects your valuable assets from fire, theft, burglary, or any other unfortunate accident. General insurance should be your priority as your assets may get damaged due to an accident or theft.
Q: What are the fields covered under General Insurance sector?
The general insurance sector covers a variety of fields, including:
- Health insurance: Covers health-related expenses
- Motor insurance: Covers vehicles, including cars and two-wheelers
- Home insurance: Covers homes against fire, floods, theft, and other disasters
- Travel insurance: Covers travel-related expenses
- Commercial general liability insurance: Covers businesses against personal injury, property damage, and advertising injury
- Business interruption insurance: Covers loss of income due to disasters, such as power or water supply failure
- Critical illness insurance: Covers diseases that are listed as critical illnesses
Best General Insurance Colleges in India
General Insurance courses are offered majorly at Certification and Diploma levels and there are a limited number of General Insurance colleges in India. However, in the table below, candidates can find some top options and their details for reference:
| Name of the Institute/College |
General Insurance Course offered |
Duration |
Tuition Fee |
|---|---|---|---|
| IIRM Hyderabad | International Post Graduate Diploma in General Insurance (IPGDGI) | 6 Months | INR 1 Lakh |
| National Insurance Academy Pune | Post Graduate Diploma in Management (PGDM) | 2 Years | INR 11 Lakh |
| Gujarat University | Post Graduate Diploma in Financial Management and Insurance | 1 Year | - |
| ISBMA, Bangalore | Advanced Certificate in General Insurance | 6 Months | INR 5,900 |
| Diploma in General Insurance | 1 Year | INR 7,900 | |
| Nalanda Open University - NOU | Certificate in Insurance Services | 6 Months | INR 2,200 |
| ISBMA, Hyderabad | Advanced Certificate in General Insurance | 6 Months | INR 5,900 |
Note: The information is sourced from the official/counselling body and may vary.
General Insurance Course Links students may find helpful:
Banking, Finance & Insurance Applications open. Apply Now
Q: Which is the best college for MBA in General Insurance in India?
AIMS Institute, Bangalore University is one of the top colleges for MBA in General Insurance course. It offers a full-time degree course of 2 years with the tuition fee ranging INR 9.15 Lakh. It is a private college with 240 seats in this MBA program.
Q: What are the best colleges that offer placements for General Insurance course?
Here are some top General Insurance colleges that offer great placement opportunities to students:
| General Insurance Colleges | Average Package Offered |
|---|---|
| National Insurance Academy Pune | INR 13 LPA |
| AIMS Bangalore | INR 5 LPA |
| R.K.S.D. (PG) College | INR 1.8 LPA |
Note: The information is sourced from the official/counselling body and may vary.
Popular Private General Insurance Colleges in India
Banking, Finance & Insurance Applications open. Apply Now
Banking, Finance & Insurance Applications open. Apply Now
General Insurance Career Scope: Job Profiles, Salary & Top Recruiters
A career in the Insurance sector offers the chance to work for oneself as an independent insurance agent or a salaried business employee. It also offers job security, a good salary, a flexible schedule, and the chance to work for oneself. Employers seek graduates who are committed and demonstrate a high level of professionalism.
Companies will prioritize soft skills and look for new workers with good lateral thinking, negotiation, and communication skills. Outstanding customer service and client connection skills are just as important as having good Mathematics skills. Here are some top job profiles and salary details for General Insurance students:
General Insurance Course Recommended Topics:
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| Job Profiles |
Job Description |
Average Salary |
|---|---|---|
| Regional Manager | They coordinate, mentor and support multiple teams across different regions. They have various duties, such as planning, budgeting, forecasting and training. | INR 14.9 LPA |
| Unit Sales Manager | They lead a team of sales representatives, set sales goals, develop and implement sales strategies, analyze market trends, and build and maintain customer relationships. | INR 5.2 LPA |
| Operations Manager | Their direct responsibilities include managing both the operations process, embracing design, planning, control, performance improvement, and operations strategy. | INR 10.9 LPA |
| Branch Manager | Their role includes managing employees, ensuring sales targets are met, staff training, marketing, and administration in their branch. | INR 9 LPA |
| Area Sales Manager | They are responsible for overseeing and managing sales operations within a specific geographical area. They lead and motivate sales teams to achieve sales targets and revenue goals. | INR 9.6 LPA |
| Relationship Manager | They ensure customer satisfaction and retention by understanding their needs, preferences, and concerns — and providing personalized service and support. | INR 5 LPA |
| Insurance Agent | They identify prospective clients through leads and referrals, schedule client meetings, perform follow-up calls, provide advice on insurance plans, conduct periodic policy reviews, etc. | INR 2.3 LPA |
Note: The salary information is sourced from Ambitionbox.com.
Links useful for the General Insurance Course:
Banker Career Options - Career Guidance for Banker
General Insurance Top Recruiters
The pass-outs of General Insurance courses can find employment in several insurance companies and financial institutions. Some of the top companies that hire General Insurance students are:
| General Insurance Top Recruiters | ||
|---|---|---|
| ACKO General Insurance Limited | Cholamandalam MS General Insurance Company Ltd | IFFCO Tokio General Insurance Company Limited |
| Bajaj Allianz General Insurance | HDFC ERGO General Insurance Company Limited | Kotak Mahindra General Insurance |
| Bharti AXA General Insurance Company Ltd | ICICI Lombard General Insurance Company Limited | SBI General Insurance |
Note: The information is sourced from external sites and may vary.
General Insurance Course Interesting Topics:
Q: What are the top government General Insurance companies in India?
The public sector General Insurance companies include New India Assurance Company Limited (NIA), United India Insurance Company Limited (UIL), Oriental Insurance Company Limited (OICL) and National Insurance Company Limited (NICL). These companies are an apt option for General Insurance students seeking employment in the government sector.
Q: What is the highest paying job in General Insurance sector?
As a General Insurance student, you can opt for a variety of job roles in India under the Insurance, Banking, and Finance sectors. It is difficult to consider a single designation as the highest-paying as the salary package majorly depends on your employer, relevant experience, skills, location, etc. However, the average salary of a Regional Manager is INR 14.9 LPA in India.
General Insurance Course FAQs
Candidates can refer to this section for General Insurance Course FAQs.
Q: What are the disadvantages of an Insurance policy?
Here are some disadvantages of an Insurance policy:
- Expensive for old people: People who buy a policy when they develop a medical condition or cross a certain age, will get charged more.
- Issues with claim settlement: Insurance policies have certain inclusions and exclusions along with terms and conditions for claim approval. There are many instances of claims being rejected or the compensation amount being reduced due to certain clauses of the policy.
- Too many options: There are many insurers in India offering a wide range of life insurance policies. While this means more choices for buyers, choosing the right one can be overwhelming. Also, many policies are not straightforward and require an understanding of financial products.
Q: What is Insurance Regulatory and Development Authority?
The insurance and reinsurance sectors in India are governed and licensed by the Insurance Regulatory and Development Authority of India (IRDAI), a statutory body. The Insurance Regulatory and Development Authority Act, of 1999 gave rise to the establishment of the IRDAI in 1999. The Government of India's Ministry of Finance is in charge of it.
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Here are some top General Insurance colleges that offer great placement opportunities to students:
| General Insurance Colleges | Average Package Offered |
|---|---|
| National Insurance Academy Pune | INR 13 LPA |
| AIMS Bangalore | INR 5 LPA |
| R.K.S.D. (PG) College | INR 1.8 LPA |
Note: The information is sourced from the official/counselling body and may vary.
A
Contributor-Level 10
Answered 2 months ago
AIMS Institute, Bangalore University is one of the top colleges for MBA in General Insurance course. It offers a full-time degree course of 2 years with the tuition fee ranging INR 9.15 Lakh. It is a private college with 240 seats in this MBA program.
A
Contributor-Level 10
Answered 2 months ago
As a General Insurance student, you can opt for a variety of job roles in India under the Insurance, Banking, and Finance sectors. It is difficult to consider a single designation as the highest-paying as the salary package majorly depends on your employer, relevant experience, skills, location, etc
A
Contributor-Level 10
Answered 2 months ago
The public sector General Insurance companies include New India Assurance Company Limited (NIA), United India Insurance Company Limited (UIL), Oriental Insurance Company Limited (OICL) and National Insurance Company Limited (NICL). These companies are an apt option for General Insurance students see
A
Contributor-Level 10
Answered 2 months ago
The general insurance sector covers a variety of fields, including:
- Health insurance: Covers health-related expenses
- Motor insurance: Covers vehicles, including cars and two-wheelers
- Home insurance: Covers homes against fire, floods, theft, and other disasters
- Travel insurance: Covers travel-related
A
Contributor-Level 10
Answered 2 months ago
General Insurance is an agreement between a policyholder and insurer wherein the insurance company protects your valuable assets from fire, theft, burglary, or any other unfortunate accident. General insurance should be your priority as your assets may get damaged due to an accident or theft.
A
Contributor-Level 10
Answered 2 months ago
General Insurances provide cover to individuals against unforeseen or unexpected incidents such as accidents and natural calamities. Health insurance, car or motor insurance, home insurance, and travel insurance all come under this category.
A
Contributor-Level 10
Answered 2 months ago
A General insurance policy has many benefits, such as:
- Reimbursement: General insurance policies reimburse the insured for financial losses caused by certain events.
- Peace of mind: General insurance policies can provide peace of mind during loss, covering a major portion or total loss.
- Tax Benefits:
A
Contributor-Level 10
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