Insurance is not a new term for us. We all take insurance on our property, which helps us cover any losses incurred due to unforeseen adverse events. Within a fast-developing economy, the insurance sector has emerged as one of the pivotal financial services today. Globally, the insurance market is experiencing a transformation towards a ‘digital first’ business model that can unlock new ventures worth billions of dollars. Thus, the insurance sector is also an emerging high-potential career option.
However, many of us are not clear about the term ‘Life Insurance’. What is life insurance, and what are its distinctive features as compared to general insurance?
In general insurance, the event to cover for which the insurance is taken is not certain to occur. Hence, one cannot recover the money paid; even if the event does occur, the company will only pay the amount of loss incurred or the entire amount of the insurance, whichever is less. In life insurance, on the other hand, the distinctive feature is that the contracted event is certain to occur and therefore the company is liable to complete the contract. The event covered under life insurance is our life or the termination of it. Either the death of the person or the maturity date of the insurance is a sure event, and therefore, the amount received at maturation is assured. There are different kinds of life insurance designed to meet the varied needs of individuals and families, such as term insurance (which provides life cover to protect our family and us at an exceedingly affordable cost), endowment plan (traditional savings plan), savings plan, whole life insurance plan and pension and retirement plan. Thus, investing in life insurance should certainly be a part of our savings/long term investment portfolio.
Taking care of our family’s financial future is of vital importance. On that account, life insurance is an investment option that can contribute to the financial security of our family even when we may not be able to be with them in person. It serves as a protective financial layer for us and our loved ones in case of sudden unfortunate circumstances and could help avoid a huge out-of-pocket burden.
Since the insurance industry is growing day-by-day, it also provides a variety of career opportunities. A career in insurance can be both financially and emotionally rewarding. One can help people in realising and fulfilling their financial goals and attaining a modicum of security. If one works as an insurance agent, one can be their own boss, with good infrastructure and ample opportunities to develop one’s skills. Apart from being an agent, there are many other professional avenues that one can pursue within the insurance sector
In order to pursue a career in insurance, it is important to have the necessary qualifications. Some of the insurance-related courses available in India are:
• B.A. (Insurance)
• PG Diploma in Certified Risk Management
• Certificate Courses in Specific Insurance Subjects
• Course for Insurance Agents
• Course for Insurance Managers
• PG Diploma in Insurance and Risk Management
• B.Sc. Actuarial Science
• Master’s Program in Insurance Business
• Foundation in Financial Planning
• M.Sc. Actuarial science
Corresponding academic programmes would also be available in other countries.
Some of the Indian universities that offer insurance-related courses are:
• Jamia Hamdard, New Delhi
• Loyola Institute of Business Administration, Chennai
• Birla Institute of Management Technology, Greater Noida
• Bangalore University
• Pondicherry University, Pondicherry
• Amity University, Noida
This is not an exhaustive list, and there may be many other institutions where these courses are offered.
Those who have an inclination towards financial services, banking or commercial enterprises, can explore insurance as a career space.
