MBA Insurance: Course Details, Eligibility, Admission, Fees
MBA in Insurance is a two-year postgraduate programme that includes the study of assets, liabilities, risk management and interpersonal relationships with employees in banking and insurance companies. The MBA Insurance course aims to resolve corporate risks, conflicts and other insurance-related issues in an organisation.
The MBA in Insurance admission is open to students who have done a Bachelor’s degree in any relevant domain from a recognized university with a minimum of 50% aggregate marks. MBA in Insurance fees vary from INR 30,000 to 2.5 lakh.
Table of Contents
- About MBA in Insurance
- MBA in Insurance Eligibility Criteria
- Why Choose an MBA in Insurance Course?
- Master of Business Administration in Insurance Admission
- MBA Insurance Entrance Exams
- Top MBA in Insurance Colleges in India with Fees
- MBA Insurance Syllabus and Subjects
- MBA in Insurance vs MBA Risk and Insurance
- Courses After MBA Insurance
- MBA Insurance Jobs
- MBA Insurance Salary in India
- MBA Insurance Projects
- Skills to Excel in MBA in Insurance
MBA Insurance Course Details
| Degree | Masters |
| Full Form | Master of Business Administration in Insurance |
| Duration | 2 Months |
| Age | 21 Years |
| Entrance Exam | CAT, CMAT, XAT, etc |
| Minimum Percentage | 50% in Bachelor’s degree |
| Average Fees | INR 30,000 to 2.5 lakh |
| Similar Options of Study | MBA Risk and Insurance, MBA Banking and Insurance, etc |
| Average Salary | INR 3 to 10 LPA |
| Employment Roles | Finance Managers, Internal Auditors, etc |
About MBA in Insurance
MBA in Insurance is one of the promising and career-oriented specialisations under MBA courses. The course focuses on solving potential insurance and banking risks and negotiating with clients for possible solutions. The MBA in Insurance course is divided into 4 semesters and includes subjects like Risk Management and Insurance, Insurance Law and Regulations, Insurance Services and Marketing, etc.
The welfare of an insurance or banking company depends on a clear understanding among company stakeholders. The viability of a new acquisition is good when the risks associated with it are reduced. As a result, the MBA in Insurance scope is bright for graduates. The Insurance MBA jobs are Financial Managers, Business Analysts, Internal Auditors, etc.
MBA in Insurance Eligibility Criteria
The minimum eligibility criteria for the Master of Business Administration in Insurance course varies according to the college. However, given below are some standard eligibility requirements to get into the best colleges for MBA in India:
- Students should have completed their graduation in any relevant discipline with a minimum aggregate of 50% marks from a recognized university. SC/ST students will be given a relaxation of 5% in their graduation marks during admission.
- The minimum age to apply for an MBA in Insurance course is 21 years.
- Candidates should clear entrance exams like CAT, MAT, XAT, etc conducted by the university.
Why Choose an MBA in Insurance Course?
Students can learn the various financial and marketing strategies involved in risk management in MBA Insurance courses. Listed below are some pointers on why a student should pursue an MBA in Insurance in India:
- The Indian insurance market is expected to reach USD 200 billion by 2027.
- Credit risk, market risk and operational risk are three major risks that affect the banking sector.
- About 60 percent of Indian private insurers believe there has been a significant rise in insurance-related frauds.
- The course allows students to learn budgeting and management accounting in detail and helps them to identify if a firm is insured or not.
- Students will develop managerial and leadership skills and will understand the functioning of various departments in an organisation.
Master of Business Administration in Insurance Admission
Students get admitted to top MBA in Insurance colleges in India based on qualifying entrance exams. Given below is the admission process for the MBA Insurance course in various colleges:
- Step 1: There is an option for candidates to either apply online through the college website or apply offline by visiting the college.
- Step 2: Students should fill out the course registration form and pay the registration fee.
- Step 3: They should check for the entrance exams conducted by the university.
- Step 4: After completion of the exam, results will be announced on the website.
- Step 5: Candidates will be called for the counselling process based on the merit list prepared.
- Step 6: Colleges may finally conduct GD/PI to select the best students for the course.
MBA Insurance Entrance Exams
The candidates must clear the entrance exams listed below conducted at the national or state or university level to get admission for this course.
Students can apply for admission into MBA in Insurance in India through the list of entrance exams described below.
|
Exam Name |
Exam Date |
Exam Duration |
|
Nov 24, 2024 |
2 hours |
|
|
May 2024 (Tentatively) |
2.5 hours |
|
|
Jan 7, 2024 |
3 hours |
|
|
May 2024 (Tentative) |
3 hours |
|
|
December 2024 (Tentative) |
1 hour |
Top MBA in Insurance Colleges in India with Fees
The MBA in Insurance fees varies from INR 30,000 to 2.5 lakh. The fees also may differ depending on the type of college or university. Elucidated below are some top MBA Insurance colleges in India:
|
Name of College |
Average Tuition Fees |
|
INR 2.11 lakh |
|
|
INR 2.40 lakh |
|
|
INR 1.60 lakh |
|
|
INR 1.10 lakh |
|
|
INR 27,999 |
|
|
School of Insurance Studies NLU, Jodhpur |
INR 2.35 lakh |
MBA Insurance Syllabus and Subjects
The subjects in MBA in Insurance include topics related to rural development and finance. The topics taught in the course may differ from one college to another. Some typical core MBA in Insurance subjects are listed below:
- Principles and Practice of General Insurance
- Insurance Regulations
- Law of Contract and Insurance Laws
- Health Insurance
- Life Insurance
- Fire Insurance
- Motor Insurance
- Marketing of Insurance Services
- Actuarial Aspects of Insurance Products
- Insurance Accounting and Investments
- Engineering, Petrochemical & Energy Risk
Semester-wise MBA in Insurance Syllabus
The syllabus of MBA in Insurance includes subjects on types of insurance and risk management. The course duration is 2 years. Listed below are the first and second-year syllabus for the MBA in Insurance course
First-Year MBA in Insurance Syllabus
Given below is a list of subjects taught in the first-year MBA in Insurance syllabus:
|
Semester 1 |
Semester 2 |
|
Principles & Practices of Life Insurance
|
Insurance Business Environment |
|
Principles & Practices of General & Miscellaneous Insurance |
Motor Insurance |
|
Accounting for Management |
Life Insurance |
|
Risk Management |
Health Insurance I |
|
Organisational Theory & Management
|
Motor Insurance |
|
Low of Contract & Insurance Laws |
Business Communication I |
|
Economics for Insurance |
Business Ethics & Corporate Governance |
|
Quantitative Analysis in Management |
Regulatory Framework, IRDA Regulations
|
Second-Year MBA in Insurance Syllabus
Given below is a list of subjects taught in the second-year MBA in Insurance syllabus:
|
Semester 3 |
Semester 4 |
|
Group Insurance & Pensions, PFRDA Regulations
|
Agriculture & Crop Insurance |
|
Life Insurance Underwriting |
Customer Relationship Management |
|
Health Insurance II |
Reinsurance |
|
Business Communication II |
Corporate Entrepreneurship & Project Management |
|
Fire & Motor Insurance |
Investment and Portfolio Management |
|
Marine Insurance |
Engineering, Petrochemical & Energy Risk |
|
Marketing of Insurance Products & Services |
Dissertation |
MBA in Insurance Subjects in Detail
The various important subjects taught in MBA in Insurance in India are explained in detail below:
|
MBA in Insurance Subjects |
Topics Covered |
|
Principles and Practice of Life Insurance |
Types of Life Insurance Policies, Computation of Premiums and Settlement of claims, Underwriting, Financial Planning and taxation, |
|
Risk Management and Insurance |
Types of Risk – Risk management - Objectives - Risk identification and measurement, Risk Aversion and Demand for Insurance, Analytical tools used in corporate risk management, Insurance Business in India, etc |
|
Insurance Law and Regulation |
Sources of Law, Current Legal Environment, Insurance Intermediaries, Legal Aspects of Life Assurance, Exchange Control Regulations as applicable to General Insurance, etc |
|
Fire and Motor Insurance |
The Standard Fire and Special Perils Policy, Fire Insurance documents, Consequential loss insurance, History of Motor Insurance, Tariff for commercial vehicles, etc |
|
Marine and Rural Insurance |
Scope & Policy Terms & Conditions for Cargo Insurance, History of Marine Insurance, Functions of Insurance Surveyors & Average Adjusters, Types of agricultural insurance, Poultry Insurance, etc |
|
Investment and Portfolio Management |
Investment, Speculation and Gambling, Fundamental Security Analysis, Technical Analysis, Portfolio Analysis, Asset Pricing Model Portfolio Evaluation, etc |
|
Reinsurance |
Methods of reinsurance, Analysing reinsurance needs, Reinsurance clauses, Reinsurance Accounting, new forms of reinsurance, etc |
MBA in Insurance vs MBA Risk and Insurance
Comparing similar courses related to insurance and risk management is vital for students to avoid confusion. Analysing courses will help students get proper clarity between the two courses.
Given below are the critical differences between MBA in Insurance and MBA Risk and Insurance.
|
Parameter |
MBA in Insurance |
MBA Risk and Insurance |
|
Type |
Master’s degree |
Master’s degree |
|
Duration |
2 years |
2 years |
|
Entrance Exam |
CAT, CMAT, etc |
CAT, CMAT, etc |
|
Average Fees |
INR 30,000 to 2.5 lakh |
INR 30,000 to 4 lakh |
|
Focus Area |
The course deals with solving insurance and banking-related risks and negotiating with clients for possible solutions |
The course focuses on actuary science, strategic planning and other topics for effective management in the insurance industry |
|
Job Opportunities |
Financial Manager, Internal Auditor, etc |
Risk Managers, Financial Advisors, etc |
|
Average Salary |
INR 3-10 LPA |
INR 4-8 LPA |
Courses After MBA Insurance
There are a variety of study options for students to choose after a Master of Business Administration in Insurance. They can pursue research in the same specialisation after their master's degree or take up government exams. Listed below are some courses:
- MBA in Risk Management/Finance
- Ph.D. in Insurance/Risk Management
- Civil Services Examinations
MBA Insurance Jobs
There are many career options for MBA in Insurance graduates in the field of financial and insurance sectors. Listed below are famous areas that offer Insurance MBA jobs:
- Insurance Companies
- Banks
- Financial Institutions
- Multinational Companies
- Automobile Companies
- Funding Agencies
- Colleges/Universities
MBA Insurance Salary in India
The average salary for the graduates of MBA in Insurance graduates in India is INR 3-10 LPA. However, income levels may change depending on the organization, job type, and work experience.
MBA Insurance Salary Based on Top Companies
Below are some top companies that offer jobs for graduates of MBA in Insurance in India.
|
Company |
Lowest Salary (INR) |
Average Salary (INR) |
Highest Salary (INR) |
|
HSBC |
12 LPA |
17.8 LPA |
24.3 LPA |
|
ICICI Prudential Life Insurance |
2 LPA |
2.9 LPA |
4.5 LPA |
|
Bajaj Finance |
1.2 LPA |
5 LPA |
18 LPA |
|
Reliance Jio |
5 LPA |
9.4 LPA |
20 LPA |
|
Indusland Bank |
1.5 LPA |
3 LPA |
6 LPA |
|
Manappuram Finance |
0.2 LPA |
2.7 LPA |
4.5 LPA |
|
L&T Finance |
2.7 LPA |
3.8 LPA |
8.7 LPA |
|
Yes Bank |
5 LPA |
10 LPA |
18 LPA |
|
Max Life Insurance |
2.3 LPA |
3.5 LPA |
5.3 LPA |
|
Tata Motors |
2 LPA |
2.7 LPA |
3.8 LPA |
[Source: Ambition Box]
MBA in Insurance Salary Based on Job Designations
The average salary offered by top companies in various job profiles of MBA in Insurance are listed below:
|
Job Profile |
Average Salary |
|
Finance Manager |
INR 12.5 LPA |
|
Insurance Manager |
INR 3.4 LPA |
|
Internal Auditor |
INR 3.3 LPA |
|
Business Analyst |
INR 6 LPA |
|
Fund Manager |
INR 17.5 LPA |
Read More: MBA Insurance Jobs, Scope, Salary in India
MBA Insurance Projects
Students can do MBA Insurance project reports on various managerial and technical subjects related to banking, finance, and risk management. Listed below are some project topics:
- Impact of Financial Crisis on Insurers
- The Role of Insurance Companies in Economic Development
- How well can Service be a Differentiator in Insurance Sales?
- Product Strategies of Private Life Insurance Companies
- Customer Buying Behaviour Towards Insurance Products
- Risk Management in Indian Banks
Skills to Excel in MBA in Insurance
Candidates should have the below necessary skills to get maximum outcome from MBA Insurance course.
- Analytical Skills
- Communication Skills
- Interpersonal Skills
- Technical Skills
- Leadership Skills
- Basic Knowledge of Insurance
- Problem-Solving Skills
- Research Mindset
Top MBA Insurance Colleges
Top Management Entrance Exams
Exam Date: May 19, 2024
MBA Insurance Fee Structure
FAQs on MBA Insurance
Q: What is MBA in Insurance?
A: It is a 2-year master degree course that focuses on subjects related to types of insurance and risk management.
Q: Is distance education available for MBA in Insurance?
A: Yes, MBA in Insurance from IGNOU is offered for students.
Q: What are the best colleges for MBA in Insurance?
A: The top colleges offering the course are Amity University, School of Insurance Studies NLU, Loyola College, etc.
Q: What are the top recruiting companies for MBA in Insurance?
A: TATA Motors, HDFC, Bajaj Finance, etc are some top companies that hire graduates of this course.
Q: What is the salary after MBA in Insurance?
A: The average salary offered to the graduates of MBA in Insurance in India ranges from INR 3 to 10 LPA.
Q: What is the scope after MBA in Insurance?
A: Students can get top job roles such as Financial Managers, Business Analysts, etc in multinational companies. They can also pursue research in the same specialization.
Q: Who is eligible to apply for MBA Insurance course?
A: Students who have a Bachelor’s degree in any relevant field with a minimum score of 50% marks from a recognised university can opt for an MBA in Insurance course.
Q: What is the fees for MBA Insurance?
A: The average fee for MBA in Insurance course varies from INR 30,000-2.5 lakh.
Q: Is MBA in Insurance Management good?
A: Yes, the course is best for students who are keen on providing solutions for various insurance risks associated with a company.
