MBA Insurance: Course Details, Eligibility, Admission, Fees

Thasleen Mohideen

Updated on - Jan 3, 2024

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.

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.

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:

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:

Second-Year MBA in Insurance Syllabus

Given below is a list of subjects taught in the second-year MBA in Insurance syllabus:

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 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.

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.

[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:

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

Pondicherry University

Villianur,Puducherry

NLU Jodhpur (NLUJ)

Jodhpur,Rajasthan

NIMS University

Jaipur,Rajasthan

Attitude Business School, Bhubaneswar

Bhubaneswar,Odisha

VCFW - Valliammal College For Women

Chennai,Tamil Nadu

The ICFAI University, Jharkhand

Ranchi,Jharkhand

The ICFAI University, Raipur

Raipur,Chhattisgarh

ISBM University

Mahasamund,Chhattisgarh

VIEW ALL

Top Management Entrance Exams

CAT

• Eligibility Criteria
• Syllabus

MAT

Exam Date: May 19, 2024

• Eligibility Criteria
• Syllabus

NMAT

• Eligibility Criteria
• Syllabus

GMAT

• Eligibility Criteria
• Syllabus

JEMAT

• Eligibility Criteria
• Syllabus

CMAT

• Eligibility Criteria
• Syllabus

IBSAT

• Eligibility Criteria
• Syllabus

IMUCET

• Eligibility Criteria
• Syllabus

VIEW ALL

MBA Insurance Fee Structure

See Various MBA Insurance Colleges in India