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Insurance and Acurials
Insurance Job Prospects

Inroduction

Before making you aware of the career in Insurance & Acturials, first we will like to make you understand what do we mean by Insurance & Acturials.Actually the career offered in insurance and Acturials are one and the same, only slight difference is there. But before telling about carrers in insurance, first we would like to make you understand, what is insurance? Insurance is nothing new, it`s just a method of compensating losses arising from all kinds of misfortunes like theft of television, camera, car, any personal belonging, loss by fire, loss of life due to accidents. The basic principle of Insurance is to transfer the premium paid by people into a common fund and draw from it to make good the loss of unlucky few. The organisers of this system is known as insurers & the company dealing with such losses is known as Insurance company. Insurance is categorised into Life Insurance & General Insurance.LIC. It was established on Sept. 1, 1956 & GIC was formed in 1972. LIC operates approximately through 100 divisional offices in important cities & about 3000 branch offices. Now LIC has spread it`s wings abroad and has it`s offices in Fiji, Mauritius & U.K.GIC has 4 susidiaries, known as National Insurance Company Ltd., New India Assurance Company Ltd., Oriental Insurance Company Ltd.& United India Insurance Company Ltd. From this you may very well understand about the working of LIC. The only way to have a entry into this company is through Entrance exam once you get through entrance exam, no one can stop you from making a career in Insurance company. For this you should have motivation, competitive spirit & dedication.Secondly we would like to give you a brief idea about acturials. Acturials is nothing, it`s just a scheme meant to encourage aspiring students who are keen to pursue acturial studies to become acturies. Acturials may be eligible for post of Asst. Administrative officer after passing 6 or more subjects thought in 3 year Apprenticeship period.

Personality Traits:

  • Actuaries :- Analytical Brain Mathematical Skills A good observance power Highly diligent


  • Agents :- Persuasive Friendly Enthusiastic Helpful Nature Communication Skills Systematic and methodical


  • Officers :- Good Judgement Neutral approach towards problems Rational mind Communication Skills Diligent & systematic Eye for Details


  • Eligibility:

  • Class I :- Direct recruitment is through an All India Level examination conducted at many centres. The recruitment for LIC is done by the central office at Mumbai. Recruitment to the Class I level is either through promotion from Class II or Class III levels.

    Eligibility :- Graduates / Post Graduates in any subject with minimum 50% marks or Chartered Accountants and Cost Accountants.


  • Class II :- At Divisional Office Level the entry is through a written test in English and Mathematics followed by an interview. The training is at Patna as an apperentice for one year - theortical (2 monhts), rural training (1 month) and field training for 9 months.

    Eligibility :- Graduates


  • Class III & IV :- Recruitment is carried on at the Divisional Office (usually at the Divisional head Quarters). The prospective recruit has to also give a written examination in English and Mathematics which is followed by an interview.

    Eligibility :- School Dropouts and Graduates


  • Agents :- The person has to give a written examination which basically judges the personality and language and mathematical ability. This is followed by a test. They have to also undergo a training for 3 years under the sales personnel of the organization.

    Eligibility :- Graduates preferred


  • Surveyors of Insurance :-

    Eligibility :-
    Any one of the following qualification is required :-
  • A degree or diploma in Architecture of a recognised institution.

  • Fellowship / Associateship of the Chartered Accountants or Cost and Works Accountants.

  • Degree / Diploma from a recognised Institute of Engineering.

  • Degree / Diploma in Naval Architecture.


  • Fellowship / Associateship through exam by the Institute of Insurance Surveyors and Adjusters (ISA), 232, Dr. D. N. Road, Mumbai - 400 001. This exam is also held at Calcutta, New Delhi and Chennai.

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