B.Com in Insurance Management is a 3-year full-time undergraduate course dealing with the working principle of insurance policies. The course is divided into six and the course syllabus deals with the in-depth study of Financial Accounting, Statistics, Banking, Business Management, and other important topics related to Insurance Management.
Candidates wishing to pursue BCom in Insurance Manager must have completed their 10+2 from a recognized board with a minimum aggregate of 55% aggregate marks. Also they may qualify the entrance exams such as DUET, CUET, DU JAT, etc conducted at National or University level for the admission.
See More: Commerce Courses in India
Some of the top colleges which are well renowned for offering the B.Com in Insurance Management course include Career College Bhopal and IPER College Bhopal, Aditya Group of Institutions, Bangalore and many others. The average fees for the course ranges between from INR 20,000 to INR 60,000.
Post completing the course one can get a good job in private or government organizations. Some of the popular and reputable job profiles for the graduates in this field are Insurance Account Manager, Insurance sales agent, Policy manager, etc. The average starting salary after completing BCom in Insurance Manager is INR 3,00,00 to INR 5,00,000 per annum.
Table of Content
2.1 Why Study?
3.3 Eligibility
3.4 Entrance Exams
- B.Com in Insurance Management: Syllabus & Subjects
- B.Com in Insurance Management: Top Colleges
- B.Com in Insurance Management: Job Profiles
6.1 Top Recruiters
B.Com Insurance Management: Highlights
| Course Name | BCom in Insurance Management |
| Course Level | Graduation |
| Duration | 3 Years |
| Type | Degree |
| Eligibility | Passed 10+2 from a recognized council or university |
| Admission Process | Merit based with few colleges conducting their own entrance test for admission |
| Course Fee | INR 20,000 to INR 60,000 |
| Average Starting Salary | INR 3,00,00 to INR 5,00,000 per annum |
| Job Profile | Insurance Account Manager, Insurance sales agent, Policy manager, etc |
| Top Recruiting Companies | Muthoot Finance, LIC, Syndicate Bank, etc |
Check out: Top Insurance Colleges in India
B.Com Insurance Management: Course Details
- B.Com Insurance Management is a new branch of commerce introduced by selected colleges in India to impart essential knowledge on protecting assets like cars, property etc along with gaining sufficient knowledge on how insurance policies work.
- A B.Com Insurance Management course helps students move ahead in their career and join financial organizations and work as Policy manager, Insurance Account Manager or work as an insurance agent.
- B.Com Insurance Management course is generally offered for 3-years and divided into 6 semesters.
- Most institutes offer direct admission based on merit with few other institutes conducting their own entrance test for selection.
- Most candidates completing B.Com Insurance Management work in banks or non banking financial intuitions or insurance companies at a starting salary of INR 3,00,000 to INR 5,00,000 per annum.
Why Study B.Com Insurance Management?
B.Com Insurance Management is gaining popularity among students due to the existence of a number of insurance companies in the market offering diverse life and non-life insurance products. Candidates after completing this course join banks or financial institutions or insurance companies or work with audit firms in taxation related matters.
The Perks after completing B.Com Insurance Management have been listed below:
- Diverse opportunities: B.Com Insurance Management is a newly introduced course in the field of commerce offering diverse opportunities in various unique profiles such as Policy manager, Insurance Account Manager, Accounts Manager and many more in Insurance Industry, Banking domain or Audit Firms.
- Competitive Salary: Students with B.Com Insurance Management degree in India earn around INR 3,00,000 to INR 5,00,000 lacs per annum. Candidates can work as insurance agent or tax consultant with unlimited opportunity of income.
- Higher Education: Candidates can pursue MBA in Insurance Management and gain deeper understanding of insurance policies and instruments and land a better job with higher pay package and better management position.
See More: MBA in Risk and Insurance
B.Com Insurance Management: Admission Process
The admission process for B.Com Insurance Management is based on merit in most colleges in India with few exceptions where some colleges conduct their own entrance test for admission.
For admission to the B.Com Insurance Management programme, the majority of institutes and universities in India use a merit-based admission process. Few of the colleges offering the course are Career College Bhopal, IPER College Bhopal and others who offer direct admission based on score in the last qualifying examination.
Merit Based admission
- Colleges that offer merit-based admissions take scores secured in 10+2 into consideration for admission.
- To apply for merit-based admissions in various colleges, candidates must either fill out an online application form or visit the institute physically and collect the application form by paying the requisite application fee.
- Candidates need to fill the application form and submit the same either through the online portal or submit all required documents in the institute.
- Candidates must keep an eye on the college or university's cutoff list and complete admission related formalities.
Read More: Certificate In Insurance Services
Entrance based admission
- Very few colleges offer admission based on entrance tests conducted by these colleges.
- To apply for any of these colleges, candidates must visit their website and complete registration.
- This should be followed by submitting required documents and paying the application fee and keeping the receipt for future reference.
- Candidates must take the entrance exam at the stipulated date and time and do well.
- Students who pass the entrance exam are called for a personal round of interview & successful candidates must complete all admission related formalities to get admission in their desired course of study.
Eligibility Criteria
Students who wish to enroll in the B.Com Insurance Management course must meet the following minimum eligibility requirements:
- Candidates willing to pursue BCom in Insurance Manager must have completed their 10+2 from a recognized board.
- Aspirants must have secured a minimum aggregate of 55% aggregate marks or more to be eligible for the course.
Read More: BCom Banking and Insurance
Entrance Exams
Very few colleges and universities offer admission into B.Com Insurance Management through entrance exams. Almost all Colleges/ Universities use entrance examination scores to assess a student's knowledge and ability, which will be used to select a student for a specific course.
| Entrance Exam Name | Exam Date |
|---|---|
| CUET | Check here |
| DU JAT | Check here |
Full-time Course
Since B.Com Insurance Management is a newly introduced branch of commerce so few colleges in India offer B.Com Insurance Management with limited seats and limited professors available in this field. Thus few colleges in India only offer this course in regular mode.
B.Com Insurance Management is one of the most popular courses among candidates who want deep knowledge on how insurance policies work, and how to protect assets viz. property, car or even life. It is a specialized branch of commerce and is available for a duration of 3-years consisting of six semesters.
Also Check: BBA Insurance
B.Com Insurance Management: Syllabus & Subjects
Students who want to make their career in insurance management and have deep interest in how insurance policies work can pursue B.Com Insurance Management Course. The syllabus of the course deals with the in-depth study of concepts and subjects such as Financial Accounting, Banking, Business Management, and other important topics related to Insurance Management.
B.Com Insurance Management Syllabus
The below table provides a semester wise breakup of the course:
| Semester 1 | Semester 2 | Semester 3 |
|---|---|---|
| English I | English II | Company Accounts I |
| Financial Accounting I | Financial Accounting II | Business Economics |
| Principles and practice of Banking I | Insurance law and Practice | Legal and Regulatory Aspects of Banking I |
| Business management | Principles and Practices of Banking II | Financial management |
| Principles of Insurance | Financial Mathematics | Workshop on Numerical skills |
| Value Education | Environmental Studies | Campus Recruitment Training I |
| Semester 4 | Semester 5 | Semester 6 |
| Company Accounts II | Income Tax | Management Accounting Auditing |
| Services Marketing | Cost Accounting | Business Communication Project |
| Legal and Regulatory Aspects of Banking II | Financial Statistics | - |
| E-Commerce & E-Business | Business Environment | - |
| Workshop on Reasoning Skills | Campus Recruitment Training III | - |
| Campus Recruitment Training II | - | - |
| Non Major Elective Institutional Training | - | - |
Read More: Diploma in Business Management
B.Com Insurance Management: Top Colleges
Some of the top colleges in India which offer BCom in Insurance Management are given below in the tabular chart:
| College/ University Name | Average Course Fee |
|---|---|
| Career College, Bhopal | INR 57,000 |
| Aditya Group of Institutions, Bangalore | INR 1,22,000 |
| IPER College, Bhopal | INR 60,000 |
| B.L. Amlani College of Commerce and Economics M.R. Nathwani College of Arts | INR 30,000 |
| Institute of Professional Education and Research | INR 1,72,000 |
| Rukmadevi Pannalal Laddha Maheshwari College | INR 24,000 |
| Vikramaditya College | INR 30,000 |
B.Com Insurance Management: Top Colleges Abroad
For Admissions in B.Com Insurance Management courses abroad, students have to appear in Graduate Record Examination (GRE). Verbal, mathematical, and analytical writing skills of a student are measured in such examinations. Most US, Australia, UK, Canada universities accept GRE scores for admission. In addition, most of these universities offer admission to students based on any of the English proficiency test scores, namely TOEFL or IELTS.
Some of the popular colleges offering B.Com Insurance Management are given below:
| College/ University Name | Average Annual Fees |
|---|---|
| Ontario College | INR 8,35,636 |
| University of Texas | INR 14,06,618 |
| University of Colorado | INR 28,92,625 |
| University of South California | INR 10,43,692 |
| Illinois University | INR 19,53,661 |
| Florida State University | INR 90,75,980 |
| University of Wisconsin | INR 14,35,246 |
| University of Cincinnati | INR 83,14,104 |
| Georgia State University | INR 84,69,661 |
| Mississippi State University | INR 75,02,426 |
| Kansas State University | INR 9,55,243 |
| University of Calgary | INR 49,53,169 |
| Ohio State University | INR 10,39,018 |
| Indiana State University | INR 7,55,085 |
| Gannon University | INR 10,56,572 |
| University of Hartford | INR 16,62,344 |
B.Com Insurance Management: Jobs Profiles
B.Com Insurance Management is a specialized branch of commerce with few candidates graduating every year due to the limited number of seats available in colleges offering this course. Thus these graduates are in huge demand in banking institutions, audit firms, insurance companies etc. From being an Insurance Sales Agent to Insurance Account Manager, varied opportunities exist for these graduates with lucrative salary packages for experienced professionals.
Even there is a huge opportunity to join nationalized banks as Probationary Officers and enjoy a secured job. Some other candidates prefer going for higher studies and join corporate services as Insurance Advisor. The following table shows the list of popular job profiles for B.Com Insurance Management graduates:
| Job Position | Job Description | Average Annual Salary |
|---|---|---|
| Accounts Manager | These individuals are dedicated to achieve high sales and feed in the accounts of a company. They are also involved in building relationships with new clients and assisting them in designing productive plans. | INR 5,00,000 to INR 7,00,000 |
| Insurance Account Manager | These are individuals who promote insurance products of his company to potential buyers. They are also involved in advertising insurance products to distributors, brokers, financial advisers to increase sales of insurance products of his company | INR 5,00,000 to INR 7,00,000 |
| Insurance Sales Agent | These are individuals who sell and promote insurance products viz. life, property, health and long-term care insurances to potential buyers. They also offer financial planning services and insurance to individuals who are on the verge of retirement. | INR 2,00,000 to INR 4,00,000 |
Check out: How to become a Insurance Agent
Top Recruiters
On completing B.Com Insurance Management, graduates get employed with government or private banking institutions or insurance companies. While some prefer to go for higher studies and join some corporate entity.
The following table shows the list of top recruiting institutions:
| Syndicate Bank | Life Insurance Corporation of India |
| HDFC Bank | Muthoot Finance |
| Thakur Vaidyanath Aiyar & Co. | PWC |
B.Com Insurance Management Scope
Candidates graduating in B.Com Insurance Management have diverse opportunities to work in sectors like banking and non-banking financial institutions, audit firms, insurance companies etc. Once you have a B.Com Insurance Management degree, there are many options available to pursue your education career, some of them are mentioned below:
- Doctoral degree: Many candidates prefer to pursue an academic career and thus opt for higher studies after completing their B.Com Insurance Management course. After completing their graduation, candidates complete their post graduation in insurance and risk management and afterwards enroll for a PhD program in their area of interest and further get into research and analyze their area of work.
- Entrepreneurship: Some students prefer starting their own business after completing B.Com Insurance Management and start working as an independent insurance agent with unlimited options for income and growth.
- Corporate jobs: Many candidates prefer lucrative pay and glamour of the corporate world and thus opt for an MBA in insurance management and afterwards join some corporate entity with hefty pay packages.
B.Com Insurance Management: FAQs
Ques. Who are the best candidates to opt for B.Com Insurance Management?
Ans. B.Com Insurance Management is ideal for candidates who have deep interest in how the insurance policies work and risks involved in it. Ideal candidates for such courses are those who have excellent communication skills, ability to handle customers from diverse domains and cultures, ability to work under pressure, and are competent to manage huge loan files including foreign exchanges.
Ques. What role does a graduate in Insurance Management play in audit firms?
Ans. Audit Firms usually employ B.Com Insurance Management for auditing work and taxation related matters. They are also involved in accounting and other financial research work in such firms. Few of the notable audit firms who employ B.Com Insurance Management graduates are Thakur Vaidyanath Aiyar & Co, TR Chadha & Co., Singh Suri & Co. etc.
Ques. Are diploma courses in insurance available? If yes, please share names of colleges offering diplomas in insurance operation?
Ans. Diploma in Insurance is offered by few colleges in India after completing 10+2 with minimum of 50% aggregate marks. Some of the colleges offering diploma in insurance are listed below:
- Brevity International Institute of Management and Technology - IIMT, Bangalore
- Dr. Babasaheb Ambedkar Open University, Ahmedabad
- Ismail Saheb Mulla Law College, Satara
Ques. How to get admission into B.Com Insurance Management in IPER and what is their course fee?
Ans. IPER offers admission into B.Com Insurance Management based on merit. Candidates should score a minimum of 45% aggregate marks to be considered for admission. The institute charges INR 60,000 for admission into this course.
Ques. Suggest few must read books for candidates looking for a career in insurance management?
Ans. Listed below are a few of the must read books for career looking for a career in insurance management. Online versions of these books are available over popular ecommerce websites like Amazon.
- Game Changer Taking Your Insurance Agency to the Next Level written by Michael Weaver
- McGill's Life Insurance written by Edward E. Graves
- Interviews With Top Producing Insurance Agents written by David M. Duford
- Decoding Health Insurance and the Alternatives written by Lauren R. Jahnke
- Commercial Property Risk Management and Insurance written by Mary Ann Cook
Ques. Can I pursue a B.Com Insurance Management course in part-time or correspondence mode?
Ans. Presently B.Com Insurance Management is offered in few colleges in India with limited seat availability in regular mode only.
Ques. Is there any opportunity for an MBA in insurance, and which Indian colleges deliver such courses?
Ans. There are few colleges in India who offer 2 year full time MBA in Risk and Insurance, admissions into which is purely based on performance in popular entrance examinations namely MBA Risk and Insurance admissions depends on the performance in the entrance exams, like- CAT, MAT, XAT, etc.
Some of the colleges offering MBA in Risk and Insurance are listed below:
- IILM University
- All India Institute of Management Studies
- Rakshpal Bahadur Management Institute
- IMR College
Ques. What are the primary areas of study in B.Com Insurance Management?
Ans. A 3-year B.Com in Insurance Management encompasses the following broad area of study:
- Personal and Commercial Insurance
- Management of Property Loss
- Types of Insurance Policies
Ques. What are the different Commercial Insurance available in the market?
Ans. Most insurance companies offer commercial insurance in the following areas:
- Property Insurance
- Shopkeeper’s Insurance
- Fire Insurance
- Burglary Insurance
- Marine Insurance
- Liability Insurance
- Automobile Insurance
- Plant and Machinery Insurance
- Aviation Insurance
- Cyber Insurance
Ques. B.Com in Insurance Management vs B.Com in Banking and Insurance
Ans. B.Com Insurance Management and B.Com in Banking and Insurance are two specialized courses in the field of commerce. The comparison between the two courses are given below according to various aspects:
| Parameters | B.Com Insurance Management | B.Com in Banking and Insurance |
|---|---|---|
| Degree | Bachelors of Commerce in Insurance Management | Bachelors of Commerce in Banking and Insurance |
| Duration | 3 years | 3 years |
| Admission Process | Merit Based | Entrance Exam Based |
| Course Overview | This course focuses on management of property loss and insurance policies | This course focuses on different aspects of banking and insurance |
| Average Fees | INR 20,000 - 60,000 | INR 14,000 to INR 10,00,000 |
| Top Colleges | Career College, Bhopal, IPER College, Bhopal, Babasaheb Bhimrao Ambedkar Bihar University, etc. | International College of Financial Planning, Indian School of Business Management and Administration, Thadomal Shahani Center of Management etc. |
| Average Salary | INR 3,00,000 to INR 5,00,000 p.a. | INR 2,00,000 to INR 20,00,000 p.a. |
Ques. Who Should Study B.Com Insurance Management?
Ans. Students after completing their 10+2 can choose insurance as their career choice and opt for B.Com Insurance Management to enhance their skills and knowledge in the insurance sector and learn to protect personal assets like cars, property or even life.
- Students who want to make their career in insurance management and have deep interest in how insurance policies work can pursue B.Com Insurance Management Course.
- B.Com Insurance Management gives students the opportunities to learn the ethics and policy system followed to implement insurance policies in India and work as Insurance Agents or Insurance Account Manager or join some audit firm and handle the taxation system along with contributing to accounting and research work.
Ques. When to Study B.Com Insurance Management?
Ans. B.Com Insurance Management can be pursued right after completing 10+2 and get detailed knowledge on management of property loss and insurance policies. Since admission into most institutions is based on merit, students are advised to improve their basics in accounting, taxation etc and score well in their 10+2 examination to secure a seat with some good college as this course is available with very few colleges with limited seats.
- The course should be pursued immediately after the completion of 10+2.
- Since India Govt has opened doors for private insurance players to gain dominance in the insurance sector, this course offers ample opportunities in the insurance sector, banking and non-banking institutions and audit firms.
CUET
CUET is a national level entrance examination conducted by Christ University for admission into undergraduate courses namely BBA (Hons), BBA (Finance and Accountancy), BBA LLB (Hons), B Com (Professional) etc. The exam is divided into three phases- Entrance Test, Skill Assessment Test, Micro Presentation and Personal Interview. The written test is of 2 hours duration consisting of 120 MCQ type questions with provision of 0.25 negative marking of one each of every wrong answer.
DU JAT
This is a national level entrance examination conducted once a year by Delhi University for admission into undergraduate courses namely BA (Hons) Business Economics, Bachelor of Management Studies, B Com (Professional) etc. The examination is conducted in computer based mode for 120 minutes and consists of 100 MCQ type questions on Quantitative Ability, Reasoning and Analytical Ability, General English and Business and General Awareness.
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