Insurance Law Course Details - Fees, Subjects, Syllabus, Duration, Eligibility, Career Scope
What is Insurance Law
Insurance is defined as a legal contract where an insured (person) is compensated for specified loss or damage by a company or the State in return for payment of a specified premium. For the protection of the insured and for companies to comply with rules and regulations while doing business of insurance, insurance laws play an important role. The Insurance Laws (Amendment) Act, 2015 is the law aimed at boosting the insurance sector in India. IRDA is the governing body for the insurance industry in India that forms regulations for the industry.
Candidates in the field of Insurance Law can pursue both undergraduate and postgraduate programs. BA LLB and Master of Legislative Law (LLM), and Master's programme in Public Policy are some of the popular Insurance Law courses In India. Some institutes like the National Law Institute University and Modern Law College also offer online certificate courses in Insurance Law.
Insurance Law Course Details
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| Particulars | Values |
|---|---|
Branch Name | Insurance Law |
Degree | Diploma, PG Diploma, LLB, LLM, M.Phil, PhD |
Duration | 3-5 Years (UG) |
Admission Process | Entrance Examination |
Top Exams | CLAT UG, CLAT PG, CUCET |
Course Fees | Rs 20,000 to Rs 21 Lakhs |
Top Colleges | Chandigarh University, Punjab, Nalsar University of Law, Jamia Millia Islamia, Symbiosis Law School, and Christ University |
Career options | Lawyer, Advocate, Insurance Lawyer, Tax Lawyer, Insurance Agent |
Average Salary | Rs 4.5 Lakhs p.a. |
Recruiting Companies | AZB & Partners, Cyril Amarchand Mangaldas, Khaitan & Co and Trilegal |
Top Law NIRF Ranking 2024
Students are advised to choose the law institute based on the NIRF ranking 2024. Generally, National Law Institutes maintain top positions and rankings depending on the educational facilities and the institute's stature. In the table below, students will find a list of top Law institutes based on NIRF Ranking 2024.
| Top Law Colleges | NIRF Rankings (2024) |
|---|---|
1 | |
2 | |
3 | |
4 | |
5 | |
6 | |
7 | |
8 | |
9 | |
10 |
Top Private Insurance Law Colleges in India
Several private colleges in India offer Insurance Law courses for students at different levels. Private Insurance Law colleges have excellent infrastructure, and the classrooms are outfitted with e-learning, audio-visual learning experiences, and air-conditioned classrooms. Campuses typically provide all amenities that a law student requires. We have prepared a list of the top Private Insurance Law colleges in India along with Insurance Law course fees.
| Colleges | Fees |
|---|---|
Rs 8.7 Lakhs | |
Rs 1.95 Lakhs | |
- | |
- | |
Rs 31,700 | |
- | |
- |
Top Government Insurance Law Colleges in India
Government colleges are affordable and consider relaxation in accordance with government standards, such as fee reductions for students from low-income families who can produce valid certificates. There are numerous advantages to studying Insurance Law courses at a public university in comparison to a private university. Here is the list of the top Government Insurance Law colleges in India and their Insurance Law course fees.
| Colleges | Fees |
|---|---|
Rs 12,000 | |
- | |
- | |
Rs 1.25 Lakhs |
Eligibility Criteria (UG & PG) of Insurance Law
The eligibility criteria for insurance law courses vary depending on the course, and the provider. For an undergraduate degree in Insurance Law, candidates are required to clear their 10+2 examination from a recognised institute in India. Similarly, for a postgraduate degree programme, candidates require a bachelor's degree in any related field of law. In the table below, we have mentioned the eligibility requirements of Insurance Law.
Eligibility Criteria for UG Courses
Candidates aspiring to pursue Insurance Law courses at the undergraduate level must check the eligibility criteria of the course before applying for admissions. To be eligible for an integrated degree in law in the field of Insurance Law course, they need to complete their 10+2 with a minimum aggregate score of 50 per cent. To apply for LLB, candidates require an undergraduate degree.
| Eligibility Parameters | Details |
|---|---|
Educational Qualification | 10+2 from a recognised Institute in India for an integrated law degree Bachelor's degree from a recognised institute in India to apply for LLB |
Minimum aggregate score requirements | 50 per cent aggregate score (5-10 per cent relaxation for candidates belonging to the reserved categories) |
Entrance Exams | Candidates need to appear for relevant entrance examinations (if any) |
Top Entrance Examinations for UG Courses
Aspiring candidates need to fulfil the eligibility requirements and follow the admission process carefully. While some colleges may provide admissions based on merit scores. A majority of the institutes provide admission based on entrance examinations. In the table below, we have listed the top entrance examinations for UG-level courses.
| Exam Name | Exam Level | Conducting Body | Exam Schedule |
|---|---|---|---|
National-level | Consortium of NLU's | ||
National-level | Pearson VUE | ||
National-level | NLU, Delhi | ||
State-level | State Common Entrance Test Cell - Maharashtra State | - |
Eligibility Criteria for PG Courses
If the individual wishes to pursue the course as a Postgraduate degree, then he/she must hold an LLB degree from a recognized board. He or she must also meet minimum eligibility criteria, which may differ based on the chosen institute. Mentioned below are the eligibility criteria for the postgraduate courses in the field of Insurance Law.
| Eligibility Parameters | Details |
|---|---|
Educational Qualification | LLB from a recognised institute in India |
Minimum aggregate score requirements | 50-60 per cent, of candidates belonging to the reserved categories may get some relaxation of 5-10 per cent |
Top Entrance Examinations for PG Courses
In the table below, we have mentioned some of the popular entrance examinations required for admission to the Insurance Law courses at the postgraduate level.
| Exam Name | Exam Level | Conducting Body | Exam Schedule |
|---|---|---|---|
National-level | Consortium of NLUs |
College Predictors VIEW ALL
Scope of Insurance Law in India and Abroad
There is a vast scope of Insurance Law in India as well as abroad. As the Insurance Law course provides learners with the fundamental principles of insurance law and insurance services, it opens up a plethora of employability scope in both the public and private sectors. They can pursue careers in life insurance companies, consultancies, insurance regulatory departments, tax agencies, healthcare organisations, and others.
Course Subjects
Insurance Law is an elective course covered in the law course syllabus at UG and PG levels. Every college has its own syllabus and the subjects in the syllabus may change based on the levels (UG and PG) and specialisations.
Insurance Law Syllabus at UG level
Here we have discussed the Insurance Law subjects covered in the three-year LLB syllabus of the Indian Institute of Legal Studies, Darjeeling.
| Module I | |
| Introduction (History, Nature) | Concept of Insurance compared with contract and Tort |
| Insurance in a globalised economy | - |
| Module II | |
| General principles of Law of Insurance – nature, scope, and classification of Insurance contracts | Insurable interest |
| The risk – policy [ form, content, commencement, duration, alternation, cancellation, rectification, renewal, assignment, construction]- | Conditions of policy |
| Module III | |
| Life Insurance (nature, scope, definition, classification) | Formation of life insurance contract |
| Event insured against life insurance contract | Circumstances affecting the risk |
| The amount recoverable under a life policy | Persons entitled to payment |
| Settlement of claim | - |
| Module IV | |
| The Insurance Act, 1938, [Section 1-64], IRDA Act, 1999 | - |
| Module V | |
| The General Insurance Business [Nationalisation] Act, 1972. [Section 1-15] | - |
Insurance Law Syllabus at PG level
The table below highlights the LL.M. - Corporate Banking & Insurance Law syllabus of Amity University which is divided into two semesters.
| First Semester | |
| Research Methods & Legal Writing | Comparative Public Law & Systems of Governance |
| Law and Justice in a Globalizing World | Globalization of Companies |
| Investment, Foreign Collaboration and Transfer of Technology | Term Paper – I |
| Field Work – I | - |
| Second Semester | |
| Competition Law | Commercial Arbitration |
| Banking Laws and Institutions | Insurance and Securities |
| Term Paper – II | Dissertation |
| Field Work – II | - |
Specialisation or Similar One
Insurance law courses are professional courses in the field of law. There are numerous Insurance Law courses offered in different specialisations at UG, PG, Diploma, and doctoral levels. Some of the Insurance Law specialisations are mentioned below:
- Taxation and Insurance Laws
- Corporate Banking and Insurance Law
- Public Policy
- Legislative Law
Insurance Law courses in different specialisations are offered by top institutes are as follows:
Careers in Insurance Law
| Job Profiles | Job Descriptions |
|---|---|
Tax Lawyer | A Tax Lawyer advises businesses and individuals on tax law and financial management matters. They also represent clients in tax disputes. Private practice tax lawyers assist both individuals and businesses. |
Insurance Sales Agent | The basic responsibility of an Insurance Sell Agent is to sell insurance. He or she locates, analyses, and recommends the client policy. An Insurance Sell Agent involves in increasing sales by providing insurance-related services to clients. |
Insurance Lawyer | Insurance Lawyers may provide legal counsel, compose legal documents, conduct legal research, outline critical case documentation, and provide coverage opinions. |
A Legal Advisor is responsible for giving legal assistance to clients and advising them in drafting new legal documents. Legal Advisors also conduct legal analysis and research legal matters. | |
Legal Executive | Legal Executives provide advice on contract requirements, legal risks, and liabilities. They research to evaluate risk factors influencing business decisions and operations and apply effective risk management techniques. |
Insurance Trainee | An Insurance Tainee is responsible for a variety of tasks, including handling incoming customer or prospect inquiries, meeting and exceeding sales quotas and performing actuarial calculations for insurance policies. |
Upcoming trends
Insurance law has introduced many new concepts and tools in the recent few years. While some of these tools are already in use by some carriers, we expect them to become more widely used across the industry. Insurers seeking a competitive advantage should consider adopting more emerging insurance technology trends in the Insurance industry. We have discussed below some of the upcoming trends in Insurance Law.
Artificial Intelligence: Many carriers are experimenting with artificial intelligence, but only a few have truly scaled their capabilities across the enterprise. Carriers will be able to fundamentally reengineer core processes to be more predictive in nature as AI becomes more prevalent and algorithm creation becomes more commercialised. As core processes become AI-enabled, AI will disrupt distribution, underwriting, claims, and service, resulting in a "human in the loop" model that increases productivity and allows for higher-quality touchpoints with customers.
Chatbots: Using Artificial Intelligence and machine learning, chatbots can interact with customers and clear all the queries of the customers who visit the website. A bot can chat with the customer and ask for the details needed by the visitor. The bots are available 24/7 on the site to clear the queries of the customer. It acts as a virtual assistant for the customer.
Infrastructure: Globally, insurers have significant technology debt, with many core processes hampered by extensive on-premise legacy technologies. As the cloud matures, rapid migration to the cloud for all core systems will enable insurers to be more agile in launching new products and providing better customer service.
Job Profiles and Top Recruiters
Listed below are some of the top companies hiring Insurance Law graduates. Candidates are advised to choose the company based on their future goals and aspirations.
Top Recruiters
- Life Insurance Corporation of India
- Tata AIA Life Insurance Company
- ICICI Prudential Life Insurance
- Bajaj Allianz Life Insurance Company
- Max Life Insurance Company
- Bharti AXA Life Insurance Company
Average Salary
Students, after completing Insurance Law courses, can start their careers as a trainee in the field of insurance. They will get practical knowledge in their respective field and advance their understanding. Salary for the beginners will be less compared to the seniors. He or she can have a good package when they get experience in the insurance field.
| Job Profiles | Average Salary |
|---|---|
Attorney / Lawyer | Rs. 5.97 LPA |
Rs. 2.98 LPA | |
Legal Advisor | Rs. 6.02 LPA |
Legal Executive | Rs. 3.67 LPA |
Insurance Trainee | Rs. 8.00 LPA |
Required Skillset for Insurance Law
Students who want to pursue their career in the field of insurance law need to possess certain skills, which are helpful in achieving success in the insurance industry. We have mentioned below a unique set of skills students must have.
- Good Communication
- Teamwork
- Persuasiveness
- Confidence
- Managerial Skills
- Problem-solving
Course Curriculum for Insurance Law
Insurance Law plays an important role as it ensures that one will be able to face any challenge he or she faces financially. Health, travel, automobile, and home insurance policies are available from a general insurance company. Students should check the complete curriculum which will give them the idea to study insurance law while equipping them with the ability to deal with challenging issues, understand human behaviour, and analyse real-life cases. We have mentioned below the topics covered in the Insurance Law course curriculum.
- General Principles of Law of Insurance
- The Insurance Act, 1938
- Research Methods & Legal Writing
- Comparative Public Law & Systems of Governance
- Commercial Arbitration
- Insurance and Securities
Frequently Asked Questions (FAQs)
Question: What are the career opportunities after Insurance Law courses?
Answer :
After completing a course in Insurance Law, one of the most popular career paths is to become an Insurance Lawyer. Individuals can also pursue further legal careers. They can also land their careers as Tax Lawyers.
Question: What is the eligibility for pursuing LLB in India?
Answer :
Applicants who have passed 10+2 can enrol in the 5-year LLB programme. They also need to sit for entrance exams like CLAT UG and other institution-level admission tests.
Question: What are the levels of Insurance Law degree that can be pursued In India?
Answer :
Aspiring candidates can pursue Insurance Law courses at the UG, PG, and Ph.D. levels to study, research, and practice insurance law. The Insurnace Law subjects include Legal Method, History, Political Science, Law of Contract., Economics, Legal Language, and more.
Question: What is the average salary of an Insurance Lawyer?
Answer :
The average salary of an Insurance Lawyer in India ranges between Rs 6 to 10 lakhs. The salary varies depending on some factors like experience, employer, job location, and industry.
Question: What are the entrance exams for pursuing an Insurance Law degree?
Answer :
CLAT UG and CLAT PG are the two most significant admission exams for pursuing a course in Insurance Law. There are also many institution-level exams conducted by respective colleges/ universities for admission to Insurance Law courses.
Question: What are the skills required for an Insurance Lawyer?
Answer :
Insurance carriers are the second most prevalent hard skill for an insurance attorney, appearing on 13.7% of resumes. Analytical capabilities, interpersonal skills, and problem-solving abilities are common soft skills for an Insurance Attorney.
Question: What are the career opportunities after graduation in Insurance Law?
Answer :
Numerous occupational groups, such as assistant administrative officers in insurance companies, insurance surveyors, risk managers, underwriters, and claim adjusters are popular careers one can pursue after the course.
Question: What are the top Insurance Law colleges in India?
Answer :
There are numerous Indian colleges and universities where students can apply for Insurance Law courses. Some of the popular institutions are Osmania University, Hyderabad, Chandigarh University, Chandigarh, NLU Kochi, Amity Law School, Noida, and Bhagat Phool Singh Mahila Vishwavidyalaya, Khanpur Kalan.
