Insurance Average Salaries in India 2021
How much money does a person working in Insurance make in India?
LOW
11,900
INR AVERAGE
32,000
INR HIGH
61,800
INR
A person working in Insurance in India typically earns around 32,000 INR per month. Salaries range from 11,900 INR (lowest average) to 61,800 INR (highest average, actual maximum salary is higher).
This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Insurance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
Salaries for specific jobs
| Job Title | Average Salary |
| Actuarial Analyst | 42,800 INR |
| Actuarial Assistant | 30,100 INR |
| Actuary | 42,800 INR |
| Adjustment Insurance Clerk | 11,900 INR |
| Assistant Broker | 20,200 INR |
| Assistant Claims Manager | 34,400 INR |
| Associate Insurance Representative | 16,600 INR |
| Auditing Insurance Manager | 47,500 INR |
| Broker | 32,100 INR |
| Claim Advocacy Professional | 32,100 INR |
| Claims Adjuster | 11,900 INR |
| Claims Analyst | 16,600 INR |
| Claims Examiner | 16,600 INR |
| Claims Manager | 45,100 INR |
| Claims Processor | 11,900 INR |
| Claims Representative | 14,300 INR |
| Claims Resolution Specialist | 34,400 INR |
| Claims Supervisor | 31,700 INR |
| Complaints Specialist | 29,300 INR |
| Compliance Officer | 25,700 INR |
| Consultant | 31,700 INR |
| Eligibility Specialist | 32,100 INR |
| Insurance Account Manager | 39,200 INR |
| Insurance Accounts Executive | 34,400 INR |
| Insurance Agent | 19,000 INR |
| Insurance Analyst | 31,300 INR |
| Insurance Appraiser | 32,100 INR |
| Insurance Claims Clerk | 11,900 INR |
| Insurance Examiner | 29,300 INR |
| Insurance Investigator | 30,100 INR |
| Insurance Manager | 57,000 INR |
| Insurance Operations Manager | 54,600 INR |
| Insurance Policy Processing Clerk | 11,900 INR |
| Insurance Pricing Assistant | 25,200 INR |
| Insurance Program Manager | 41,800 INR |
| Insurance Project Manager | 40,400 INR |
| Insurance Quality Assurance Agent | 27,600 INR |
| Insurance Sales Agent | 19,000 INR |
| Insurance Sales Director | 52,300 INR |
| Insurance Team Leader | 33,600 INR |
| Insurance Underwriter | 23,800 INR |
| Loss Control Specialist | 30,900 INR |
| Loss Prevention Investigator | 33,300 INR |
| Loss Prevention Manager | 46,600 INR |
| Loss Prevention Specialist | 34,000 INR |
| Marine Underwriter | 23,800 INR |
| Medical Auditor | 33,600 INR |
| Monitoring and Performance Officer | 22,600 INR |
| Payment Services Specialist | 32,100 INR |
| Policy Change Director | 49,900 INR |
| Policy Change Supervisor | 34,400 INR |
| Policy Change Technician | 15,400 INR |
| Risk Analyst | 35,600 INR |
| Risk Management Director | 61,800 INR |
| Risk Management Supervisor | 39,900 INR |
| Risk Manager | 59,400 INR |
| Risk Modeling Manager | 59,400 INR |
| Title Insurance Typist | 27,300 INR |
| Training Manager | 35,200 INR |
Insurance Jobs Salary Distribution in India
The median, the maximum, the minimum, and the range
Salary Range
Insurance salaries in India range from 11,900 INR per month (minimum average salary) to 61,800 INR per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 32,000 INR per month, which means that half (50%) of people working in Insurance are earning less than 32,000 INR while the other half are earning more than 32,000 INR. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Percentiles
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Insurance are earning less than 19,800 INR while 75% of them are earning more than 19,800 INR. Also from the diagram, 75% of people working in Insurance are earning less than 46,900 INR while 25% are earning more than 46,900 INR.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
Salary Comparison by Years of Experience
How does a person's salary progress over time?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.
Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.
Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.
As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.
Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.
Salary Comparison By Education
How does the education level affect your salary?
It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.
Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.
Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.
Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.
Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.
Is a Master's degree or an MBA worth it? Should you pursue higher education?
A Master's degree program or any post-graduate program in India costs anywhere from 160,000 Indian Rupee(s) to 479,000 Indian Rupee(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Insurance Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in India who work in Insurance earn 7% more than their female counterparts on average.
| Male | 32,900 INR | |
| Female | -6% | 30,900 INR |
Salary Comparison By Gender in India for all Careers
Insurance Average Annual Salary Increment Percentage in India
How much are annual salary increments in India for Insurance professionals? How often do employees get salary raises?
Insurance
Insurance professionals in India are likely to observe a salary increase of approximately 10% every 15 months. The national average annual increment for all professions combined is 9% granted to employees every 16 months.
India / All Professions
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
How to calculate the salary increment percentage?
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency
Annual Increment Rate By Industry 2020
| Banking | 1% | |
| Energy | 2% | |
| Information Technology | 3% | |
| Healthcare | 4% | |
| Travel | 5% | |
| Construction | 6% | |
| Education | 7% |
Listed above are the average annual increase rates for each industry in India for the year 2020. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
Worldwide Salary Raises: All Countries and All Jobs
Insurance Bonus and Incentive Rates in India
How much and how often are bonuses being awarded?
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Insurance is considered to be a moderate bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
47% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 53% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.
| Received Bonus | 53% | |
| No Bonus | 47% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.
Goal-Based BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese types of bonuses are given without a reason and usually resemble an appreciation token.
Bonuses Are Not Commissions!
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
What makes a position worthy of good bonuses and a high salary?
The main two types of jobs | |
| Revenue Generators | Supporting Cast |
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business. | Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations. |
Example: | Example: |
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Bonus Comparison by Seniority Level
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
Insurance Hourly Average Wage in India
180 INR per hourThe average hourly wage (pay per hour) in India is 180 INR. This means that the average person in India earns approximately 180 INR for every worked hour.
The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
Insurance VS Other Jobs
The average salary for Insurance is 0% more than that of All Jobs.
Salary Comparison By City
| City | Average Salary |
| agra | 29,200 INR |
| Ahmadabad | 36,100 INR |
| Bangalore | 34,600 INR |
| Bhopal | 31,700 INR |
| Chennai | 33,900 INR |
| Coimbatore | 30,000 INR |
| Delhi | 36,600 INR |
| Ghaziabad | 30,600 INR |
| Hyderabad | 37,500 INR |
| Indore | 32,000 INR |
| Jaipur | 35,500 INR |
| Kanpur | 32,800 INR |
| Kolkata | 35,100 INR |
| Lucknow | 33,100 INR |
| Ludhiana | 31,700 INR |
| Madurai | 28,100 INR |
| Mumbai | 36,700 INR |
| Nagpur | 32,800 INR |
| Patna | 29,500 INR |
| Pimpri-Chinchwad | 31,900 INR |
| Pune | 34,100 INR |
| Surat | 35,100 INR |
| Vadodara | 30,400 INR |
| Visakhapatnam | 30,200 INR |
Salary Comparison By State
| State | Average Salary |
| Andaman & Nicobar Islands | 27,500 INR |
| Andhra Pradesh | 35,400 INR |
| Arunachal Pradesh | 29,800 INR |
| Assam | 34,200 INR |
| Bihar | 38,200 INR |
| Chandigarh | 28,600 INR |
| Chhatisgarh | 33,600 INR |
| Dadra & Nagar Haveli | 28,000 INR |
| Daman & Diu | 27,400 INR |
| Delhi | 32,700 INR |
| Goa | 29,800 INR |
| Gujarat | 36,100 INR |
| Haryana | 33,200 INR |
| Himachal Pradesh | 31,900 INR |
| Jammu & Kashmir | 32,600 INR |
| Jharkhand | 35,300 INR |
| Karnataka | 36,700 INR |
| Kerala | 35,000 INR |
| Lakshadweep | 27,300 INR |
| Madhya Pradesh | 37,800 INR |
| Maharashtra | 38,500 INR |
| Manipur | 31,400 INR |
| Meghalaya | 31,100 INR |
| Mizoram | 29,500 INR |
| Nagaland | 30,900 INR |
| Orissa | 36,000 INR |
| Pondicherry | 29,900 INR |
| Punjab | 34,700 INR |
| Rajasthan | 37,800 INR |
| Sikkim | 29,000 INR |
| Tamil Nadu | 37,500 INR |
| Tripura | 32,100 INR |
| Uttar Pradesh | 39,700 INR |
| Uttaranchal | 32,800 INR |
| West Bengal | 38,700 INR |
Government vs Private Sector Salary Comparison
Where can you get paid more, working for a private company or for the government? Public sector employees in India earn 5% more than their private sector counterparts on average across all sectors.
| Private Sector | 31,000 INR | |
| Public Sector | +5% | 32,700 INR |
