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Insurance Average Salaries in India 2024

How much money does a person working in Insurance make in India?


Average Monthly Salary
31,600 INR
( 380,000 INR yearly)

LOW
11,900
INR
AVERAGE
31,600
INR
HIGH
61,800
INR
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Insurance in India typically earns around 31,600 INR. Salaries range from 11,900 INR (lowest average) to 61,800 INR (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Insurance domain in India exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Insurance
Actuarial Analyst42,800 INR
Actuarial Assistant30,100 INR
Actuarial Specialist30,500 INR
Actuary42,800 INR
Adjustment Insurance Clerk11,900 INR
Assistant Broker20,200 INR
Assistant Claims Manager34,400 INR
Associate Insurance Representative16,600 INR
Auditing Insurance Manager47,500 INR
Blockchain Insurance Auditor29,500 INR
Broker32,100 INR
Claim Advocacy Professional32,100 INR
Claims Adjuster11,900 INR
Claims Analyst16,600 INR
Claims Examiner16,600 INR
Claims Manager45,100 INR
Claims Processor11,900 INR
Claims Representative14,300 INR
Claims Resolution Specialist34,400 INR
Claims Supervisor31,700 INR
Complaints Specialist29,300 INR
Compliance Examiner30,100 INR
Compliance Officer25,700 INR
Compliance Reviewer29,700 INR
Consultant31,700 INR
Drone Claims Adjuster14,300 INR
Eligibility Interviewer34,000 INR
Eligibility Specialist32,100 INR
Insurance Account Manager39,200 INR
Insurance Accounts Executive34,400 INR
Insurance Adjuster29,700 INR
Insurance Agent19,000 INR
Insurance Analyst31,300 INR
Insurance Appraiser32,100 INR
Insurance Claims Clerk11,900 INR
Insurance Compliance Officer36,100 INR
Insurance Data Scientist29,500 INR
Insurance Examiner29,300 INR
Insurance Fraud Investigator26,600 INR
Insurance Investigator30,100 INR
Insurance Manager57,000 INR
Insurance Operations Manager54,600 INR
Insurance Policy Processing Clerk11,900 INR
Insurance Pricing Assistant25,200 INR
Insurance Product Manager37,500 INR
Insurance Program Manager41,800 INR
Insurance Project Manager40,400 INR
Insurance Quality Assurance Agent27,600 INR
Insurance Sales Agent19,000 INR
Insurance Sales Director52,300 INR
Insurance Sales Manager41,600 INR
Insurance Sales Representative16,600 INR
Insurance Team Leader33,600 INR
Insurance Underwriter23,800 INR
Insurtech Analyst29,500 INR
Loss Control Specialist30,900 INR
Loss Prevention Investigator33,300 INR
Loss Prevention Manager46,600 INR
Loss Prevention Specialist34,000 INR
Marine Underwriter23,800 INR
Medical Auditor33,600 INR
Monitoring and Performance Officer22,600 INR
Parametric Insurance Specialist31,800 INR
Payment Services Specialist32,100 INR
Peer-to-Peer Insurance Manager38,500 INR
Policy Change Director49,900 INR
Policy Change Supervisor34,400 INR
Policy Change Technician15,400 INR
Risk Analyst35,600 INR
Risk Management Director61,800 INR
Risk Management Supervisor39,900 INR
Risk Manager59,400 INR
Risk Modeling Manager59,400 INR
Social Media Risk Analyst33,300 INR
Title Insurance Typist27,300 INR
Training Manager35,200 INR
Underwriting Assistant16,200 INR


Insurance Jobs Pay Scale and Salaries in India

Median and salary distribution India Insurance monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
31,800 INR or more
10% of people earn
26,800 to 31,800 INR
20% of people earn
15,900 INR or less
65% of people earn
15,900 to 26,800 INR
Minimum Salary
11,900 INR
Median
28,700 INR
Maximum
61,800 INR




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Insurance in India range from 11,900 INR (starting average salary) to 61,800 INR (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Insurance is 28,700 INR, implying that half of the workforce in India earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Insurance in India earn less than 22,100 INR, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 34,600 INR, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Insurance in India. The analysis revealed that roughly 65% of all reported salaries fell within the range of 15,900 INR to 26,800 INR. Approximately 20% of salaries were below the 15,900 INR mark, while 10% ranged from 26,800 INR to 31,800 INR. Only 5% of individuals earned a gross salary of 31,800 INR or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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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 in Insurance in India 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.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.
On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.


Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

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 degree levels across many jobs in Insurance in India, 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 certificate 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 INR to 481,000 INR and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they 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 to 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 the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Insurance / India

Salary comparison by gender India Insurance monthly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Insurance in India, the average difference between the salary of male and female employees is 7%.

Male
32,500 INR
Female-6%
30,500 INR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in India for all Careers

Salary comparison by gender monthly India
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Average Annual Salary Increment Percentage / Insurance / India

How much are annual salary increments in India for individuals working in Insurance? How often do employees get salary raises?

Professionals working in Insurance 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.

Annual Salary Increment Rate India Insurance
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

India / All Professions

Annual Salary Increment Rate India
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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

The average salary increase in one year (12 months) in India is 7%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Insurance / India

How much and how often are bonuses being awarded?Annual Salary Bonus Rate India Insurance
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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 Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, 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 Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These 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 GeneratorsSupporting 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:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


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.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

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.

Hourly Average Wage / Insurance / India


180 INR per hour

The average hourly wage (pay per hour) in Insurance in India is 180 INR.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

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 fixed 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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Insurance in India is 69 INR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
agra28,800 INR
Ahmadabad35,600 INR
Bangalore34,200 INR
Bhopal31,300 INR
Chennai33,500 INR
Coimbatore29,700 INR
Delhi36,100 INR
Ghaziabad30,300 INR
Hyderabad37,000 INR
Indore31,600 INR
Jaipur35,100 INR
Kanpur32,400 INR
Kolkata34,700 INR
Lucknow32,700 INR
Ludhiana31,300 INR
Madurai27,800 INR
Mumbai36,300 INR
Nagpur32,400 INR
Patna29,100 INR
Pimpri-Chinchwad31,500 INR
Pune33,700 INR
Surat34,700 INR
Vadodara30,000 INR
Visakhapatnam29,800 INR

Salary Comparison By State

StateAverage Salary
Andaman & Nicobar Islands27,100 INR
Andhra Pradesh35,000 INR
Arunachal Pradesh29,500 INR
Assam33,800 INR
Bihar37,800 INR
Chandigarh28,300 INR
Chhatisgarh33,200 INR
Dadra & Nagar Haveli27,700 INR
Daman & Diu27,000 INR
Delhi32,300 INR
Goa29,400 INR
Gujarat35,700 INR
Haryana32,800 INR
Himachal Pradesh31,500 INR
Jammu & Kashmir32,200 INR
Jharkhand34,900 INR
Karnataka36,200 INR
Kerala34,600 INR
Lakshadweep27,000 INR
Madhya Pradesh37,300 INR
Maharashtra38,000 INR
Manipur31,100 INR
Meghalaya30,800 INR
Mizoram29,100 INR
Nagaland30,500 INR
Orissa35,500 INR
Pondicherry29,500 INR
Punjab34,300 INR
Rajasthan37,300 INR
Sikkim28,600 INR
Tamil Nadu37,100 INR
Tripura31,700 INR
Uttar Pradesh39,200 INR
Uttaranchal32,400 INR
West Bengal38,200 INR

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in India is 5% on average across all career fields.

Private Sector
31,100 INR
Public Sector+5%
32,800 INR
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Insurance in India?

A good and competitive compensation would range anywhere between 28,700 INR and 34,600 INR. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Insurance in India ranges from 11,900 INR to 22,100 INR. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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


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