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Insurance Average Salaries in India 2020

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


Average Monthly Salary
32,000 INR
( 384,000 INR yearly)

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 TitleAverage Salary
Actuarial Analyst42,800 INR
Actuarial Assistant30,100 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
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 Officer25,700 INR
Consultant31,700 INR
Eligibility Specialist32,100 INR
Insurance Account Manager39,200 INR
Insurance Accounts Executive34,400 INR
Insurance Agent19,000 INR
Insurance Analyst31,300 INR
Insurance Appraiser32,100 INR
Insurance Claims Clerk11,900 INR
Insurance Examiner29,300 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 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 Team Leader33,600 INR
Insurance Underwriter23,800 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
Payment Services Specialist32,100 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
Title Insurance Typist27,300 INR
Training Manager35,200 INR

Insurance Jobs Salary Distribution in India

Median and salary distribution monthly India Insurance
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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?

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 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.


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.

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.

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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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.


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.

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

Salary comparison by gender monthly India Insurance
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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? 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
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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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.

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

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

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

Annual Increment Rate By Industry 2019

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 2019. 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

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Insurance Bonus and Incentive Rates in India

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

Insurance Hourly Average Wage in India


180 INR per hour

The 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.


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

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

Salary Comparison Between Insurance and Insurance monthly India
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The average salary for Insurance is 0% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
agra29,200 INR
Ahmadabad36,100 INR
Bangalore34,600 INR
Bhopal31,700 INR
Chennai33,900 INR
Coimbatore30,000 INR
Delhi36,600 INR
Ghaziabad30,600 INR
Hyderabad37,500 INR
Indore32,000 INR
Jaipur35,500 INR
Kanpur32,800 INR
Kolkata35,100 INR
Lucknow33,100 INR
Ludhiana31,700 INR
Madurai28,100 INR
Mumbai36,700 INR
Nagpur32,800 INR
Patna29,500 INR
Pimpri-Chinchwad31,900 INR
Pune34,100 INR
Surat35,100 INR
Vadodara30,400 INR
Visakhapatnam30,200 INR

Salary Comparison By State

StateAverage Salary
Andaman & Nicobar Islands27,500 INR
Andhra Pradesh35,400 INR
Arunachal Pradesh29,800 INR
Assam34,200 INR
Bihar38,200 INR
Chandigarh28,600 INR
Chhatisgarh33,600 INR
Dadra & Nagar Haveli28,000 INR
Daman & Diu27,400 INR
Delhi32,700 INR
Goa29,800 INR
Gujarat36,100 INR
Haryana33,200 INR
Himachal Pradesh31,900 INR
Jammu & Kashmir32,600 INR
Jharkhand35,300 INR
Karnataka36,700 INR
Kerala35,000 INR
Lakshadweep27,300 INR
Madhya Pradesh37,800 INR
Maharashtra38,500 INR
Manipur31,400 INR
Meghalaya31,100 INR
Mizoram29,500 INR
Nagaland30,900 INR
Orissa36,000 INR
Pondicherry29,900 INR
Punjab34,700 INR
Rajasthan37,800 INR
Sikkim29,000 INR
Tamil Nadu37,500 INR
Tripura32,100 INR
Uttar Pradesh39,700 INR
Uttaranchal32,800 INR
West Bengal38,700 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
Percentage increase and decrease are relative to the previous value

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