Insurance : Remuneration
The pay scale in the government sector is as per government rules depending
on each position. For each grade, along with their basic pay other allowances
are also granted.
In the private sector the salary scales are more lucrative. They take
in management graduates to work mainly in the areas of marketing and sales
with an initial salary ranging from Rs 15,000 to Rs 25,000 per month
Commissions are the most common form of compensation
for insurance agents and the amount depends on the type and amount of
insurance sold, and whether the transaction is a new policy or a renewal.
On the 1st year of policy, they may get about 25-32% of the premium amount,
followed by 7.5% in the 2nd and 3rd and 5% in 4th and 5th year. When they
meet their sales goals bonuses are also awarded. Remuneration of
agents are governed by IRDA regulations, while earnings of surveyors depend
upon nature of work and assignments.
Actuaries are one of the most highly paid people in the insurance
sector and the entry level salary is expected to be somewhere around Rs.
8 lakh per annum and with a few years experience they could earn a seven
figure salary per annum, especially in the private sector. For the underwriters
it is around Rs. 6 lakh per annum. |
