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Insurance Sector
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Payroll Home » Compensation » Indian Industry » Insurance Sector
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Privatization has brought in lot of surprises for insurance sector. In India, insurance sector is at the booming stage as only 40% of the population is insured. Private organizations are striving hard and hard to develop the sector. Organizations are coming up with newer insurance plans to attract the market such as accidental insurance, medical insurance, medi-claims, family-health insurance, dental insurance, diabetes insurance, auto insurance, etc. Government is also supporting the insurance sector to increase the Gross Domestic Product ratio from the sector which is now about 1.4% only.
From the government jobs to private organizations openings, work environment, job profiles, pay packages and career | |
growth options have been changed. From basic salary with small incentives, compensation systems have been grown to increased salaries, incentives, perks, allowances, accommodations, etc. The average salary increase for the year 2006 was 17.1%.
Figure: Average Salary offered in Indian Insurance Sector based on Experience
Following are the top players of the insurance sector offering most competitive packages to their employees:
- Life Insurance Corporation
- New York Life
- Prudential
- Met Life
- Birla Insurance
- Kotak Mahindra
- ICICI
- HDFC
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