Updated on Sep 26, 2023 05:22 IST
Radhika Sharma

Radhika SharmaAssociate Senior Executive

Insurance Law revolves around the practice of law related to insurance, which includes insurance policies as well as claims. Insurance Law can be broken down into three categories which include regulation of the business of insurance, regulation of claim handling and regulating the content of insurance policies.

The body of law that controls insurance contracts and claims is known as Insurance Law. Because the insurance sector is continuously inventing new products and services, it is a complicated and dynamic field of law.

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Insurance Law Course Highlights

The highlights table provides information about the course types, duration, course fee and entrance exams for pursuing Insurance Law. Candidates can refer to this table for an idea about the average salary offered after completing this course as well as the top recruiters for Insurance Law graduates. Check key points related to courses related to Insurance Law in the table below:

Insurance Law Highlights
Course Level UG, PG, Diploma
Mode of Study

Offline, online

Full-time, part-time

Course Type Degree, diploma, certificate
Course Duration

UG: 3-5 years

PG: 1-2 years

Certificate: Few hours to 6 months

Eligibility

UG: Class 12 or Graduation

PG: Three-year/ Five-year LLB

Certificate: Class 12 or Graduation

Admission process

Entrance-based, Merit-based 

Course Fees

10K- 2 lakhs

Top Colleges NUJS, Amity University, UPES, GLA University
Average Salary 3-8 LPA
Top Recruiters Trilegal India, Khaitan &Co., Ahlawat & Associates, Sagar Associates
Entrance Exam CLAT UGCUCET, ULSAT
Job Positions

Legal Manager, Contract Attorney, Legal Advisor, Legal Researcher, Legal Assistant

Also Read

All About Insurance Law

Insurance Law deals with the regulation of insurance industry, regulation of insurance contracts and regulation of insurance claims. This includes laws governing insurance company licensing and operation, as well as the types of insurance products they can offer, laws governing the terms and conditions of insurance policies, as well as the rights and obligations of both the insured and the insurer, and laws governing the process of filing and processing insurance claims, as well as the remedies available to insureds if their claims are denied.

Why pursue Insurance Law?

Insurance Lawyers usually make a nice living. This is due to the fact that the insurance industry is highly profitable, and insurance firms are prepared to pay top price for qualified lawyers. Insurance attorneys can assist clients in a variety of ways. For example, they can assist consumers in obtaining the necessary insurance coverage, filing and processing insurance claims, and fighting insurance companies that have refused their claims.

Also Read: Top 10 Private Law Colleges in India 2023

Who can pursue Insurance Law?

Aspirants can pursue undergraduate (UG) as well as the postgraduate (PG) level programs in the field of Insurance Law. In UG level courses candidates need to pursue integrated law programs wherein after completing a basic graduation degree they can specialise in Insurance Law whereas in a PG level law course aspirants can straight away specialise in Insurance Law. Some popular PG level courses in Insurance Law are – LLM in Insurance Law, MA in Business Law with specialization in Insurance, Banking and Financial Services and the likes. Apart from degree programs, candidates can also pursue diploma programs or certificate courses in the field of Insurance Law. Some of these popular courses are Certificate Course in Insurance Laws, Post Graduate Diploma in Taxation and Insurance Laws, Diploma in Insurance Law etc.

Also Read: How to Prepare for CLAT?

Eligibility Criteria for Insurance Law

The eligibility criteria for an Insurance Law course may vary from college to college. Candidates who want to apply for a five-year integrated course with Insurance Law as a specialization meet the eligibility criteria for the course if they have completed their Class 12 or equivalent education from a recognized board with passing marks.  

The eligibility criteria for Insurance Law course offered at the PG level is such that candidates should have completed a five year integrated law course or possess an LLB/ equivalent degree. 

Also Read: All About NLU Courses- LLB, LLM, PhD and Distance Courses

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Entrance Exams for Insurance Law

CLAT UG and PG are the two most important entrance examinations to pursue course in Insurance Law. Some other entrance exams include SET conducted by Symbiosis University and BHU Entrance Exam. Other entrance examinations and their details are given in the table below:

Name of the Exam Exam Details Counselling Details
LSAT 2024

January Session: 14 Aug '23 - 10 Jan '24

May Session: 14 Aug '23 - 7 May '24

January Session:  20 Jan '24 - 21 Jan '24

May Session: 16 May '24 - 19 May '24

CLAT 2024

Registration:  1 Jul '23 -  3 Nov '23

Exam Date: 3 Dec '23
AILET 2024 Registration: 7 Aug '23 Exam Date: 10 Dec '23
AIL LET 2024 Registration: Apr '24 - May '24 Exam Date: Jun '24
MHCET Law 2023 30 Jun '23 (First merit list)

August '23 Click here

Calcutta University Entrance Exam 2023 To be notified

To be notified

APLAWCET 2023 Results declared on 16 June '23 To be notified Click here

URATPG 2023

Registration: 19 Jun '23 -  26 Jun '23

Exam Date: 6 Jul '23 - 13 Jul '23
Lloyd LET 2023

Registration:10 Feb '23 - 15 Jul '23

Exam Date: July- August
RULET 2023

Exam Date: 15 Jun '23

August '23 Click here

Also Read: Top Law Entrance Examinations 2023

Insurance Law Syllabus

The subjects/ topics taught as part of Insurance Law course may vary from college to college. Aspirants can go through course curriculum of PG level Insurance Law programs offered at colleges in India below:

Insurance Law PG Courses

MA in Business Law with specialization in Insurance, Banking and Financial Services

  • Introduction to Law and Legal Systems
  • Commercial Contracts, Drafting & Negotiation
  • Business Structuring, Accountancy & Law Taxation
  • Corporate Governance and CSR
  • Business Centric Dispute Resolution
  • Banking Law
  • Insurance Law
  • Regulation of Technology based Payment Method
  • Corporate Finance, Investment Laws & Compliances
  • Legal Risk Management, Sectoral Regulatory

Apart from the above mentioned courses, candidates can also go through the syllabus of Diploma courses in Insurance Law below:

  Insurance Law Diploma & Certificate Courses

Certificate Course in Insurance Laws

  • Meaning And Scope Of Insurance
  • Insurance Acts
  • Other Related Legislations

Post Graduate Diploma in Taxation and Insurance Laws

  • Income Tax -I
  • Corporate Tax
  • Central Sales Tax
  • Central Excise - I
  • International Trade and Customs Duty
  • Income Tax -II
  • Assessment of Specified Entities and Assessment Procedures
  • Value Added Tax
  • Central Excise &Service Tax
  • Customs Duty – II
  • General Principles of Law of Insurance
  • Recent Trends in Insurance
  • Lending by Banks and Recent Trends of Banking System in India

Diploma in Insurance Law

  • History and Growth of Insurance Business in India
  • Definition of Insurance
  • Insurance Contract-A Contract of Indemnity or Contingent Contract
  • Wager and Insurance
  • Principle of Utmost good faith
  • Kinds of Insurance
  • General Principle of Insurance
  • Rights and Liabilities of Insurer and Insured person
  • Life Insurance Contract – Nature and Scope
  • Establishment and Functioning of LIC
  • Purpose of compulsory insurance- Motor Vehicle Insurance and Rights of third parties
  • Burglary Insurance
  • Adjudicating Authorities of Insurance Claims
  • Powers and Functions of the Insurance Regulatory and Development Authority
  • Marine Insurance
  • Fire Insurance

Top Colleges for Insurance Law

Candidates select colleges based on their cost structure and placement chances. There are approximately 6 law colleges that offer Insurance Law courses at all levels of study, including UG and PG. Short-term diploma courses in Insurance Law are also available at several colleges. Admission to these courses is solely based on entrance exams administered by the university, a consortium of colleges, or any state-level entrance examination. Colleges admit students based on merit for graduation or short-term courses. The list below includes some of the best public and private colleges. The colleges stated in the table are listed alphabetically, not in any descending order of importance.

Institute Total Course Fees in INR
Amity University, Noida 1.4 lakh
GLA University 1.4 lakh
NUJS, Kolkata --
Osmania University, Hyderabad --
Radha Govind University --
School of Law, UPES Dehradun 19.4 - 20.4 lakh

Top NIRF Ranked Law Colleges 2023

NIRF Ranking is a vital statistical information to determine the ratings of a college based on the research and professional practices and teaching and learning resources implemented by the institutes. It considers the effectiveness of the programmes offered by various institutes and determine the institute's outreach and inclusivity and how it is perceived in the educational fraternity. Students interested in pursuing various Law courses can apply in colleges taking into consideration their relevant positions as per the National Institutional Ranking Framework (NIRF). The colleges mentioned in the table are listed as per the NIRF Rankings 2023.

College

NIRF'23 Ranking

National Law School of India University, Bengaluru

1

National Law University, Delhi

2

Nalsar University of Law, Hyderabad

3

The West Bengal National University of Juridicial Sciences, Kolkata

4

Jamia Millia Islamia, Delhi                     

5

Symbiosis Law School, Pune

6

Gujarat National Law University, Gandhinagar

7

Siksha O Anusandhan University

8

Indian Institute of Technology Kharagpur 9
Babasheb Bhimrao Ambedkar University, Lucknow 10

Note: The fee range given above is for all level Insurance Law courses such as UG, PG and Diploma.

Insurance Law Career, Scope and Top Job Profiles

Candidates who pursue a UG level course with Insurance Law as a specialization can either pursue a PG level law course with the same specialization or they can even consider getting a job. One of the most popular job profiles after completing a course in Insurance Law is to become an Insurance Lawyer.   Apart from this, candidates can also pursue other law job profiles after completing their Insurance Law course from a reputed college/ university. Some of the job profiles include:

Job Profiles Job Description Average Annual CTC
Tax Lawyer A tax lawyer is a lawyer who focuses on taxation. The body of law that governs the taxation of persons and businesses is known as tax law.  7- 9 LPA
Insurance Agent  Insurance agents might work for a single insurance company or as independent agents for several insurance providers. 5- 7 LPA
Insurance Lawyer A lawyer who specializes in Insurance Law is known as an Insurance Lawyer. The body of law that controls insurance contracts and claims is known as Insurance Law. 6- 9 LPA
Legal Advisor A legal advisor is a professional who gives individuals and organizations legal guidance and counsel. 7- 10 LPA
Insurance Management Trainee An insurance management trainee is someone who is studying to become an insurance manager. 8- 10 LPA

Recruiters for Insurance Law

There are various insurance companies running in India.These firms provide a wide range of insurance products and services, such as life insurance, health insurance, vehicle insurance, house insurance, and travel insurance. They have a strong presence throughout India and provide services through a network of branches and agents. Some of the popular recruiters for Insurance Law are as follows:

Insurance Law Recruiters
Insurance Regulatory and Development Authority of India Life Insurance Corporation of India
HDFC Life Insurance Company Max Life Insurance Company
ICICI Prudential Life Insurance Bharti AXA Life Insurance Company
Tata AIA Life Insurance Company

Bajaj Allianz Life Insurance Company

Also Read: Career in Law

Frequently Asked Questions (FAQs) on Insurance Law

Q. What is Insurance Law?

A. Insurance Law revolves around the practice of law related to insurance, which includes insurance policies as well as claims. Insurance Law can be broken down into three categories which include regulation of the business of insurance, regulation of claim handling and regulating the content of insurance policies. Insurance Policies are always in demand as people wish to secure their life and property. Therefore this specialization is always in demand.

Q. What is the minimum eligibility to pursue Insurance Law?

A. The minimum eligibility to pursue Insurance Law in undergraduate level as an elective is that the candidate must have passed Class 12th from recognised board. For pursuing postgraduate diploma courses, candidate must have completed LLB from recognized university. The average fee to pursue Insurance Law ranges from INR 30,000 to INR 1 lakh per annum. The fee structure varies from private to government universities with private universities charging INR 1 lakh to 2 lakh per annum. 

Q. What are the various subjects taught under Insurance Law?

A. The various subjects taught under Insurance Law includes

  • Introduction to Law and Legal Systems
  • Commercial Contracts, Drafting & Negotiation
  • Business Structuring, Accountancy & Law Taxation
  • Corporate Governance and CSR
  • Business Centric Dispute Resolution

Q. What is the scope of Insurance Law?

A. Candidates who want to pursue a course or career in the field of Insurance Law should be well-versed with every aspect of insurance and financial sector of the economy. Therefore, candidates who have completed Insurance Law can work as Insurance Agents, Insurance Lawyers or Management Trainees. 

Q. What is the average salary after pursuing Insurance Law?

A. The average salary one can expect after pursuing Insurance Law ranges from INR 3 lakh per annum to INR 6 lakh per annum. Insurance Agent can earn as much as INR 4 lakh to INR 7 lakh per annum whereas Management Trainees in Life Insurance Corporation or General Insurance Corporation of India can earn INR 5 lakh to INR 7 lakh per annum. 

Q. Is Insurance Law a good career option?

A. With booming banking and insurance sector, many people take insurance policies for securing their future. Candidates can take up the following job profiles such as:

  • Tax Lawyer 
  • Insurance Agent 
  • Insurance Lawyer 
  • Legal Advisor 
  • Legal Executive 
  • Insurance Management Trainee 

Therefore Insurance Law is a good career option.

Popular Insurance Law Colleges in India

Following are the most popular Insurance Law Colleges in India. Learn more about these Insurance Law colleges (Courses, Reviews, Answers & more) by downloading the Brochure.

#4 NIRF

1.37 L
3 LPA

#18 Outlook

Insurance Law Applications open. Apply Now

3 Courses
19.36 L - 20.37 L
3.6 LPA

#21 NIRF

2 Courses
2 Courses
19 L
1 Course
1.35 L

Popular Private Insurance Law Colleges in India

1.37 L
3 LPA

#18 Outlook

Insurance Law Applications open. Apply Now

3 Courses
19.36 L - 20.37 L
3.6 LPA

#21 NIRF

2 Courses
19 L

#4 NIRF

2 Courses
1 Course
1.35 L

Most Popular Courses

Following are the most popular Insurance Law courses, based on alumni reviews. Explore these reviews to choose the best course in Insurance Law.

Popular Insurance Law UG Courses in India

Following are the most popular Insurance Law UG Courses . You can explore the top Colleges offering these UG Courses by clicking the links below.

UG Courses

Popular Insurance Law PG Courses in India

Following are the most popular Insurance Law PG Courses . You can explore the top Colleges offering these PG Courses by clicking the links below.

PG Courses

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