How are Bank Exams Different From Insurance Exams

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The banking and the insurance sector are two of the highest recruitment providing sectors in India. Lakhs of candidates appear for the bank and insurance exams each year with an aim to have a career in either of the two sectors. In this article, you may find how bank exams are different from insurance exams.

The insurance companies in the country are essential to insure the citizens with the different policies of their interest and benefit. However, banks are responsible for proper maintenance of funds and currency in the country and also for lending citizens money in the form of loans. The number of candidates appearing for exams in both sectors is very high and it is important for candidates to know the difference between the two exams.

The bank exams are conducted for the post of Clerk, Officers (Probationary & Specialised) and also Officer Assistants. In terms of the insurance sector, the insurance exams are conducted for the post of Assistant Manager, Agents, Assistants and Administrative Officers. The exam pattern for both the exams is exactly the same and there is not much difference in the exam pattern for these exams. The syllabus is also the same and is very vast and comprehensive.

The initial basic pay of an employee working in insurance companies as Officer is Rs. 32000 and that of an agent or Assistant is Rs.13000. The initial basic pay of an employee joining the banking sector is Rs. 27,000 and that of a Clerk is approximately Rs.12000. Therefore, in terms of salary, candidates qualifying the insurance exams will be paid more than the candidates qualifying the bank exams.

One point that aspirants must keep in mind is the fact that the number of vacancies released for the bank exams is much higher than the number of vacancies released for the insurance exams. Thus, the competition is tougher to qualify the insurance exams as the past data shows that the cut off for insurance exams is more than the cut off for bank exams. So, candidates must prepare themselves accordingly.

Candidates preparing for the bank exams and insurance exams must carefully go through the job profile and other important details before applying for the exam. This will help them make a better decision for their career prospects in terms of growth and productivity.