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Insurance is a very specialized field. The various functions in an insurance company are, Sales Managers, Underwriters, Actuary, Claim Settlement, Fund Manager, Front Office and Back Office support. A sales manager has to recruit a team of 25 financial advisers under him. He has to play the role of a mentor. Underwriters assess the risk involved in the policy and then decide whether to accept or reject the policy. Actuary is the backbone of the insurance industry. These are the people who introduce different kinds of policies. When a policy is put for claim, the claims department has to investigate and find out whether the claim is genuine or not.The fund manager has to ensure effective deployment of funds.

To be eligible to get admission in any of the decent Management Institute a student needs to have a graduation degree from a recognized University with 50% and above aggregate marks.
For doing MBA you have to appear for entrance exams such as CAT, CMAT or specific college entrance exam. After that you have to go through Group Discussion and Personal Interview round and according to your results you will be eligible for specific colleges.
I would like to add here that before getting into any Institutes few of the things which you must keep in mind are: First and foremost the recognition of the Institute (the institute must be recognized by UGC or AICTE), the course curriculum and the study material, infrastructure, whether there is faculty or online support or not, last but not least Institutes reputation in the job market for which you should visit the institute.
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Best Regards,
Khushwant Jain