Which type of consultancy business is good, insurance or loan?

Both are good.

Insurance consultant :

No unknown person will meet you for insurance. You have to search for insurance clients by applying your own logic.

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insurance and loan

The client is not needy, as per the client's tendency (at least in India) being insurance is not necessary.
You have to convey more to the insurance clients.

If the client chooses the less premium policy, you will get less commission.

If the client discontinued the payment of premium, your commission will stop.

Not necessary to have complete knowledge of insurance, your leader can convey the client. You can learn while doing business.

I saw insurance agents working for a single insurance company.

Loan consultant.

No need to search for clients. Any unknown person may approach you for a loan.

Clients are full needy so they came to you.
No necessity to convey the client but you have to guide the borrower.

Per the loan proposal, your commission is fixed. You may demand your fees (or ) in advance.

Moreover, banks are looking for collateral security, guarantors, so you will not responsible for recovery if the client is not paid EMI/loan.

You should have a thorough knowledge of the loan that you offer to clients. (that client demands). You should also be aware of the rules and regulations of banks.

At a time you can work for many banks, NBFCs, financial institutes as a loan agent. You can submit a client‘s loan proposal at any or many banks at a time.

So you decide, loan agent or insurance agent.

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