What happen if I drive car which is insured in my father's name?

I have graduated from a leading MBA school and got a job in an MNC. As the job location is far from my residence, my father asked me to take his old car. I have queries -

1- Do I need to transfer the car in my name? If yes do I also need to take separate car insurance policy?
2- If yes, what will happen to existing insurance?

If you are driving with your father's permission and hold valid driving license then you are covered.

I don't think there will be any issue if you are having a valid driving license with you. I also have a car insurance from chola insurance and the car and insurance both are on my father's name and i never faced an issue that it could look like an illegal issue. So drive without tension and its completely fine till the time you have a valid license.