I in a senior management position in Allianz group in india. Now if i quit and complete MBA in one of the B-schools , does it fetch me anything? will it be remunerative. what will be my prospects to get a JOb in USA or any other europian countires?

First of all, a job is never a guarantee anywhere except if your company pay for your education, then you'll have to work with your company for the next 5 years.
It is a risky investment to study for an MBA, not only you put lots of money in it (except you get scholarship or bank loan), and high opportunity cost (the loss of salary during your study), you might end up unemployed.

Stuff that you need to consider before study for an MBA overseas:
- how easy it is to obtain work permit as a foreigner?
As a foreigner, you have to know the immigration law well.
What kind of work permit needed for internship?
Work permit after graduation?
When it will expires? What are the criterias to renew it?
What sort of difficulties you foresee in the future with the current permit?
How easy for you to convert your permit into a permanent residency status?

- does fluency in local language matters to get a job?
In some part of the world, like france, it is crucial to have a business-level french fluency.

- how the economy is going to be by the time you graduate?
If the economy still bad, do you have any back-up plan?
Like if you're studying in italy, then the italian economy collapse,
You can actually go to U.K. because it is easy to get U.K. work permit (Tier1 visa: post-grad) if you have an MBA.

Note that in the western world, it makes sense to have an MBA because you can increase your salary by 85 - 100%.
You take this incremental salary, and use it to divide the total cost (full tuition fee, living and opportunity costs).
If you can break-even within 5 year, an MBA is worth it.
If it takes more than 5 year to recover all of your losses, you might have to reconsider.

For my case, my break-even year is more than 7 year because right now I'm working in low-tax country (~5% of tax, and my company gives additional salary contribution of 13%, required by law).
Thus, my opportunity cost is quite high.
However, if I'm moving to western countries, even though my salary is 100% higher, I have to pay ~35%-40% of tax
But I'm still going to do my MBA anyway because of intangible benefit of exploring new country with better standard of living.

You should do your own financial modeling regarding your MBA.
It is quite interesting to do it. and you can budget yourself better.

If you have a good job, you may want to consider one of the Executive MBA programs offered by many of the top schools. Classes are in a compressed format which can accomidate a full time work schedule. Students in EMBA programs are all working professionals, many of them in senior positions at their companies. If you want to continue earning an income while returning to school to get an MBA, an Executive MBA may be right for you.