NIACL AO Salary 2020: The New India Assurance Company Limited releases the recruitment notification to recruit candidates for the posts of Administrative Officers under Generalists and Specialists role.
NIACL AO recruitment is not annual and therefore the candidates wait for the release of the NIACL AO notification. It is one of the most reputed jobs in the insurance sector which gives a candidates scale I immediately after joining.
Last Year NIACL had released the notification to recruit 312 candidates for the posts of Administrative Officers. Candidates preparing for the NIACL AO exam have a common doubt regarding the NIACL AO Salary, Job Profile and career growth.
In this article, we will tell you about the NIACL AO salary, perks, allowances and benefits you will receive as an Administrative Officer in the NIACL.
NIACL AO Salary Details
The annual salary of NIACL AO 2020 is approximately Rs. 6,50,000 a year.
|NIACL AO Salary Details|
|Total Salary||Rs. 51,000 (approx)|
- Once you got selected as NIACL employee in AO Designation, you will be eligible to get Rs. 32,795/- as Basic Pay.
- NIACL AO Salary 2019 will have the scale of Rs. 32795-1610(14)-55335-1745(4)-62315 and other admissible benefits as applicable.
- Total NIACL AO Salary 2020 will be approximately Rs.51,000/- p.m. in Metropolitan Centers.
- As per rules other allowance like coverage under Medical Benefits, Group Personal Accident Insurance, National Pension System governed by PFRDA, Gratuity, LTS, etc.
- The Officers are also entitled to Company’s / leased accommodation as per norms.
The NIACL AO salary of the employee increases with the promotion. The candidates start as an AO and can reach up to CMD. The hierarchy of the promotion in the NIACL is as follows:
Assistant Manager / Branch Manager
Deputy Manager / Divisional Manager
Manager / Sr. Divisional Manager
Chief Manager / Regional Manager
Deputy General Manager
The job profile under NIACL AO varies depending upon whether the post is of Generalist or Specialist although the NIACL AO salary for all the posts remains the same. The Specialist officers include Company Secretary, Legal Officer and Finance and Accounts Officer. The job profile for each of the posts is as below:
Generalists Job Profile
- Supervising NIACL Assistants
- Risk Assessment
- Claim Settlements
- Verifying risk proposals
- Verification and Authorisation of claims
Company Secretary Job Profile
- It operates under administration wing of the NIACL.
- Efficient administration with regard to ensuring compliance with statutory and regulatory requirements.
- They are required to ensure that decisions of the board of directors are implemented in the Company.
Finance and Accounts Officer Job Profile
- Preparation of budgets
- Management of records and receipts
- Reconciliation of transactions
- Preparation of balance sheets
- Management of financial documents of the company
- Sending of bills
- Processing the refunds
- Resolving billing issues
- Relationship with collection agencies on past-due accounts
Legal Officer Job Profile
- Deal with legal affairs of the company
- Legal officers are also responsible for the preparation of the documents for the various processes in the Company.
- Prepare contracts and agreements
Apart from the job profile, the NIACL AO salary, perks and allowances are the same for Generalists as well as specialists.
Probation, Bond Period & Service Conditions
The bond period for NICL is 4 years. That is, the direct recruited AOs need to give an undertaking in writing to serve NICL for a minimum of 4 years. Those who will resign before the bond period will be liable to pay damages equivalent to one year’s gross salary of NICL AO + Rs.25,000 towards the cost of training.
The Selected Candidates for the Post of NIACL AO will be appointed in the Officer Cadre. The Probation period for NIACL AO selected candidates will be one year from the duty joining date. Insurance Institute of India conducts a Non-Life Licentiate Examination as eligibility exam for the candidates those who selected as officer cadre in the Insurance Company. So the Selected Candidates for the Post of NIACL AO would be required to pass the Non-Life Licentiate Examination during the probation period.
The Officer will be confirmed for their services in New India Assurance Company only after passing the Non-life Licentiate Examination. So passing in the Eligibility Exam is most important for the candidates selected under NIACL AO.
On appointment for the post of NIACL AO, the selected candidates may be appointed or transferred to any place in India which will be decided by the Company. The Service Conditions for NIACL AO will be applicable to the selected candidates for NIACL AO as per rules of the company. The minimum initial posting stay will be 5 years for the NIACL AO Selected Candidates.
Q: What is the basic pay amount in the NIACL AO salary?
A: The basic pay in the NIACL AO salary is Rs. 32,795.
Q: What is the total monthly salary of NIACL AO?
A: The monthly salary of NIACL AO is approximately Rs. 51,000.
Q: What are allowances and benefits as an NIACL AO?
A: There are various perks and allowances of an NIACL AO such as Medical Benefits, Group Personal Accident Insurance, National Pension System governed by PFRDA, Gratuity, LTS, leased accommodation etc.
Q: What is the approximate total annual pay of an NIACL AO?
A: The annual salary of an NIACL AO is approximately Rs. 6,50,000.
Q: Is there a bond period in NIACL AO?
A: Yes, there is a bond period of 4 years if selected as an NIACL Administrative Officer.