NIACL AO Salary 2021: The New India Assurance Company Limited releases the recruitment notification to recruit candidates for the posts of Administrative Officers. 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. This year NIACL had released a notification to recruit 300 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
|Pay Scale||Rs. 32795-1610(14)-55335-1745(4)-62315|
|Total Salary||Rs. 60,000/- p.m|
- Once you got selected as a NIACL employee in AO Designation, you will be eligible to get Rs. 32,795/- as Basic Pay.
- NIACL AO Salary 2019 will have a scale of Rs. 32795-1610(14)-55335-1745(4)-62315 and other admissible benefits as applicable.
- Total NIACL AO Salary 2020 will be approximate Rs.60,000/- p.m. in Metropolitan Centers.
- As per rules other allowances like coverage under other benefits such as coverage under National Pension System governed by PFRDA, Gratuity, LTS, Medical Benefits, Group Personal Accident Insurance, etc.
- The Officers are also entitled to Company’s / leased accommodation as per norms. The salary scales are due for revision w.e.f Aug 2017.
NIACL AO Career Growth
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
NIACL AO Job Profile
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:
NIACL AO is one of the largest general insurance companies in India. To become a NIACL AO is a dream of many as it not only provides job security and a handsome salary but also provides a name that people can rely on. There is various work profile of a NIACL AO depending on the post i.e. Generalist or a specialist.
- The work profile of a Generalist includes Risk assessment, claims settlement, underwriting and supervision of Assistant work. A NIACL AO can be posted anywhere in India also the probation period of a NIACL AO is one year. A candidate has to sign a guarantee bond of a minimum of 4 years which includes the probation period.
- The work profile of a specialist as a CS involves an efficient administration of the company whereas a NIACL AO as a legal officer is required to handle all the legal affairs of the company. A finance officer does all the financial bookkeeping of the company.
A NIACL Administrative Officer are assigned any one of the following departments -:
- Marketing etc., based on the requirement.
The departments are assigned based on the vacancies available in each of these departments.
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 the 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.
NIACL AO Probation Period
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 an eligibility exam for the candidates who are 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 the 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. 60,000.
Q: What are the allowances and benefits of a NIACL AO?
A: There are various perks and allowances of a 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 a NIACL AO?
A: The annual salary of a NIACL AO is approximately Rs. 7,20,000.
Q: Is there a bond period in NIACL AO?
A: Yes, there is a bond period of 4 years if selected as a NIACL Administrative Officer.