Overview of GIC
GIC Assistant Manager Salary: The General Insurance Corporation of India is recruiting for the post of Assistant Manager. Candidates interested in the compensation of the position can find all the information here. The GIC Re is an Indian Reinsurer with a global footprint, is the 11th largest Reinsurance company in the World with a wide network in India & abroad. With all that exposure and the handsome salary, GIC offers one of the finest career options. In this blog, we’ll have a closer look into the GIC Assistant Manager’s Salary, perks and allowances, and more.
Objectives of GIC (General Insurance Corporation of India)
- General Insurance Business: GIC focuses on conducting general insurance business, excluding life insurance. This includes coverage for risks such as fire, accident, theft, and more.
- Promotion of Subsidiaries: GIC aims to assist and promote its subsidiaries in efficiently conducting insurance business and managing investment strategies.
- Investment Strategy Support: GIC provides support in formulating and executing productive and efficient investment strategies for its subsidiaries.
Roles and Functions of GIC
- Conduct of General Insurance: GIC has the authority to engage in any part of the general insurance business, depending on its assessment of viability.
- Setting Standards: It assists and advises acquiring companies in establishing standards of conduct and fair practices within the general insurance business.
- Efficient Services: GIC is committed to delivering efficient services to policyholders involved in the general insurance policies under its purview.
- Directives Issuance: GIC issues directives to acquiring companies regarding the conduct of general insurance business, ensuring compliance with established standards.
- Investment Guidance: GIC provides advice to acquiring companies on matters related to investing their funds for optimal returns.
- Competition Encouragement: GIC directs acquiring companies and encourages healthy competition among them, fostering efficiency and quality service delivery.
Classification of Indian General Insurance Industry
Public Sector Undertakings (PSUs):
- New India Assurance Company Ltd. (Bombay)
- Oriental Insurance Company Ltd. (New Delhi)
- United India Insurance Company Ltd. (Chennai)
- National Insurance Company Ltd. (Kolkata)
Private Insurance Companies (12):
- Apollo DKV Health Insurance Ltd
- Bajaj Allianz General Insurance Co. Ltd.
- Cholamandalam MS General Insurance Co. Ltd
- Future General Insurance Company Ltd
- HDFC Ergo General Insurance Co Ltd
- ICICI Lombard General Insurance Ltd
- Iffco Tokio General Insurance Pvt Ltd
- Reliance General Insurance Ltd
- Royal Sundaram General Insurance Co Ltd
- Star Health and Allied Insurance
- Tata AIG General Insurance Co Ltd
- Universal Sompo General Insurance Pvt Ltd
GIC Re Assistant Manager Salary – Overview
The application process for the GIC Assistant Manager recruitment began on 23rd December 2023 and will close on 12th January 2024. Candidates should make sure to not let such a good chance pass. Let’s first take a brief look at the recruitment as a whole:
| Headings | Details |
| Recruiting Organization | General Insurance Corporation of India |
| Name of Post | Assistant Manager |
| Number of Vacancies | 85 |
| Date of Announcement | 22nd December 2023 |
| Application Process Start Date | 23rd December 2023 |
| Application Process End Date | 12th January 2024 |
| Mode of Exam | Phase I- Online Test Phase II- Group Discussion and Interview (Offline) |
| Website | https://www.gicre.in/en/ |
GIC Re Assistant Manager Salary
GIC Re provides excellent opportunity for career growth in the highly specialized area under which the Corporation is operating, through training and development interventions within the country as well as overseas. GIC (Assistant Manager) Officer Scale I Salary as per the official notification is mentioned below –
| Headings | Details |
| Pay Scale | Rs.50925 -2500(14) – 85925 -2710(4) – 96765 |
| Basic Pay | Rs. 85925 (Increment for 14 Years = Rs. 1610/-) |
| Basic Pay after 14 years | Rs. 92905 (Increment for 4 Years = Rs. 1745/-) |
| Maximum Basic Pay | Rs. 96765 |
| Gross Monthly Salary | Rs. 85,000/-p.m. |
| Lease Accommodation | Rs. 45,000/-p.m. |
As per the GIC notification released, Basic Pay Rs. 50,925/- per month in the scale of Rs.50925 -2500(14) – 85925 -2710(4) -96765 and other admissible allowances
like DA, HRA, CCA, etc.
GIC Assistant Manager Benefits and Allowances
The benefits given to GIC Assistant Managers makes the big difference. The benefits and allowances given to GIC Officer Grade I are mentioned below –
- New Pension Scheme
- Newspaper /Internet Allowance,
- Leave Travel Subsidy,
- Medical Benefits,
- House Furnishing Allowance,
- Household Help Allowance,
- Sodexo,
- Personal Accident cover,
- Housing, vehicle and computer loans with subsidized interests, and
- Interest free advances for festival, natural calamities and any other benefits as per rules and on confirmation of service in the Corporation.
The officers are also entitled for Corporation’s / leased accommodation as per norms. (Presently Corporation owned accommodations are not available, whereas lease accommodation will be permitted as per norms). The present lease accommodation limits at Mumbai is Rs. 45,000/- per month.
GIC – FAQs
A1. The total emoluments will be about Rs. 85,000/-p.m. plus other benefits mentioned below.
A2. The GIC Assistant Manager pay scale is as follows: Rs.50925 -2500(14) – 85925 -2710(4) – 96765.
A3. Yes, GIC Assistant Managers receive Rs. 45,000/- p.m. as accommodation allowance (specific to Mumbai).
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I write content to help people prepare for banking exams because I have experience as an aspirant myself. My goal is to provide accurate and easy-to-understand information for candidates. I cover various topics such as exam patterns, syllabus, study techniques, and time management to support those preparing for the exams. As a former aspirant turned content writer, I want to make the information accessible and helpful for others so that they can do well in their banking and government exams and achieve their goals.
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