The insurance industry in India has seen major growth in the last decade. Some demographic factors like the growing insurance awareness, retirement planning, growing middle class and young insurable crowd will substantially increase the growth of the Insurance sector in India.
And with this, there would be an increase in the manpower required in the insurance companies. This would, in turn, lead to increased recruitment drives by the major insurance companies like LIC and the like.
Keeping the above-given analysis in mind, we would go through the major upcoming insurance exams 2020 that are conducted in a year and throw some light on the important aspects of these exams that are:
Insurance Industry in India
The Insurance sector in India consists of a total of 57 insurance companies. Out of which 24 companies are the life insurance providers and the remaining 33 are non-life insurers. Out which there are seven public sector companies.
Government Ruled/Owned Insurance Companies
- LIC,
- New India Assurance,
- National Insurance,
- United insurance and
- Oriental
These are the only government ruled entity that stands high both in the market share as well as their contribution to the Insurance sector in India.
There are two specialized insurers:
- Agriculture Insurance Company Ltd catering to Crop Insurance and
- Export Credit Guarantee of India catering to Credit Insurance.
The Indian Insurance Sector in India is divided into two categories:
- Life Insurance and
- Non-life Insurance.
The Non-life Insurance sector is also termed as General Insurance.
Both the Life Insurance and the Non-life Insurance is governed by the IRDAI (Insurance Regulatory and Development Authority of India).
Life Insurance Companies
Life insurance companies offer coverage to the life of the individuals, whereas the non-life insurance companies offer coverage with our day-to-day living like travel, health, our car and bikes, and home insurance.
Non-Life Insurance Companies
Not only this, but the non-life insurance companies provide coverage for our industrial equipment’s as well. Crop insurance for our farmers, gadget insurance for mobiles, pet insurance etc. are some more insurance products being made available by the general insurance companies in India.
Currently, there are 24 life insurance companies and 30 non-life insurance companies
The government also strives hard to provide insurance to individuals in a below poverty line by introducing schemes like the
- Pradhan Mantri Suraksha Bima Yojana (PMSBY),
- Rashtriya Swasthya Bima Yojana (RSBY) and
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
- PM-AASHA
- PM Kisan
Upcoming Insurance Exams 2020
We would divide the insurance exams based on the conducting bodies. This would make it easy for you to understand as to how many exams are being conducted and at what time of the year.
I. Life Insurance Corporation (LIC)
Life Insurance Corporation of India (abbreviated as LIC) is an Indian state-owned insurance group and investment corporation owned by the Government of India.
It is the only corporation in the Insurance sector that has been more or less regular in putting out a recruitment notification for the recruitment of Officers and Assistants for its offices and branches all over India.
Let us start and discuss the exams that are conducted by Life Insurance Corporation (LIC).
1. LIC AAO (Assistant Administrative Officer)
LIC AAO Specialist Officer is one of the best entry-level jobs in the LIC. The main reason for it is the lucrative pay-scale and job profile of a LIC Assistant Administrative Officer.
| LIC AAO 2020 | |
|---|---|
| Posts
Vacancies 2020 |
Generalist, Legal, Rajbhasha, CA, Actuarial, & IT
168 |
| Mode of application | Online |
| Notification & Online Application | Feb 25 to 15th March 2020 |
| LIC AAO Prelims Exam Date | April 4, 2020 |
| LIC AAO Mains Exam Date | To be announced |
| Mode of Selection | Prelims, Mains, Interview |
| Eligibility Criteria | Bachelor’s Degree from a recognized Indian University/ Institutions. An applicant should not be below 21 years of age and not above 30 years of age calculated as per the date mentioned in the notification.*Changes as per the post one is applying for. |
| Application Fee | SC/ST/ PwBD candidate – Rs. 85/- +Transaction Charges + GST For all other candidates – Rs. 700/- + Transaction Charges + GST |
| Salary of LIC AAO Specialist Officer Check the Salary Here. |
Basic pay of Rs. 32795/- per month. Gross Pay – Rs 57,000/– per month in ‘A’ Class city. |
| LIC AAO Benefits & Perks | Defined Contributory Pension, Gratuity, LTC, Cash Medical Benefit, Group Mediclaim, Group Personal Accident Insurance, Group Insurance, Vehicle Loan (2-wheeler/4 wheeler) as per rules, meal coupon, reimbursement of the cost of Briefcase/leather bags, mobile handset, the supply of dailies and magazines and tea/coffee, mobile expenses. |
Click Here for LIC AAO Study Plan and Preparation Strategy.
2. LIC Assistant Engineer (LIC AE)
| LIC AE 2020 (Assistant Engineer) | |
|---|---|
| Posts | Assistant Engineer (Civil/ Electrical /Structural /MEP) & Assistant Architect (A.A). |
| Mode of application |
Online |
| Notification & Online Application | 25 January 2020 to 15 March 2020 |
| LIC AE Prelims Exam Date |
4 April 2020 |
| LIC AE Mains Exam Date |
To be announced |
| Mode of Selection |
Selection of Assistant Engineers will be done through a three-tiered process i.e. Prelims, Mains and Interview |
| Eligibility Criteria |
B. Tech./B.E. from an AICTE recognized Indian University/Institution. *varies as per the post. |
| Application Fee |
SC/ST/ PwBD candidate – Rs. 85/- +Transaction Charges + GST For all other candidates – Rs. 700/- + Transaction Charges + GST |
| Salary of LIC AE | Basic pay of Rs. 32795/- per month. Total emoluments are Rs 57,000/– per month in ‘A’ Class city. |
| LIC AE Benefits & Perks |
Defined Contributory Pension, Gratuity, LTC, Cash Medical Benefit, Group Mediclaim, Group Personal Accident Insurance, Group Insurance, Vehicle Loan (2-wheeler/4 wheeler) as per rules, meal coupon, reimbursement of the cost of Briefcase/leather bags, mobile handset, a supply of dailies and magazines and tea/coffee, mobile expenses. |
Click Here for LIC AE Study Plan and Preparation Strategy.
3. LIC Assistant 2020
| LIC Assistant 2020 | |
|---|---|
| Posts Vacancies 2019 |
Assistants (Clerical Cadre) 7500 |
| Mode of application | Online |
| Notification & Online Application | 17 Sep 2019 to 1 Oct 2019 |
| LIC Assistant Prelims Exam Date | 21st & 22nd of October 2019 |
| LIC Assistant Mains Exam Date | 22nd December 2019 |
| Mode of Selection | Prelims & Mains |
| Eligibility Criteria |
Bachelor’s degree (10+2+3) in any discipline from any recognized university. Age Criteria – 18 to 30 years of age. |
| Application Fee |
SC/ST/PWD Candidates – ₹85 + GST + Transaction Charges All Other Categories – ₹510 + GST + Transaction Charges |
| Salary of LIC Assistant | Basic Pay -: 14,435/- Gross Monthly Salary – ₹30,000/- |
| LIC Assistant Benefits & Perks | There are benefits like HRA, DA and special allowances. |
4. LIC ADO (Apprentice Development Officer)
| LIC ADO 2019 (Apprentice Development Officer) | |
|---|---|
| Post Vacancies 2019 |
Apprentice Development Officer 8581 |
| Mode of application | Online |
| Notification & Online Application | 20th May 2019 to 9th June 2019 |
| LIC ADO Prelims Exam Date | 6th & 13th July 2019 |
| LIC ADO Mains Exam Date | 11th August 2019 |
| Mode of Selection | Prelims, Mains & Interview |
| Eligibility Criteria | Bachelor’s Degree of a University in India established under a statute or approved for the purpose or the Fellowship of Insurance Institute of India, Age Criteria – 21 to 30 years of age. |
| Application Fee |
SC/ST/PWD Candidates – Rs 50 + GST + Transaction Charges All Other Categories – Rs 600 + GST + Transaction Charges |
| Salary of LIC ADO | During the apprentice period, the candidate selected as Apprentice Development Officer will be paid a fixed amount as stipend per month as per rules of the Corporation. At present, the amount of stipend is about ₹.34,503/- per month. Total emoluments – Rs 37,345/- in ‘A’ Class City. |
| LIC ADO Benefits & Perks |
House Rent Allowance & City Compensatory Allowance. Other benefits include Gratuity, Defined Contributory Pension Scheme, LTC, Medical Benefit, Group Insurance, Group Personal Accident Insurance, vehicle advance (2-wheeler/4-wheeler), reimbursement towards the cost of Brief Case/leather bag, mobile handset, a supply of dailies as per rules and on confirmation in service, attractive performance-linked Incentives. |
5. LIC HFL 2019
| LIC HFL 2019 | |
|---|---|
| Post Vacancies 2019 |
Assistants, Associates & Assistant Managers 300 |
| Mode of application | Online |
| Notification & Online Application | 8 August to 26 August 2019 |
| LIC HFL Prelims Exam Date | 9th & 10th of October 2019 |
| Mode of Selection | A single online examination and interview |
| Eligibility Criteria | Assistant – Graduate (minimum aggregate 55% marks) Associates – Graduate (minimum aggregate 60% marks) and CA-Inter Assistant Manager – Graduate (minimum aggregate 60% marks) and Two years full-time MBA/ Two years full-time MMS/ Two years full-time PGDBA/ PGDBM/PGPM/PGDM in any discipline from a recognized university/ institute/ board (minimum aggregate 60% marks). Course completed through correspondence/part-time are not eligible. Age Criteria – 21 to 28 years of age. |
| Application Fee |
Rs 500/- |
| Salary of LIC HFL | Assistant – Total Emoluments per month: Approximately Rs. 23,870/- (depends upon the place of posting). Associates – Total Emoluments per month: Approximately Rs. 35,960/- (depends upon the place of posting. Assistant Managers – Total Emoluments per month: Approximately Rs. 56,000/- (depends upon the place of posting) |
| LIC HFL Benefits & Perks | Lunch Allowance, Provident Fund, Mediclaim, Gratuity, LTC, Group Insurance Scheme, Housing Loan, Performance Linked Incentive and other benefits as per rules. |
1. NIACL AO 2018
| NIACL AO 2018 | |
|---|---|
| Post
Vacancies 2019 |
Administrative Officer 1. Generalist 2. Specialist – Company Secretary, Legal, Finance & Accounts 312 |
| Mode of application | Online |
| Notification & Online Application | 10th Dec 2018 to 26th Dec 2018 |
| NIACL AO Prelims Exam Date | 30th Jan 2019 |
| NIACL AO Mains Exam Date | 2nd March 2019 |
| Mode of Selection |
Phase 1 – Prelims Exam (Objective Test) Phase 2 – Main Exam (Objective and Descriptive Test) Phase 3 – Interview |
| Eligibility Criteria | Minimum qualification of a graduate/postgraduate in any discipline from a recognised University or any equivalent qualification recognised as such by Central Government with at least 60% marks in either of the degree examination for General candidates and at least 55% marks for SC/ST/PwBD candidates. |
| Application Fee | SC/ ST / PwBD Candidates – Rs. 100/- Candidates other than SC/ ST / PwBD – Rs. 600/- |
| Salary of NIACL AO |
Basic pay of Rs. 32,795/- Total emoluments will be approximately Rs.51,000/- p.m. in Metropolitan Centers. |
| NIACL AO Benefits & Perks | National Pension System (NPS) coverage governed by PFRDA Gratuity LTS Medical Benefits Group Personal Accident Insurance. Company’s / leased accommodation as per norms |
2. NIACL Assistant 2018
| NIACL Assistant 2018 |
|
|---|---|
| Post Vacancies 2018 |
Assistant (Clerical Cadre) 685 |
| Mode of application | Online |
| Notification & Online Application | 16th July 2018 to 31st July 2018 |
| NIACL Assistant Prelims Exam Date | September 2018 |
| NIACL Assistant Mains Exam Date | October 2018 |
| Mode of Selection | Prelims & Mains |
| Eligibility Criteria | Graduate Degree / its equivalent from recognized institute and colleges. Age Criteria – 18 to 30 years |
| Application Fee | General Candidates – Rs 600/-
SC/ ST/ PWD/ Ex. Sm/ Females – Rs 100/- |
| Salary of NIACL Assistant | Total emoluments work out to approximately Rs.23500/- per month in the initial stage in a metro city. |
| NIACL Assistant Benefits & Perks | Lump-sum domiciliary medical benefit, membership of Group Mediclaim Policy for Reimbursement of hospitalization expenses, leave travel subsidy and other staff welfare schemes would be as per the rules of the Company. |
We will update other Insurance Exams as well in this blog itself. Stay tuned to Oliveboard for more such informative content and preparation material.
Read More:
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