Perks of being an OICL AO – Salary,Emoluments, Allowances and Career Progression

Dear Banking Aspirant ,

Oriental Insurance Company Limited ,a leading Public Sector General Insurance Company & wholly owned by Government of India has released the notification for the recruitment of 300 Officers in Scale I cadre (Administrative Officer). One of the most anticipated exams of the year apart from other AO exams and this is the next most preferred post after banking sector jobs. As you all know the competition is getting heavier inspite of the lesser number of vacancies for various posts, this exam is also a fight to win like exam , where the competition is heavy.

It is clearly mentioned in the notification that most of the vacancies are present in the Hubli region of Karnataka and the other states like Gujarat , Tamil Nadu, Kerala , Maharashtra and its suburbs. The minimum stay at the initial place of posting is also 5 years. So if you are a candidate in the aforesaid states , you are very lucky , but if it is the opposite , then you have to stay at the place of the initial posting area for the aforesaid time.

OICL has activated the registration links for the candidates to apply online. Candidates can apply for the desired posts and the last date to apply and also to pay the fees is 15th September 2017. The last date to print your application form is 30th September 2017.

Apply Online for OICL AO 2017

Role of Administrative Officer :

  • Overseeing the issuance of Insurance Policies
  • Procurement of Businesses
  • Meeting Prospective clients & Promoting Policies and getting Clients
  • Implementing and getting formal feedback for the company
  • Handling Policy Claims
  • Filing returns and Statements to Higher regional offices and officers
  • Responsible for running departments within the organization in the respective offices
  • Managing the other assistants in the workplace
  • Setting Insurance Claims

Salary , Emoluments & Benefits :

S.NO

Pay

Amount & Benefits

According To

1.

Basic Pay

Rs.32,795

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2.

Total Emoluments

Rs.51,000/- P.M

(In Metropolitan Cities)

3.

Benefits

Pension under New Pension System governed by PFRDA

As Per Rules

Gratuity

LTS

Medical Benefits

Group Personal Accident Insurance

4.

Other Benefits

Company’s Leased Accommodation

(As per norms)

 

Probation & Guarantee Bonds

Role : Administrative Officer

Probation Period : 1 Year

Condition : From the Date of Joining the Duty

Extension (Not mandatory) : Can be Extended Twice (Six months) , Stretching upto One Year

Should Pass : Non Life “Licentiate Examination conducted by Insurance Institute of India

If Failed : Liable to be terminated from service on expiry of the period after the extended probation period

NOTE: The Company reserves the right to terminate the services of the candidate if found unsuitable at any time during the probation period or the extended probation period without any notice or assigning any reason thereof.

GUARANTEE BOND

Bond Period : Four Years including the Probation Period
In the event of Resigning : Before expiring of Bond Period , should pay One year’s gross salary.
Before joining as probationer, the selected candidates will be required to give an undertaking to serve the Company for a minimum period of four years including the probation period. In the event of their resigning from the Company before the expiry of the bond period, they will be liable to pay liquidated damages equivalent to one year’s gross salary paid to them during the year of probation which could be proportionately reduced depending on the length of service rendered. Besides, he/she will have to submit a stamped Bond duly executed by two sureties (not blood relatives), of sound financial standing for an amount
equivalent to one year’s gross salary.
Candidates resigning from the Company during the probation period and candidates whose services are terminated by the Company during the probation period shall be liable to pay the salary received by them during their entire service in the Company in addition to an amount of Rs.40,000/- towards partial cost of training. No lien/bond executed to retain a substantive post with present employer will be binding upon the Company and no Leave Salary or Pension Contribution will be made.

Career Progression

ADMINISTRATIVE OFFICER

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DEPUTY MANAGER

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 ZONAL MANAGER

IMPORTANT DAYS PERTAINING TO OICL AO 2017

Important Events Dates
Commencement of on-line registration of application 18/08/2017
Closure of registration of application 15/09/2017
Closure for editing application details 15/09/2017
Last date for printing your application 30/09/2017
Online Fee Payment 18/08/2017 to 15/09/2017

 

 

 

 

Click the below link to apply for the OICL AO 2017

Click Here to Apply for OICL AO 2017

To view the notification in a separate post and to download it , Please click the link below to see it in detail.

Notification of the OICL AO 2017

 

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