But before we dive into the details, let's clear a popular doubt of every banking aspirant:
What is IRDAI? What does it Actually do?
About IRDAI:
Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous and statutory body formed in 1999, under an Act of the Parliament. IRDAI serves as the primary regulator for the insurance industry in the country and abroad.
Its main objective is safeguarding policyholders’ interests and ensuring the insurance industry’s growth and stability. IRDAI has set various rules and regulations for the operation of insurance industry. It regularly issues notices to insurance companies if there are any changes in rules and regulations. It leads the insurance companies to foster efficiency in the conduct of the insurance business and control the rates or any other insurance related charges.
Function of IRDAI:
1. Issue the certificate of registration to new insurance companies.
2. Establish rules and regulations to take care of the interests of the policyholders.
3. Monitor claim settlements fairly and ensure that no claim is denied by the insurance company of their free will.
4. Regulate the code of conduct of the insurance company and those associated with the insurance industry.
5. Address issues and provide solutions in case of disputes arising via the "IRDAI ombudsman".
6. Regulate and control the insurance rate to impede undesirable and superfluous premium hikes that might distress the policyholder.
7. Take the responsibility for granting licenses to insurance agents.
Now, let's dive into the details of this IRDAI Assistant Manager 2024 notification.
Important Dates:
Application Begin: 21/08/2024
Last Date for Apply Online: 20/09/2024
Pay Exam Fee Last Date: 20/09/2024
Exam Date: will be announced later.
Application Fees:
General/EWS/OBC: ₹750
SC/ST/PH: ₹100
Vacancy: A total of 49 vacancies have been notified, which is distributed as follows:
1. AM (Generalist): 24 posts.
2. AM (Acturial): 05 posts.
3. AM (Finance): 05 posts.
4. AM (IT): 05 posts.
5. AM (Law): 05 posts.
6. AM (Research): 05 posts.
Now these posts will have category-wise distribution as follows:
UR: 21, EWS: 4, OBC: 12, SC: 8, ST: 4
Educational Qualification (as on 20/09/2024):
1. AM (Generalist): Graduation with minimum 60% marks.
2. AM (Acturial): Graduation with minimum 60% marks and 7 papers passed of IAI as per 2019 curriculum.
3. AM (Finance): Graduation with minimum 60 % marks and ACA/AICWA/ACMA/ACS/CFA.
4. AM (IT): Bachelor’s Degree in Engineering (Electrical/Electronics /Electronics and Communication/Information Technology/Computer Science/Software Engineering) with minimum 60% marks, OR,
Masters in Computers Application with minimum 60% marks, OR,
Bachelor’s Degree in any discipline with a post graduate qualification (minimum 2 years duration) in Computers/Information Technology with minimum 60% marks.
5. AM (Law): Bachelor’s Degree in Law with minimum 60% marks.
6. AM (Research): Master's Degree or 2-years Post Graduate Diploma in Economics/Econometrics/Quantitative Economics/Mathematical Economics/Integrated Economics Course/Statistics/ Mathematical Statistics/Applied Statistics & Informatics with a minimum of 60% marks.
Note: All candidates should possess knowledge of computer operations.
Age Limit (as on 20/09/2024):
Minimum: 21 years
Maximum: 30 years
Age relaxation is provided to:
1. OBC: 3 years
2. SC/ST: 5 years
3. Physically Handicapped (Gen/EWS): 10 years
4. Physically Handicapped (OBC): 13 years
5. Physically Handicapped (SC/ST): 15 years
6. Ex-servicemen: 5 years
Is there any bond in IRDAI?
Yes, you will have to execute the Indemnity Bond before joining in IRDAI's service as an Assistant Manager.
Bond Period: 03 (Three) years.
Bond Amount: ₹6,00,000/-
Probation Period: 01 (One) Year
(Can be extended further to a maximum of 2 years).
Salary:
Pay Scale: ₹44500-2500(4)-54500-2850(7)-74450-EB-2850(4)-85850-3300(1)-89150(17 years)
Basic Pay: ₹44,500
Gross Salary: ₹1,46,000 approx.
In-hand Salary: ₹1,18,850 approx.
Selection Process:
Selection Process consists of three stages:
1. Phase I - On-line Preliminary Examination
2. Phase II - Descriptive Examination
3. Phase III - Interview
1. Phase I - On-line Preliminary Examination:
This test contains questions from:
a. Test of Reasoning: 40 questions - 40 marks
b. Test of English Language: 40 questions - 40 marks
c. Test of General Awareness: 40 questions - 40 marks
d. Test of Quantitative Aptitude: 40 questions - 40 marks
Total: 160 questions - 160 marks.
Total Composite Time: 90 minutes.
Negative Marking: -0.25 marks (1/4th)
Medium of Test: English and Hindi (Except English language, which is only in English).
Note: On the basis of marks scored in this test, candidates equal to 20 times the vacancy, will be shortlisted for Phase II - Descriptive Examination.
2. Phase II - Descriptive Examination:
Type of Paper: Questions will appear on screen and answers have to be written on answer sheets.
It consists of three papers:
a. Paper-I: English - 100 questions - 60 minutes.
b. Paper-II: Economic and Social Issues impacting Insurance - 100 questions - 60 minutes.
c. Paper-III: Insurance and Management - 100 questions - 60 minutes.
Total: 300 marks
Total Time: 180 minutes (3 hours)
Medium of Test: English and Hindi (Except English language, which is only in English).
Note: On the basis of marks scored in this test, candidates equal to approx 5 times the vacancy, will be shortlisted for Phase III - Interview.
3. Phase III - Interview
Marks of the interview has not been given in the notification, but it is written that: "In making the final merit list, the weightage of Phase II - Descriptive Examination and Interview will be 85:15".
Note: Final selection shall be based only on the performance and merit of the candidates in Phase II - Descriptive Examination and Phase III – Interview, taken together.
That's all about IRDAI Assistant Manager 2024 notification.
For more such updates, keep visiting this blog!
No comments:
Post a Comment