Applicants studying for the NIACL AO 2023 Exam are most interested in learning about NIACL AO salary. It is one of the primary reasons for the large number of candidates who show up. The basic pay, as well as the gross salary to be received initially, are both expressed in the NIACL AO salary structure.
The NIACL AO position is an excellent opportunity for applicants seeking a stable and growing career. The salary details for NIACL AO will help you understand the structure and allowances that come with the raise. The salary, allowances, job profiles, and career growth of NIACL AO are all detailed below.
Annual Package of NIACL AO 2023
The NIACL AO annual package is expected to be in the range of Rs 6,00,000 to Rs 6,50,000 per annum, plus the NIACL’s additional perks and allowances. The NIACL AO Salary varies depending on the employees’ job location. In metro cities, total emoluments will be around Rs 60,000 per month. Furthermore, applicants will have the opportunity to participate in regular promotions based on their seniority and work performance.
Salary Structure of NIACL AO 2023
The NIACL AO Salary Structure includes a base salary as well as NIACL-provided perks and allowances. Please see the table below for more information on the salary structure.
Rs 32,795-1610(14)-55335-1745 (4)- 62315
Rs 60,000 per month (Approx)
Allowances and Reimbursements
The NIACL AO position offers a variety of appealing and useful benefits and allowances, which is a great feature of this national insurance position. Let’s take a look at some of the perks that come with this particular job.
- Dearness allowance
- City compensatory allowance
- Transport allowance
- House rent allowance
Aside from these allowances, various other reimbursements are given to cover the costs of vehicle maintenance or mobile phone usage. Other benefits include:
- Allowance for the furnishing of residence
- Medical Reimbursement along with hospitalization facility
- Newspaper allowance
- Book grant
- Provision of loans at concessional rates of interest for housing, car, education, digital accessories.
The NIACL AO provides a significant opportunity for career advancement within the service. Every five years, administrative officers are promoted based on their seniority and work experience. The internal insurance examination must be passed by NIACL Administrative Officers in order to qualify for quick promotions that vary between three years.
NIACL AO Job Profile 2023
Let’s take a look at the NIACL AO job profile as well as the other positions available at New India Assurance Company Limited.
For Generalist Post:
- NIACL AO’s responsibilities include overseeing the issuance of insurance policies, settling insurance claims, and so on.
- Administrative/authoritative work is part of an NIACL AO’s job description. He or she serves as the entry-level officer.
- An administrative officer is also in charge of policymaking, checking clauses and details, verifying risk proposals and approving claims, as well as filing official returns and statements with higher regional offices.
- For other profiles, we have provided the following Job Profile:
Job Profile of Finance & Accounts Officer:
- Resolving the company’s billing issues.
- Keeping track of daily, monthly, and annual transactions, as well as preparing balance sheets.
- Assisting in the preparation of budgets and the management of the company’s records and receipts.
- Management of the company’s financial bookkeeping.
- Billing customers, processing refunds, dealing with collection agencies on past-due accounts, and so on.
Job Profile of Legal Officer:
- To prepare legal documents for various processes and to assist the Company with legal issues.
- Management of the Company’s legal affairs.
- Monitoring for errors and ensuring the authenticity of the company’s documents, such as agreements and contracts.
Job Profile of Company Secretary or CS:
- To ensure that statutory and regulatory requirements are met, as well as that the board of directors’ decisions are carried out.
NIACL AO Posting Locations and Office Timings
- Specialist officers, on the other hand, have the advantage of being stationed in India’s major cities.
- After three years of service with NIACL, transfers are usually made.
- A NIACL AO can be posted anywhere in India, depending on the organization’s vacancies and needs.
- There are advertisements all over India. Specialists are typically assigned to cities, and female officers have a choice of assignments.
- Office Timings – 09:30 A.M to 05:30 PM. 5 Days a Week. Saturday-Sunday Off.
- Generalist officers can be assigned to any location in India.
Comparison of NIACL AO with Bank PO
- Unlike New India Insurance Company Limited offices, a PO’s job is more transferable, and banks are also located in remote locations. In addition, rural postings are more likely in PO than in AO.
- The banks are expected to get all weekends off as part of this settlement of the bank’s wage revision, but this is still an expectation.
- Most banks have a two-year probation period, while AO has a one-year probation period. In both jobs, the perks and benefits are excellent.
- Overall, the NIACL AO position is suitable for those seeking a secure, comfortable, and simple life.
- When compared to an NIACL AO, a bank PO has more work pressure.
- Although the life of an AO is far more peaceful than that of a PO, AOs have fewer opportunities for advancement than POs. In the case of an AO, the bond period is four years, and in the case of a PO, the bond period is usually two years.
- The job of an AO is less transferable and has a set schedule. POs and other bank officers, on the other hand, have no set schedule (even the RTI to RBI revealed this).
- New India Insurance Company Limited is a 5-day workweek job that does not include weekends. In PO, weekends are only off on alternate weekends.
- In comparison to a bank PO, the AO still has a defined work profile. An officer in a bank is expected to perform all tasks, whether they are clerical, cashier, or any other task that is assigned to him.
NIACL AO Career Growth 2023
- The selected applicants must agree to work for NIACL for a minimum of four years, including the probation period.
- AO must resign from the NIACL in order to conduct further research.
- By passing certain insurance exams, you may be eligible for a fast-track promotion. After a minimum of three years, an AO can be promoted through this method.
- Normal advancement in the company requires a minimum of 5 years of service and is based on seniority.
- There is no sabbatical leave, but an AO who wishes to study and take unpaid leave is not permitted.
- The Insurance Institute of India conducts the non-life Licentiate Examination, which AO’s must pass. To confirm his service as an AO in the company, he must pass the exam.
NIACL AO Salary and Job Profile 2023 FAQs
The candidates selected for the AO post will have to be on a probation period of one year starting from the joining date.
The major allowances for the post are House Rent Allowances, Dearness Allowances, Medical Benefits, Leave Fare Concessions, Transport Allowances, and so on.
Yes. The selected AO will be required to submit an undertaking to serve NIACL for a minimum period of 4 years including the probation period.
Yes, the administrative officer can be promoted based on their performance in the internal examination or on the basis of seniority.