OICL AO Salary 2023: The company will soon release a recruitment notice for the Oriental Insurance AO Recruitment 2023. Applicants should check the salary and job profile before applying for the OICL AO Recruitment 2023, as this will motivate them to apply.
- Other allowances will be given to applicants in addition to the basic pay of Rs.32795/-, and the details are given below in the article.
- Along with the salary, the candidates will be eligible for DA, HRA, and CCA.
- Applicants must serve a one-year probationary period from the date of hire, with the probationary period being extended twice more by six months each time, up to a total of one year.
- Applicants will be promoted to higher positions after they have worked for the required number of years in the same position.
The OICL AO Syllabus and Exam Pattern can be downloaded here.
Read on to learn more about the salary and job description.
Table of Contents
OICL AO Salary: Overview
|Exam Name||Oriental Insurance AO 2023|
|Conducting Authority||Oriental Insurance Company Limited|
|Name of Post||Administrative Officer|
|Number of Stages||Prelims, Mains and Interview|
OICL AO Allowances 2023
Other allowances will be paid to the officers in addition to their salary, as per the Company’s rules and regulations. The allowances include DA, HRA, and others, which are detailed below.
|House Rent Allowance (HRA)||The Administrative Officer’s posting, whether in metropolitan cities, major cities, or other locations, is based on the Administrative Officer’s posting (AO).|
|Dearness Allowance (DA)||The DA is updated quarterly based on the CPI. Because the DA is based on the CPI, inflation rates will rise or fall as a result.|
|City Compensation Allowance (CCA)||The CCA, like the HRA, is determined by the location where the AO is posted. It can be as low as 4% or as high as 0% depending on the location.|
OICL AO Recruitment 2023 other Perks and Benefits
Other perks and benefits will be available to the applicants, as detailed below in the article.
- Group Personal Accident Insurance Reimbursement.
- Transport Allowance
- Newspapers, Furniture, Books Reimbursements.
- They will also be getting Loans and advances at much cheaper rates.
- Leased Accommodation.
- Medical Reimbursement.
OICL AO Job Profile
- The First Officer in Oriental India Insurance Limited is an Administrative Officer.
- When it comes to decision-making, it is a completely authoritative position.
- An AO is responsible for a wide range of tasks, but the majority of his or her time is spent on Claim Settlements, Underwriting, Risk Assessment, and Supervision of Assistants.
- The AOs are sometimes entrusted with verifying risk proposals and approving claims.
- As a supervisory position, an AO can assign and delegate work to his team while also monitoring their performance.
- The majority of work in the insurance industry is related to insurance policies, such as health, motor vehicles, industrial, accident, and fire, but the job role varies depending on the needs of the department or branch in question.
OICL AO Probation and Mandatory Tests
- The direct recruited AOs have a one-year probationary period.
- This probation could be extended for another six months, but this is uncommon.
- For direct recruited AOs, probation is more or less like a training phase, and various types of training are conducted during this time.
- The non-life “Licentiate Examination” conducted by the Insurance Institute of India is required of the directed recruited AOs.
- Only after passing this exam will the AOs be eligible for confirmation of services with Oriental India Insurance Limited, and only then will their probation be completed. Failure to pass will result in the officer’s dismissal from service.
OICL AO Bond Period
- Oriental India Insurance Limited has a four-year bond period (just like most of the General Insurance Companies).
- That is, direct recruited AOs must sign a written agreement to serve Oriental India Insurance Limited for at least four years.
OICL AO Posting Locations
AOs, like all other banking and insurance companies in India, can be located anywhere in the country. Oriental India Insurance Limited usually transfers employees after three years of service. Generalists are stationed throughout India, while specialists are concentrated in major cities.
OICL AO Career Growth
- Promotions are usually based on seniority, and the first promotion takes at least 5 years.
- After three years, AOs are eligible for promotion through the fast track channel.
- In comparison to banks, promotions are generally slow.
- However, there is no such thing as a sabbatical leave, which means that if you want to study and take unpaid time off, you won’t be able to do so.
- If you enrol in a college, you must resign from Oriental India Insurance Limited and pay the bond if your probation has not been completed.
Comparison of OICL AO with Bank PO
- In comparison to a bank PO, the AO still has a defined work profile. An officer in a bank is expected to do everything, whether it’s clerical work, cashier work, or any other task that is assigned to him.
- 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.
- Oriental India Insurance Limited is a five-day workweek job with no weekends. In PO, weekends are only off on alternate weekends.
- It is expected that as part of this settlement of the bank wage revision, the banks will also be given all weekends off, but this is still a wish.
- AOs have set schedules and their jobs are less transferable. POs and other bank officers, on the other hand, have no set schedule (even the RTI to RBI revealed this).
- A PO’s job is more transferable, and unlike Oriental India Insurance Limited offices, banks are also located in remote locations. In addition, rural postings are more likely in PO than in AO.
- 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.
OICL AO Salary and Allowances
- The AOs are hired on the 32795-1610(14)-55335-1745(4)-62315 pay scale. That is, a newly hired AO will start with a basic pay of Rs. 32795/- and will receive a Rs 1610 raise after a year.
- Similarly, he will receive 14 such raises, and when his Basic Pay reaches Rs. 55335, he will be eligible for a Rs 1745 raise for another four years, until his salary reaches Rs. 62315.
- Many allowances are available to AOs. These include Dearness Allowance, House Rent Allowance, City Compensatory Allowance, Transportation Allowance, and others, which are revised on a regular basis during settlements and are also eligible for reimbursements such as newspapers, briefcases, furniture (as determined by eligibility), books, Group Personal Accident Insurance, and LTC, among others.
- Quarter facilities for newly recruited AOs are available at some locations, but they are subject to availability.
- AOs are eligible for reimbursement of medical expenses and access to some dispensary services, depending on their eligibility.
- AOs are eligible for lower-cost loans and advances for housing, vehicles, computers, and other items, and they are covered by the NSDL’s NPS scheme and receive gratuity.
- The gross salary of an AO is approximately Rs. 51000/- per month, and the CTC, excluding housing and quarters, is approximately Rs. 650000/-.
OICL AO Salary and Job Profile 2023 FAQs
After the OICL AO Recruitment 2023, the candidates will be paid a basic pay of Rs.32795/-.
Applicants will receive Dearness Allowances, House Rent Allowances, City Compensatory Allowance, and other benefits listed in the above article in addition to the OICL AO Salary 2023
After the OICL AO Recruitment 2023, the applicants will serve a minimum of one year on probation.
After the dates are announced, you can begin filling out the OICL AO Application Form 2023.
After OICL AO Recruitment 2023, the aspirants will be promoted to Deputy Manager.