530 Vacancies LIC

Designation: Recruitment for the Post of Assistant Administrative Officer (Generalists /Chartered Accountants/Actuarially Qualified)

Job Description:

No   Post                                                                                         Vacancies 
1   Assistant Administrative Officer (Generalists)                            400
2   Assistant Administrative Officer (Chartered Accountant)                     100
3   Assistant Administrative Officer (Actuarially qualified)                            030
Total                                                                                                                 530

Age Limit : Minimum Age shall be 21 years (completed) as on 1st March, 2009. Maximum age shall be 30 years.

Qualification :
AAO (Generalist) : Bachelor/Master’s Degree from a recognized Indian or Foreign University with a minimum of 55% marks in the aggregate in either of the Degrees which is relaxable to 45% in case of SC/ST candidates. If any University awards grades instead of marks, applicants should clearly mention the numerical equivalent of the grades in terms of aggregate marks. 
Preference shall be given to candidates having professional qualification like CFA/ CS/FIIRM/MBA from recognized University or Institute. 

AAO (Chartered Accountant) : An Associate Member of the Institute of Chartered Accountants of India.

AAO (Actuarially Qualified) : A pass in Seven or more Subjects (Papers) of the Examinations conducted by the Institute of Actuaries, London or the Actuarial Society of India (excluding Paper - CT9 – Business Awareness Module) as on the date of eligibility.

Company Profile:

The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years.

Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906.

In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage. 

Desired Profile:

Emoluments and Benefits:
Basic pay Rs. 11,110/- per month in the scale of Rs.11,110 - 540(14) – 18670 – 560(4) – 20,910 (under revision) and other admissible allowances as per rules. Total emoluments will be approximately Rs. 18,250/- in a city like Mumbai.  Other benefits are Non-Contributory Provident Fund, Gratuity, Pension (applicable as per the scheme existing  on the date of appointment),  LTC, Medical Benefit, Group Savings Linked Insurance (GSLI), Group Term Insurance , Vehicle (2 wheeler/4 wheeler) Advance,  etc as per rules of the Corporation. 

Candidates who possess two years’ post qualification experience as Chartered Accountant in reputed organizations as on the date of eligibility shall be eligible for two advance increments on their appointment as Assistant Administrative Officer (Chartered Accountant) in the Corporation. 

Application Fees (Non-refundable):
Application Fee of Rs.300/- shall be payable in Cash during cash collection hours at any Cash Collection Center of LIC Offices viz. Satellite/Branch /Divisional /Zonal Office of Life Insurance Corporation of India. receipt will be given to the candidates having Transaction No., Transaction date, branch Code & Miscellaneous Collection Number. Cash money can be deposited up to 08/04/2009 only.

How to Apply:
Candidates are necessarily required to register On-line for applying. Eligible candidates are required to log in to the designated website http://jobs.licindia.co.in for submission of applications on-line.
While filling the ‘Fee Details’ in the online application form, candidates are required to enter and check the following: 
a) LIC Branch Code (Upper Left Hand Corner of the Miscellaneous Receipt) – Maximum 4 characters (Alpha Numeric).
b) Miscellaneous Collection Number – Maximum 6 Digits (appearing in the shaded portion of the Box).
c) Transaction Number (Tr. No.) - Maximum 8 Digits (appearing on the Left Hand Corner of the Receipt).
d) Transaction Date (appearing on the Upper Left Hand Corner of the Receipt)

Apply Online. [Online application can be submitted between 23/03/2009 to 11/04/2009 only.]