OICL AO Salary: If you are appearing for OICL AO exam 2018, you may be willing to know the OICL AO Salary. And why not? After all, people get into jobs to get a pay and OICL AO job promises a handsome pay though. Prestige and a good pay are what landing a job at OICL get you.
OICL AO has not yet declared its exam date and vacancy for this year. People are just left into assuming the dates and figures. Getting a job at a premium Insurance Company is a big deal and you won’t land here that easily. Ferocious competition and burning the midnight lamp to take off your preparation is all that is required to face and get into this Public Insurance Company.
Without much alterations, let us divulge into the OICL AO Salary. Knowing the figures at least will keep you motivated to pick up your preparation pace. Have a look below.
OICL AO Salary | Overview
Before we get into the details of the OICL AO Salary, let us first know what OICL AO body is:
|OICL AO Salary: Overview|
|Exam Name||OICL AO 2018|
|Conducting Authority||Oriental Insurance Company Limited|
|Name of Post||Administrative Officer|
|Number of Vacancies||Expected 300+|
|Number of Stages||Prelims, Mains and Interview|
OICL AO Salary | Basic Pay
- The Basic Pay of OICL AO Salary is Rs. 32795-(1610×14)-55335-(1745×4)-62315
This shows that the OICL AO will receive an initial Basic Pay of Rs 32795. Additionally, they will receive further allowances as well and along with this, they will have an annual increment of Rs 1610 for 14 years.
- a. Total Emolument- Rs 51,000
- b. A newly selected AO’s basic pay will be Rs 32795
- c. He will get an annual increment of Rs 1610
- d. He will keep receiving such increments for 14 years and when the basic pay reaches Rs 55,335, he will be eligible to get another increment of Rs 1745 for 4 more years till the salary reaches Rs 62,315.
OICL AO Salary | Allowances
Glance below to take a look into other allowances that are included in the IBPS PO Salary that is calculated on the Basic Pay:
|OICL AO Salary: Allowances|
|House Rent Allowance (HRA)||This allowance depends on the posting of the Administrative Officer (AO) on the basis of his location of posting, be it in Metropolitan cities, Big cities or any other locations.|
|Dearness Allowance (DA)||The DA is revised quarterly based on the CPI. As DA depends upon CPI, it can increase or decrease based on the inflation rates.|
|City Compensatory Allowance (CCA)||Like the HRA, the CCA too depends on the location the AO is posted. It can be 4 or less or even 0 percent based on the location of the job.|
OICL AO Salary | Other Benefits and Perks
Along with the basic pay and allowances, an OICL AO receives the below mentioned perks and benefits as well:
- a. Transport Allowance: The bank provides transport allowances to the OICL AOs.
- b. Newspapers, Furniture, Books Reimbursements.
- c. Medical Reimbursement.
- d. Group Personal Accident Insurance Reimbursement.
- e. Leased Accommodation: At some location, the bank provides quarter facilities to the AOs as well.
- f. The bank also provides Loans and Advances at a much cheaper rate to its AOs.
OICL AO Salary | Job Profile
An OICL AO has the following job responsibility to look after:
|OICL AO Salary: Job Profile|
|1.Handling of policy claims|
|2.Verifying the risk proposals and authorization of claims|
|3.Filing of returns and statements to higher regional officers|
|4.Management of other assistants at the workplace|
|5.Implementing the plans and acquiring formal feedback for the company|
|6.Procurement of various businesses|
|7.Settlement of the insurance claims|
|8.Looking after the issuance of the insurance policies|
|9. He is responsible for the smooth running of the departments within the organization|
|10.Promotion of policies and acquiring clients|
|11. Meeting the prospective clients as a representative of OICL|
OICL AO Salary | OICL AO Promotions and Career Growth
OICL AO is a very advanced and promising job that employs you with a guarantee to withstand your future aesthetically. Like any other job in the insurance sector, OICL AO also accelerates your career by promoting you to a higher level as you work ahead. Undoubtedly your growth in the insurance sector depends wholly on your potential and performance in your work. As you grow higher, your Basic pay plus your perks and benefits will increase.
Given below are the OICL AO promotion for subsequent posts:
|OICL AO Salary: Promotions|
|OICL AO Promotion is usually seniority-based.|
|An Administrative Officer gets his first promotion after completion of 5 years of service.|
|There is also a Fast-track channel that allows an Administrative Officer to get his promotion after 3 years in service.|
|Promotions in Oriental Insurance Company Limited are generally slow as compared to other banks.|
|An Administrative Officer is promoted as the Deputy Manager and the Deputy Manager is levelled higher as the Zonal Manager.|
As explained above, there is no doubt that the OICL AO post is an exclusive one and has all the perks and benefits one would need in life. If you are looking for a respected as well as a highly-paid job then OICL AO is the job for you. Being a public sector insurance company, the employment promises you a genuine and white-collar job title. Do not think of giving up the idea of appearing for the OICL AO examination owing to its tough nature. Start your preparation from now on, practice as many Bank Mock Test Papers (which have a similar pattern and syllabus) as you can to exceed further in the preparation.
While going through the OICL AO Salary article if you get stuck, do not hesitate to drop down your queries in the comments below, Embibe will get back to you in a jiffy.