NIACL AO Salary 2021: in-Hand Salary, Pay Scale, Job Profile, Perks, Promotion

ByJyoti Bisht  |  Updated on: Aug 25, 2021NIACL AO Mains admit card 2021 out officially! Candidates can download the NIACL AO mains admit card here. Also, check vacancy, cutoff, salary, syllabus, papers, exam pattern, eligibility criteria and more.
NIACL AO Mains admit card 2021 out officially! Candidates can download the NIACL AO mains admit card here. Also, check vacancy, cutoff, salary, syllabus, papers, exam pattern, eligibility criteria and more.
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NIACL AO Salary and Allowances

NIACL AO salary is one of the most searched topics by candidates who are preparing for the NIACL AO 2021 Exam. It is one of the major reasons for the attraction by the candidates appearing in big numbers. NIACL AO Salary structure is shared here expressing the basic pay as well as a gross salary to be received initaially.

NIACL AO job is a great opportunity for candidates who are looking for a stable and growing career. NIACL AO salary details will help you understand the structure and allowances given along with the increment.  Complete details about NIACL AO salary, allowances, job profiles, career growth are given below.

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NIACL AO Salary Structure 2021

  • NIACL AOs are recruited in the pay scale of ₹ 32795-1610(14)-55335-1745(4)-62315. It means a newly recruited AO is eligible for a basic pay of ₹ 32795/ and other allowances. After one year, an AO is eligible for an increment of ₹ 1610.
  • Similarly, the AO will get 14 such increments. When the basic pay reaches ₹ 55335, he/she will be eligible for the increment of ₹ 1745 for the next 4 years till his/her salary reaches ₹ 62315.
  • Apart from this, AOs are eligible for many allowances which are Dearness Allowance, House Rent Allowance, Transport Allowance, City Compensatory Allowance, etc,  which are revised from time to time during settlements.
  • AOs are also eligible for reimbursements like Newspapers, Briefcase, Furniture (as per eligibility), books, Group Personal Accident Insurance and LTC, etc. They are also eligible for reimbursements of medical charges as per eligibility.
  • For Housing, vehicles, Computers, etc., AO's are eligible to get loans and advances at a much cheaper rate AOs.
  • AO's are covered by the NPS scheme by NSDL and have the benefit of gratuity.
  • AO's are also provided accommodation facility as per the availability in posting location.
  • Approximately, the gross salary of AO is ₹ 51000/- per month and the CTC excluding the Housing/Quarters comes out to be ₹ 650000/-.

NIACL AO Job Profile 2021

Let's check out the NIACL AO job profile along with different posts offered by New India Assurance Company Limited. However, this year only generalist vacancies are rolled out by NIACL.

For Generalist Post:

  • The nature of work of a NIACL AO involves administrative/authoritative work. He/She acts as the First entry-level officer.
  • The job profile of NIACL AO includes the work of overseeing the issuance of insurance policies, settling insurance claims, etc.
  • An administrative officer is also responsible for the handling of policymaking, checking clauses and details, verify the risk proposals and authorization of claims, filing official returns as well as statements to higher regional offices.
  • We have shared below Job Profile for other profiles :

Job Profile of Finance & Accounts Officer:

  • Resolving billing issues of the company.
  • Management of the financial bookkeeping of the company.
  • Sending bills to its customers, processing refunds, interaction with collection agencies on past-due accounts, etc.
  • Assisting in the preparation of budgets and managing records and receipts of the Company.
  • Reconciling daily, monthly and yearly transactions and preparing balance sheets.

Job Profile of Legal Officer:

  • Handling of all the legal affairs of the Company.
  • To prepare legal documents for various processes and provide assistance in the legal issues of the Company.
  • Monitoring the errors and keeping the authenticity of the documents i.e. Agreements and Contracts of the Company.

Job Profile of Company Secretary or CS:

  • To ensure compliance with statutory and regulatory requirements and for ensuring that decisions of the board of directors are implemented.

NIACL AO Posting Locations and Office Timings

  • A NIACL AO can be posted anywhere in India as per the vacancies and requirements of the organization.
  • Transfers in NIACL usually take place after completing three years of service.
  • Generalist officers can be posted anywhere across India.
  • However Specialist officer has the advantage of getting posted in Big cities of India.
  • Postings are all over India. Specialists are generally posted in Cities and Lady officers get a choice of Posting.
  • Office Timings –  09:30 A.M to 05:30 PM. 5 Days a Week. Saturday-Sunday Off.

NIACL AO Career Growth 2021

  • The selected candidates are required to give the undertaking to serve NIACL for a minimum period of 4 years including the probation period.
  • AO's are required to pass the non-life Licentiate Examination which is conducted by the Insurance Institute of India. He/she is required to pass the exam to confirm his service of AO in the company.
  • Normal promotion in the organization requires a minimum of 5 years and is based on seniority.
  • Fast-track promotion options are also available by clearing some insurance exams. Through this, an AO can get a promotion after a minimum period of 3 years.
  • There is no sabbatical leave but if an AO plans to study and wants to take unpaid leaves then it is not allowed.
  • To do further studies, AO needs to resign from the NIACL.

Comparison of NIACL AO with Bank PO

  • The AO has still a defined work profile compared with a bank PO. An officer in a bank is expected to do everything, let it be a clerical, cashier, or any work that is entrusted upon him.
  • The work pressure is more on a bank PO as compared to a NIACL AO.
  • The probation in most of the banks is 2 years and it is 1 year for AO. The perks and benefits are good in both jobs.
  • New  India Insurance Company Limited is a 5-day working job, i.e. weekends are off. Whereas in PO, only alternate weekends are off.
  • It is expected that in this settlement of the bank's wage revision, the banks will also get all weekends off, however, it is still an expectation.
  • AOs have fixed timing and the job is less transferable. However, POs or any other Officers in the bank have no defined timings (even the RTI to RBI revealed this).
  • The job of a PO is more transferrable and banks are also located in remote places, unlike New India Insurance Company Limited offices. Also, there are more chances of rural postings in PO than in AO.
  • The life of AO is much more peaceful than a PO however, promotion chances of AO are lesser in comparison with PO. There is a bond period of 4 years in the case of AO and generally 2 years in the case of a PO.
  • So all in all, the NIACL AO job is suitable for those people who want a secure, comfortable and easy life.

Related Links:

NIACL AO Vacancy 2021NIACL AO Eligibility Criteria
NIACL AO Exam PatternNIACL AO Syllabus 2021 PDF
NIACL AO Cut Off 2021NIACL AO Question Papers PDF Download
NIACL AO Mock Test 2021NIACL AO Online Coaching 2021

Good Luck!

Posted by:

Jyoti BishtMember since Apr 2021
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What is the monthly salary of NIACL AO?

  • The monthly salary of NIACL AO is ₹ 51000/- per month.

What are the perks and allowances in NIACL Salary?

  • There are several perks and allowances in NIACL Salary such as Dearness Allowance, House Rent Allowance, Transport Allowance, City Compensatory Allowance, etc, which are revised from time to time during settlements.

Is NIACL a central govt job?

  • NIACL is a 100% government-owned insurance company, so NIACL AO is considered to be a government job. 

What is the job profile of AO in NIACL?

  • The Administrative Officer is similar to that of a Probationary Officer. However, we have explained the detailed job profile and duties of NIACL AO in the above post.