OICL Salary 2022: In Hand Salary, Career Growth for OICL Scale 1

OICL Salary 2022: In Hand Salary, Career Growth for OICL Scale 1

ByKanika Ralhan  |  Updated on: Nov 21, 2020
Get here the latest updates of OICL AO 2020 Exam Notification as released by the official authorities.

OICL AO Job Profile

  • An Administrative Officer in Oriental India Insurance Limited acts as the First Officer.
  • It is a totally authoritative post where decision-making is involved.
  • An AO is expected to a variety of work, however, the majority of the work involves Claim Settlements, Underwriting, Risk Assessment and Supervision of Assistants work.
  • Sometimes the AOs are entrusted upon to verify the risk proposals and authorization of claims.
  • Being an authoritative job, an AO can assign and delegate the work to his team and oversee their performance.
  • Being in the insurance sector, the majority of the work is related to insurance policies, including but not limited to, health, motor vehicles, industrial, accident, fire, however, the job role varies as per the requirement of the department or branch in particular.

OICL AO Probation and Mandatory Tests

  • The Probation period for the direct recruited AOs is 1 year.
  • This probation may be extended by another 6 months but this is rarely the case.
  • The probation is more or less like a training phase for the direct recruited AOs & and various types of training are conducted during this period.
  • The directed recruited AOs are required to pass the non-life “Licentiate Examination” conducted by Insurance Institute of India.
  • The probation will be over only after clearing this only after clearing this examination, the AOs will be eligible for confirmation of services in Oriental India Insurance Limited. Failure to pass will render the officer liable to be terminated from service.

OICL AO Bond Period

  • The bond period for Oriental India Insurance Limited is 4 years (just like most of the General Insurance Companies).
  • That is, the direct recruited AOs need to give an undertaking in writing to serve Oriental India Insurance Limited for a minimum of 4 years.

OICL AO Posting Locations

Just like all other banking and other insurance companies, AOs can be posted anywhere in India. Normally transfers in Oriental India Insurance Limited usually takes place after three years of service. Generalists are posted all over India and Specialists are generally located in big cities.

OICL AO Career Growth

  • Promotions are generally seniority based and first promotion takes not less than 5 years.
  • Through fast track channel, AOs are eligible for promotion after 3 years.
  • Promotions are generally slow compared with banks.
  • However, there is no sabbatical leave i.e., if you have plans to study and want to take unpaid leaves, it is not allowed.
  • You need to resign from the Oriental India Insurance Limited if you take admission in a college and also need to pay the bond if your probation is not complete.

Comparison of OICL AO with Bank PO

  • The AO has a still a defined work profile compared with a bank PO. An officer in a bank is expected to everything, let it be a clerical, cashier or any work that is entrusted upon him.
  • 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 the jobs.
  • Oriental India Insurance 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 banks wage revision, the banks will also get all weekends off, however, it is still an expectation.
  • AOs have a fixed timings and the job is less transferrable. 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 Oriental India Insurance 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 case of AO and generally 2 years in case of a PO.

OICL AO Salary and Allowances

  • The AOs are recruited in the pay scale of 32795-1610(14)-55335-1745(4)-62315. That is, a newly recruited AO will have a basic pay of Rs. 32795/- and after one year, he/she will get an increment of Rs 1610.
  • Likewise, he/she will get 14 such increments and when the Basic Pay reaches Rs. 55335, he will be eligible to get an increment of Rs 1745 for further 4 years till his salary reaches Rs. 62315.
  • AOs are eligible for many allowances. These include Dearness Allowance, House Rent Allowance, City Compensatory Allowance, Transport Allowance etc.,  which are revised from time to time during settlements and are also eligible for reimbursements like Newspapers, Briefcase, Furniture (as per eligibility), books , Group Personal Accident Insurance and LTC etc .
  • Some locations include the quarter facilities for the newly recruited AOs but it is purely subject to availability.            
  • AOs are eligible to get reimbursements of medical charges as per eligibility and get some of the dispensary facilities.
  • AOs get loans and advances at a much cheaper rate for Housing, Vehicle, Computers etc. and AOs are covered by the NPS scheme by NSDL and have the benefit of gratuity.
  • Approximately, gross salary of AO is Rs. 51000/- per month and the CTC excluding the Housing/Quarters comes out to be Rs. 650000/-.

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