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Salary & Job Profile of CS, Legal Officer, Finance and Accounts Officer and Generalists in NIACL

Ritesh Ranjan

The candidates who are appearing in the NIACL AO exam 2018 must be keen to know the salary and job profile of the Administrative Officers. The posts of the Specialist Officers and the Generalists in NIACL AO are known for handsome pay and other benefits.

The candidates who clear the Prelims, Mains and Interview stages of the exam are called for the final selection in the organisation. The selected candidates need to undergo a probation period of a year which may be extended as per the decision of the organisation. Also, the candidates need to sign a Guarantee Bond before joining. Let’s discuss these processes one by one.

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Probation Period in NIACL

A candidate appointed in the Officers’ cadre on regular pay rolls of the Company shall be on probation for a period of one year from the date of joining the duty. The probation period may be extended twice by a further period of six months at a time stretching up to one year.

 During the probation period, the Officers would be required to pass the non-life Licentiate Examination conducted by Insurance Institute of India (III). Only after passing the said examination, the Officer will be eligible for confirmation of his/her services in the Company. Failure to pass the said Examination within the extended probation period will render the Officers liable to be terminated from the service on expiry of the period so specified.

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Guarantee Bond

Before joining as probationer, the selected candidates will be required to give an undertaking to serve the Company for a minimum period of four years including probation period. In the event of their resigning from the Company before the expiry of the bond period, they will be liable to pay liquidated damages equivalent to one year’s gross salary paid to them during the year of probation which could be proportionately reduced depending on the length of service rendered. Besides, he/she will have to submit a stamped Bond duly executed by two sureties (not blood relatives) of sound financial standing for an amount equivalent to one year’s gross salary.

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Resignation during Probation Period

Candidates resigning from the Company during the probation period and candidates whose services are terminated by the Company during the probation period shall be liable to pay the salary received by them during their entire service in the Company in addition to an amount of Rs.25, 000/- towards partial cost of training.

No lien/bond executed to retain a substantive post with present employer will be binding upon the Company and no Leave Salary or Pension Contribution will be made.

Salary & other Benefits

All the Administrative Officers in NIACL will receive a basic pay of Rs. 32,795/- in the scale of Rs. 32795-1610(14)-55335-1745(4) - 62315 and other admissible allowance as applicable. The gross salary will be approximately Rs.51, 000/- p.m. in Metropolitan cities.

There are other benefits associated with these posts which are as follows:

Note: The salary scales are due for revision w.e.f Aug 2017.

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Job Profiles of the Administrative Officers in NIACL

The NIACL recruits the Administrative Officers such as Company Secretary, Legal, Finance & Accounts and Generalists. The candidates should know the job profiles of these Officers. Here, we are providing the details:

Job Profile of Company Secretary

The Company operates with its administration wing. There are many administrative affairs in a Company for which it has to recruit Company Secretaries. Work of a Company Secretary involves the efficient administration with regard to ensure the compliance with statutory and regulatory requirements. They are required to ensure that decisions of the board of directors are implemented in the Company. Basically, the Company Secretary is the administrative pillar of the Company.

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Job Profile of Legal Officers

We know that NIACL deals with the insurance industry where every now and then, a claim may arise. Out of these arising claims, there are likely chances that the Company may get into the legal issues. To deal with these legal affairs of the Company, it appoints the Legal Officers. The Legal officers are also responsible for the preparation of the documents for the various processes in the Company. They are the ones who prepare the contracts and agreements.

Job Profile of Finance & Accounts Officers

No company runs without the finance. The company has its business that is prominently monetary in nature. Also, there are day to day monetary operations. To handle all these monetary affairs of the company, it recruits the Finance & Accounts Officers. These Officers are responsible for managing the financial books of the company. They generate the bills of the customers, make the necessary refunds and prepare the balance sheet of the company.

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Job Profile of Generalists

Generalists are those Officers who are not from the technical fields like finance, legal etc. They are responsible for the settlement of the claims made by the customers. They are also responsible for the underwriting process and assessment of the risk. The Generalists also supervise the work done by their assistants. They are broadly responsible for the verification of the risk proposals and the authenticity of the claim made.

Now, the candidates have the idea of the salary and the job profiles of the Officers recruited in NIACL. All these posts are of dignity and respect. The candidates are required to work hard to get success in the exam of NIACL AO.

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