Pay cuts across the board, massive layoffs have become commonplace across industries due to the outbreak of COVID 19. Despite these unprecedented times, one sector seems to be on the rise and is set to witness exponential growth in the near future. Yes, we’re talking about the insurance sector. It has the potential to gainful employment opportunities for fresh graduates out of college and working professionals who are seeking a lucrative yet financially stable career.
In this article, we will touch upon some of the exciting opportunities that the insurance sector in India presents and discuss the best ways to secure a job in this sector.
When we talk about the insurance sector in India, the first name that comes to mind is the Life Insurance Corporation of India more popularly referred to as LIC. LIC is a Govt. owned insurance company that is also the largest insurance group in the country. Being the largest insurance company, LIC not only has over a lakh employees on its payroll and over 2000 branches across the country but also generates thousands of new & challenging opportunities for job seekers. We have cherry-picked the best opportunities and summarized them below for you:
Every year the LIC AAO or the LIC Assistant Administrative Officer recruitment process presents 500 to 650 candidates to join the number #1 insurance firm in the country.
The LIC AAO recruitment is hands down the most sought after and the cut throat competition makes it very evident. Over 15 lakh aspirants battle it out for the 500 odd vacant positions on offer. If you were wondering why so many aspirants are flocking to take the LIC AAO exam then wait till you hear how much the job pays. The basic pay alone is a hefty INR 32800. Coupled with the allowances and benefits the salary can go up to INR 60,000. The LIC AAO recruitment is held to select qualified candidates for the role of an Asst. Administrative Officer in one of the following 5 different cadres
– Legal, Chartered Accountant (CA), Actuarial, Information Technology (IT) and Rajbhasa.
The best part is any candidate with a valid graduation degree can attempt the LIC AAO recruitment process and you will be tested on basic aptitude, logical ability, English language and your area of expertise.
The most valued Indian insurance company doesn’t fall short on presenting employment opportunities. The national level Apprentice Development Officer exam conducted by the LIC more commonly referred to as the LIC ADO recruitment process is held year on year to shortlist deserving candidates to fill vacancies for the role of an ADO across the branches, divisions and offices across the country. The LIC ADO is one of the more popular insurance recruitment processes if not the most recruitment process due to the sheer number of vacancies. Over 8,500 to 10,000 vacant positions across 8 zones are on offer each year. The role of an ADO is predominantly sales oriented. If you like interacting with people, meeting people on the job and travelling then this might be the ideal starting point for you. The gross monthly stipend during the apprentice period is over INR 34,500. If you have completed your bachelor’s degree in any field then you can take a shot at this exam.
A gross monthly salary of INR 58,000 to INR 60,000 inclusive of allowances such as City Compensatory Allowance, Dearness Allowance, House Rent Allowance, and timely & handsome increments. All this and more are up for grabs for engineering graduates through the LIC AAO & AE Recruitment process conducted each year. 50 to 150 vacancies are usually available.
LIC isn’t the only prospective employer if you want to launch your career in the insurance sector. With both public and private players in the market, you have options in other premier organizations such as Max Life Insurance, SBI Life Insurance Bharti AXA Life Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, TATA AIA Life Insurance, Bajaj Allianz Life Insurance etc.
The job profiles aren’t limited to AAO, ADO and AE as detailed above. There are a plethora of opportunities for statisticians, sales folks, risk analysts, actuaries, human resource personnel, customer support executives, underwriters, marketeers etc
The insurance sector is here to stay and will scale rapidly in the upcoming months thus producing thousands of new lucrative job opportunities. It’s in your hands to capitalize on it by finding the ideal job for you in the booming sector and gearing up for it.
Happy job hunting!