IRDA Junior Officer (JO) Job Profile, Salary and Promotion/Future Growth.
The Junior Officer exam of IRDA conducted by IBPS is going to be conducted in a few weeks and there have been several questions revolving around the job profile, major promotional avenues and comparison with banks. The major question among the aspirants is ‘What is the job profile/role of IRDA Junior Officer’. Well, before giving any answer, let us first know about IRDA as an organisation. This will help you get a better understanding of the role of IRDA Junior Officer.
About IRDA (Insurance Regulatory and Development Authority of India)
- Insurance Regulatory and Development Authority of India (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India.
- It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India.
- The agency operates from its headquarters at Hyderabad, Telangana where it shifted from Delhi in 2001.
- IRDA batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the insurance sector from the erstwhile 26 per cent.The FDI limit in insurance sector was raised to 49% in July 2014.
Constitution and Structure of IRDA
- Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry.
- The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market.
- The IRDA opened up the market in August 2000 with the invitation for application for registrations.
- Foreign companies were allowed ownership of up to 26%.
- The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders’ interests
IRDA Junior Officer Training.
- On selection, the candidates will be placed on probation for a period of one year
- In special cases, it is subject to any extension.
- The total period of probation shall be a maximum of two years from the date of joining the service
IRDA Junior Officer Salary.
- Selected candidates will draw a starting basic pay of Rs.17,100/- per month in the scale of Rs. 17,100 – 33,200 (17 years) and
- other allowances, like Dearness Allowance,
- House Rent Allowance,
- City Compensatory Allowance,
- Grade Allowance, etc., as admissible from time to time.
- Other benefits are Defined Contributory Pension, Special Allowance for passing Actuarial Examination, Gratuity, LTC, Cash Medical Benefit, Group Mediclaim, Group Personal Accident Insurance, Group Insurance , Vehicle Loan (2- wheeler/4 wheeler) as per rules.
- At present, initial monthly gross emoluments for Junior Officer is approximately Rs. 74,351/- .
- The pay scales are due for revision.
IRDA Junior Officer Job Profile/Work Nature.
The Work of an Junior Officer is centered around executing administrative tasks such as:
- Devising New schemes.
- Inspecting various policies.
- Interacting with Clients.
- Inter-Department Communications w.r.t to schemes and policies.
- Executing various intangible tasks as directed by Senior Authorities.
IRDA Junior Officer Service Conditions / Career Prospects.
- There are reasonable prospects for promotion to higher grades.
- The posting of the selected candidates can be in any of the Offices of IRDAI and they are liable to be transferred from one Department/Office to another during any time in their career as per the Transfer/posting guidelines of the Authority.