IRDA Junior Officer: Job Profile, Salary, Training & Future Prospects/Promotion

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IRDA JUNIOR OFFICER Job Profile, Salary and Future Growth Promotion

IRDA About. Structure of IRDA. IRDA Junior Officer Training. IRDA Junior Officer Salary,IRDA Junior Officer Job Profile/Work Nature, IRDA Junior Officer Career Prospect

IRDA Junior Officer (JO) Job Profile, Salary and Promotion/Future Growth.

 IRDA Junior Officer All India Rankers Test’s Registrations Open. Register Now

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.
  • Pay Scale  17,100 – 1000 (11) – 28,100 – EB- 1000 (4) – 32,100 -1100 (1) – 33,200 (17 years). IRDA JUNIOR OFFICER Job Profile, Salary and Future Growth Promotion
  • Allowances:
    • 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.

Suggested Reading

Click here to read about recruitment, eligibility, pattern, salary, syllabus and preparation tips for IRDA Junior Officer.

How to crack IRDA Phase I preparation tips, expected cutoffs and books to read.(free books inside )

Click here to read IRDA Junior Officer Phase II – Essay Writing Tips

Click here to read IRDA Junior Officer Phase II – Precis Writing Tips

Click here to read IRDA Junior Officer Phase II – Correspondence Writing Tips

Click here to read IRDA JO Phase II Paper II Preparation tips and Free resources (including free insurance awareness quizzes.)

 

  • vijay simha

    I am sorry but the
    information provided is not satisfactory.

    • Akshay Jain

      Hi vijay
      Would you be kind enough to tell what other information you nay need.

      • vijay simha

        Sir,
        Thank you for the interest.
        I see the ” Service Conditions / Career Prospects” quiet vague and information provided is as novice as it can be.
        We were hoping the career progression information in terms of at least till reporting authority or even a generic organisation hierarchy.
        Transfer details are also very casually drafted, at least the years after which a transfer is made on an average was expected.
        I believe you can add more.
        However i have always been a religious follower of Mocbank and have reaped a greater benefits from it. I am always grateful to Mocbank team for their insightful informations. Having said this, i just felt to highlight this issue to your concern.

        • Vaibhav Mehta

          Hello Vijay
          Thank you for your valuable suggestions and faith in MockBank. Appreciate them.
          We will incorporate them in this as well as future articles.

          • Super man

            hi vaibhav sir,if a lady gets selected for the IRDA junior officer , will she be posted anywhere in india or at her native location. actually my sister is from hyderabad , she i married and she applied dis particular irda jo post because in the notification it is mentioned that the job location is in hyderabad…..

            and in the case of lic aao will the posting and transfer will be accordingly to the ladies native location

          • Vaibhav Mehta

            LIC gives but there is no policy for transfers for female candidates by IRDA.

          • Super man

            Sory vaibhav sir, but i did not understand ur reply. . . Pls elucidate. . .

          • Super man

            Sir aapne mujhe reply nahi diya. . . .

          • AMIT CHAUDHARY

            Super Man
            LIC generally gives better postings and transfers for women candidate. But there is no surety that every female candidate will get her native location. Sometimes females also are posted to far off places. It depends upon the decision of the people in the HR department.

  • Damon_HellRaiser

    Sir could u suggest some books for phase 2 exam of IRDAI junior officer

    • Nupur

      may i suggest ??

    • Akshay Jain

      arihant publication books are available for IRDA junior officer.

      • Damon_HellRaiser

        Thank you

        • Akshay Jain

          Your Welcome

  • Super man

    if a lady gets selected for the IRDA junior officer , will she be posted anywhere in india or at her native location. actually my sister is from hyderabad , she i married and she applied dis particular irda jo post because in the notification it is mentioned that the job location is in hyderabad…..

    and in the case of lic aao will the posting and transfer will be accordingly to the ladies native location