Dear Aspirants,
Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body formed under an Act of the Parliament. IRDAI invites applications from eligible Indian citizens for filling up 45 posts in Assistant Manager (AM) grade through open competition on all India basis for its various offices. Selection will be through a country-wide competitive Phase I - “On-line Preliminary Examination (objective type)” followed by Phase II - “Descriptive Examination” at select centres and Phase III - Interview.
Click here to Apply Online
No. of Vacancies:
|
Name of the Post |
(GEN/UR) |
(EWSs) | (OBC) |
(SC) | (ST) |
Total |
|---|---|---|---|---|---|---|
|
Assistant Manager |
20 |
4 |
12 |
6 |
3 |
45 |
Important Dates
| Description | Schedule |
|---|---|
| Website Link Open for on-line registration of applications and payment of examination fee/intimation charges | 11.04.2023 |
| Last date for submission of on-line applications and payment of examination fee/intimation charges | 10.05.2023 |
| Phase I On-Line Preliminary Examination (Objective type) | Will be informed in due course |
| Phase II On-Line Examination (Descriptive Examination) | -- |
| Phase III Interview | -- |
Educational Qualifications
| Stream | Number of posts | Qualification/s required |
|---|---|---|
| Actuarial | 5 | Graduation with minimum 60% marks and 7 papers passed of IAI as per 2019 curriculum |
| Finance | 5 | Graduation with minimum 60 % marks and ACA/AICWA/ACMA/ACS/CFA |
| Law | 5 | Bachelor’s Degree in Law with minimum 60% marks |
| IT | 5 |
Bachelor’s Degree in Engineering (Electrical / Electronics / Electronics and Communication / Information Technology / Computer Science/ Software Engineering) with minimum 60% marks
OR Masters in Computers Application with minimum 60% marks OR Bachelor’s Degree in any discipline with a post graduate qualification (minimum 2 years duration) in Computers / Information Technology with minimum 60% marks |
| Research | 5 | Master's Degree or 2-years Post Graduate Diploma in Economics / Econometrics / Quantitative Economics / Mathematical Economics / Integrated Economics Course/ Statistics/ Mathematical Statistics/Applied Statistics Informatics with a minimum of 60% marks |
| Generalist | 20 | Graduation with minimum 60% marks |
Age Limit (as on 10.05.2023)
- Not below 21 years and not above 30 years as on 10.05.2023, i.e. candidates should have been born not earlier than 11.05.1993 and not later than 10.05.2002 (both days inclusive).
Selection Process
- Phase I - On-line Preliminary Examination (Objective Type). This is a qualifying examination to be eligible for Phase II - Descriptive Examination. Through this, candidates for Actuarial, Finance, Law, IT, Research streams and General stream shall be shortlisted separately for Phase II - Descriptive Examination as per standards to be decided separately by IRDAI (approximately 20 times the number of vacancies subject to availability). Marks secured in the Phase I - On-line Preliminary Examination will not count for interview or final selection.
- Phase II - Descriptive Examination comprising 3 Papers (Paper I, II and III).
- Phase III - Interview (a) Candidates for Actuarial, Finance, Law, IT, Research and General stream shall be shortlisted for Phase III - Interview based on the aggregate marks obtained in Papers I, II and III of Phase II - Descriptive Examination only. (b) The minimum cut-off marks for being shortlisted for Phase III - Interview shall be decided for each stream by IRDAI. (c) Final selection shall be based on the performance and merit of the candidates under respective stream in Phase II - Descriptive Examination and Phase III – Interview, taken together.
Phase I On-Line Preliminary Examination
| Sl. No. | Name of Test (Objective) | No of Questions | Maximum Marks | Total Time |
|---|---|---|---|---|
| 1 | Test of Reasoning | 40 | 40 | Composite time of 90 minutes |
| 2 | Test of English Language | 40 | 40 | |
| 3 | Test of General Awareness | 40 | 40 | |
| 4 | Test of Quantitative Aptitude | 40 | 40 | |
| Total | 160 |
160 | ||
There will be negative marks for wrong answers in the Objective Tests. 1/4th mark will be deducted for each wrong answer.
Phase II - Descriptive Examination
| Name of Paper | Type of Paper | Marks | Time (Minutes) |
|---|---|---|---|
| Paper-I: English | Descriptive (Questions will appear on screen and answers have to be written on answer sheets) | 100 | 60 |
| Paper-II: Economic and Social Issues impacting Insurance | 100 | 60 | |
| Paper-III: Insurance and Management | 100 |
60 |
Phase III – Interview
- Candidates who have been shortlisted in Phase II - Descriptive Examination only will subsequently be called for an Interview.
- Final selection will be on the basis of candidate's performance in Phase II - Descriptive Examination and Interview taken together (combined score) in order of merit.
- The weightage of Phase II - Descriptive Examination and Interview will be 85:15.
Probation
- On selection, the candidates will be placed on probation for a period of one-year subject to any extension of such probation; the total period of probation shall be a maximum of two years from the date of joining the service.
Application Fee (Non-refundable)
| Category of Applicant | Amount of Fee (Non-refundable) |
|---|---|
| SC / ST / PwBD | Rs.100/- Intimation charges |
| Other than SC/ST/PwBD | Rs.750/- Examination fee and Intimation charges |
Syllabus for Phase I
Quantitative Aptitude
- Data Interpretation
- Boats and Streams
- Time and Work
- Time, Speed and Distance
- Partnership
- Mixtures and Alligation
- Ages and Average
- Profit and Loss
- Percentage and Interest
- Problems on Trains
- Pipes and Cisterns
- Area and Volume
- Number Series
- Linear equations
- Quadratic equations
- Data sufficiency
Reasoning
- Machine Input Output
- Puzzles
- Seating Arrangement
- Order and Ranking
- Inequalities
- Statement and Assumptions
- Statement and Conclusion
- Coding-Decoding
- Cause and Effect
- Statement and Argument
- Venn Diagram/Syllogism
- Blood Relation
- Direction and Distance
General Awareness
- Current Affairs (Six Months)
- Government Schemes
- Monthly GK Digests (All Months)
- Banks with Headquarters, Chairman and Tag Lines
- List of Sports Events & Winners - 2023
- List of MoUs signed by India in 2023
- India's Forecasted GDP Growth by various Institutions
- Complete List of Obituary 2023
- International Organizations' Reports
- India's Rankings in Different Indices 2023
- List of Appointments in 2023
- List of Summits and Conferences: 2023
- Static GK Digest
- Books and Authors 2023
- Constituency and Ministry of Cabinet Ministers
- Important Places in India
- List of Important Dams in India
- Sports Stadiums in India
- Awards and Honours in India 2023
- List of Important Days With Themes
- List of Festivals Organized in India
English Language
- Reading Comprehension
- Cloze Test
- Error Spotting
- Double Fillers
- Sentence Rearrangement
- Vocabulary Based Questions
Syllabus for Phase II
Paper I – English
- Essay
- Precis writing
- Comprehension and Business/Office Correspondence
Paper II – Economic and Social issues impacting insurance
- Economic Growth, business cycles and insurance penetration, impact of age structure on economy, application of utility theory to insurance premium setting, macroeconomic factors including catastrophes and pandemics that may impact insurers and insurance markets;
- Financial markets, Financial Institutions and financial services integration and risks arising from interconnectedness; systemic risk and concentration risk;
- Economic capital and risk based capital requirements, economic impact of risk transfer arrangements including reinsurance, contribution of Insurance sector to sustainable and responsible development of economy, Insurance Investments in Infrastructure sector;
- Economic reforms in India leading to Insurance sector reforms, Insurance regulation - financial and market conduct regulations, functions of IRDAI, role of an Actuary, de-tariffing in India, motor business and Indian experience, changing Insurance Regulations/Laws and FSLRC;
- Social structure in India, Insurance in rural and social sectors and obligations of Insurers thereto, Indian Micro-Insurance experience, Social security laws and implementation thereof. RSBY - Health insurance scheme for Below Poverty Line (BPL) families.
Paper III - Insurance and Management
Part 1 - Insurance
- History of Indian Insurance, principles of Insurance;
- Risk and uncertainty, pooling and diversification of risk, Indemnity and Insurable interest;
- Legal foundations of Insurance, basics in Group/Health Insurance/Pensions; Intermediation: role in mobilising savings, evolution of various types and Bancassurance in India;
- Functions performed by Insurers: Product design, pricing, distribution, underwriting, claims, Investment and Reinsurance;
- Insurance lines and products: Property-Liability, Life Insurance and Annuities and Health Insurance; Liability risks and Insurance, valuation and Solvency requirements, Specialist Insurance lines in India - Agricultural and Export Credit Guarantee; Reinsurance, GIC of India, obligator sessions and retention of risk within the Country.
Part 2 - Management
- Its nature and scope;
- Management Processes - Planning, Organisation, Staffing, Directing and Controlling; role of a Manager in an Organisation;
- Leadership: The tasks of a leader; leadership styles; leadership theories; A successful leader versus an effective leader;
- Human Resource Development- Concept of HRD; Goals of HRD; Career Planning – Training and Development;
- Performance Appraisal - Potential appraisal and development - feedback and performance counselling - rewards - employee welfare;
- Motivation, Morale and Incentives: Theories of Motivation; How Managers Motivate; Concept of Morale; Factors determining morale; Role of Incentives in Building up Morale;
- Communication: Steps in the Communication Process; Communication Channels; Oral versus Written Communication; Verbal versus non-verbal Communication; upward, downward and lateral communication; Barriers to Communication;
- Role of Information Technology;
- Corporate Governance: Factors affecting Corporate Governance; Mechanisms of Corporate Governance.
IRDAI Assistant Manager Course by Ramandeep Singh
Team BankExamsToday is offering is a full-fledged and a comprehensive course for the preparation of IRDAI Assistant Manager exam.
Course features
- Proper Video classes
- Complete study material in PDF
- Test series - Full-length tests
- Chapter-wise tests
- Systematic study plan
- Interview preparation guide
