Hello Students,

IRDA (Insurance and Regulatory Development Authority) conducts recruitment exams for Assistant Manager Profile every year. Here in this article, we have shared important details of IRDA AM exams like eligibility critiera, paper pattern, syllabus, boks and reading material, preparation streategy, salary, perks and other benefots of being a Assistant Manager at IRDA.

Eligibility criteria for IRDA Assistant Manager (AM) exam

Education criteria

For General profile- Graduation from a recognized university with minimum 60% marks

For Account profile – Graduation degree from a recognized university (60% marks) along with ACA/AICWA/ACMA/ACS/CFA

For Actuarial profile – Graduation degree from a recognised university(60% marks) along with successful completion of 9 papers of the Institute of Actuaries of India (IAI)

For Legal profile – Graduation degree from a recognised university (with 60% marks) along with LLB with 60% marks

All of the candidates should note:

  1. All of the candidates must hold a degree from a recognised university or educational institutes. Please check list of fake university on UGC website in case of any doubt.
  2. Candidate can choose any specialised subject (Actuarial, Accounts, Legal) or general profile. He/she will be evaluated from candidates choosing respective subjects
  3. Basic knowledge of computer operations is required in this post
  4. There is relaxation of 5% marks to candidates belonging to SC/ST categories
  5. In case of universities giving CGPA (instead of percentage) , candidate can use following convertor (60% is equivalent to 6.75 CGPA, 55% is equivalent to 6.25 CGPA, 50% is equivalent to 5.75 CGPA

Age criteria and relaxation for IRDA Am exam

Candidate should be between (21 -30 years) as on the time of notification.

Relaxation

  • Scheduled Caste / Scheduled Tribe (SC/ST) – 5 years
  • Other Backward Caste (OBC) – 3 years
  • Persons with disabilities (PWD) – PWD (SC/ST) – 15 years, PWD (OBC) – 13 years , PWD (Gen/UR) – 10 years
  • x-serviceman and Commissioned Officers including Emergency   Commissioned Officers and Short Service Commissioned Officers who have rendered at least five years Military Service. – 5 years
  • Ordinarily domiciled in the State of Jammu and Kashmir during the period from 1.1.1980 to 31.12.1989 – 5 years
  • Employees of IRDAI – To the extent of number of years of such service in IRDAI, subject to a maximum of three years.

Selection process and Syllabus for IRDA Assistant Manager (AM) exam

IRDA assistant exam is carried out in 3 phases.

Phase 1 exam – Online paper with MCQ questions.

Phase 1 stage of IRDA Assistant Manager is a qualifying stage. There will be negative marketing (-0.25 marks for wrong answer). Test will be in English and Hindi languages. A separate shortlist will be prepared for General profile, actuarial, accounts and legal profile in this phase.

Sr. No. Name of Tests (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

 

Phase 2 exam – Descriptive paper with 3 sections.

Name of Paper Type of Paper Marks Time (Minutes)
Paper-I: English Descriptive (question papers displayed on computer and to be written using pen and paper) 100 60
Paper-II: Economic and Social Issues impacting Insurance 100 60
Paper-III: Insurance and Management 100 60

Interview- Based on candidate performance in phase 2 exam, he/she will be called for interview.

There will be separate shortlist prepared for general profile, actuarial, accounts and legal profile.Final selection of the candidate will be based on Phase 2 and Interview score (in ratio of 85:15)

Syllabus for Phase – II Descriptive Examination

(i) Paper I – English

  1. a)      Essay;
  2. b)      Precis writing;
  3. c)      Comprehension and Business/Office Correspondence.

(ii) Paper II – Economic and Social Issues impacting Insurance

  1. a)      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;
  2. b)      Financial markets, Financial Institutions and financial services integration and risks arising from interconnectedness; systemic risk and concentration risk;
  3. c)      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
  4. d)      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.
  5. e)      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.

(iii) Paper III – Insurance and Management

Part 1 – Insurance

  1. a)      History of Indian Insurance, principles of Insurance;
  2. b)      Risk and uncertainty, pooling and diversification of risk, Indemnity and Insurable interest;
  3. c)      Legal foundations of Insurance, basics in Group/Health Insurance/Pensions; Intermediation: role in mobilising savings, evolution of various types and Bancassurance in India;
  4. d)      Functions performed by Insurers: Product design, pricing, distribution, underwriting, claims, Investment and Reinsurance;
  5. e)      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

  1. a)      Its nature and scope;
  2. b)      Management Processes – Planning, Organisation, Staffing, Directing and Controlling; role of a Manager in an Organisation;
  3. c)      Leadership: The tasks of a leader; leadership styles; leadership theories; A successful leader versus an effective leader;
  4. d)      Human Resource Development- Concept of HRD; Goals of HRD; Career Planning – Training and Development;
  5. e)      Performance Appraisal – Potential appraisal and development – feedback and performance counselling – rewards – employee welfare;
  6. f)       Motivation, Morale and Incentives: Theories of Motivation; How Managers Motivate; Concept of Morale; Factors determining morale; Role of Incentives in Building up Morale;
  7. g)      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;
  8. h)     Role of Information Technology;
  9. i)       Corporate Governance: Factors affecting Corporate Governance; Mechanisms of Corporate Governance.

 

Past year paper cut off for IRDA Assistant Manager (AM) exam

Cut-off on aggregate marks for shortlisting of candidates for Interview:-

Specialization UR OBC SC ST PWD (HI)
Actuarial 40%
Accounting 66% 61%
Legal 62.33% 57.33% 57.33%
General 67% 62% 62% 62% 62%

Aggregate marks obtained by the last recommended candidate under respective category, specialization-wise, in Phase-II Descriptive Examination + Interview out of 100 with reference to the number of vacancies notified under each category are as under:-

Specialization UR OBC SC ST PWD (HI)
Actuarial 55.38
Accounting 73.78
Legal 74.25 69.13
General 75.67 72.00 64.30 66.72 65.08

 

How to prepare for IRDA Assistant Manager (AM) exam

See this link for preparation strategy, important books for IRDA Assistant Manager (AM) exam

See this link for Online coaching for IRDA Assistant Manager (AM)

Important dates of IRDA Assistant Manager (AM) exam

IRDA Assistant Manager (AM) exams tentative schedule as below.

  • Date of notification of IRDA AM : August month
  • Last date of filling application form and payment of fee: September
  • Phase 1 paper: October
  • Phase 2 paper: November
  • Phase 2 result: January
  • Interview: April
  • Result: May

Job Profile of IRDA Assistant Manager (AM) profile

As an Assistant Manager (AM) at IRDA, candidate will be associated with one of the 27 divisions after completion of training period. Assistant Manager is basically an entry level profile, and candidate is required to work mostly on the execution part at IRDA.

See complete information about iRDA, organisation structure, work hierarchy

Job Location of IRDA Assistant Manager

IRDA main office is at Hyderbad, Telengana. It has 2 branch offices – one at Delhi and second and Mumbai. However, majority of new selected candidates for IRDA Assistant Manager(AM) profile will be placed at its Hyderabad office.

Salary and other benefits of IRDA Assistant Manager profile

Pay scale: Selected candidates will draw a starting basic pay of Rs.28,150/- per month in the scale of  Rs.28150-1550(4)-34350-1750(7)-46600-EB-1750(4)-53600-2000(1)-55600 (17 years) and other allowances, like Dearness Allowance, House Rent Allowance, City Compensatory Allowance, Grade Allowance, etc., as admissible from time to time. The candidates employed elsewhere and joining IRDAI will be fixed at the minimum of basic pay in the scale of pay applicable to the post. At present, initial monthly gross emoluments for Assistant Manager is approximately Rs.81,000/-. The following qualification allowances, in addition to the above, are applicable to candidates selected for posts with professional qualifications.

Qualification Completion level Qualification allowance  per month
Actuarial Nine papers of the Institute of Actuaries of India Rs.15,000/-
Accounts ACA/AICWA/ACS Rs. 3,500/-

 

Perquisites: Reimbursement of expenses is allowed for telephone expenses, brief case, book grant, allowance for furnishing of residence, medical expenses including annual health checkup, Group medical insurance, etc. as per eligibility. Leave Travel Concession (once in two years for self, spouse and eligible dependents) and loans and advances at concessional rates of interest for Housing, Car, Education, Consumer Articles, etc. are also allowed as per eligibility conditions. Selected candidates will be governed by the defined contribution New Pension Scheme (NPS).

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.

 

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