Marketing/Bancassurance & Alternate Channels Department,
Southern Zonal Office, Chennai 600 002. Ph: 28604143 (044)
Engagement of Financial Services Executives
Approximately 80 Financial Services Executives are proposed to be engaged by various Offices of the Corporation on Contract basis for 3 years under the jurisdiction of Zonal Office, Chennai
Applicant shall possess the Bachelor’s Degree of a University in India established under a statute. Preference may be given to those applicants who possess the Bachelor Degree or Diploma in Marketing /Management. Good working knowledge of English and also one Regional language preferably local language is desirable. Knowledge of soft skills such as Power Point / Word / Excel would be additional advantage.
b) Age: (i) The applicant shall have completed 21 years of age and not more than 35 years of age as on 01-07-2010.
Selection will be made on the basis of a written test if necessary, followed by an Interview of candidates who qualify in the written test. Written Test will be of Objective Type covering Test of Reasoning, Numerical Ability and General Knowledge. The date and venue of the written test, if to be conducted, will be communicated to the eligible candidates individually.
3. The selected candidates may be allotted anywhere during the period of engagement based on business requirements.
4. The selected candidate will have to undergo Theoretical Training, pass an examination conducted by the IRDA and obtain a license to procure Life Insurance Business. After procuring the license, if the candidate is found suitable for selection in accordance with the scheme, may be engaged as a Financial Services Executive on Contract basis subject to conditions framed by the Corporation.
5. A Financial Services Executive will be paid a fixed amount every month and incentives based on the yearly performance.
6. It is clarified that selection as a Financial Services Executive does not confer any right on the candidate to be appointed as a Permanent employee in the Corporation.
7. Interview: Candidates successful in the written test (if conducted) or eligible candidates will be called for an Interview. The Corporation reserves the right to restrict the number of candidates to be called for written test and/or interview commensurate with number of Financial Services Executives to be engaged and the decision of the Corporation in this regard shall be final. No correspondence will be entertained in this regard. Selected candidates will be engaged as Financial Services Executives subject to their being found medically fit by the Medical Examiner authorized by the LIC for the purpose.
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The Life Insurance Corporation of India (LIC) is the largest state-owned life insurance company in India, and also the country's largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of 9.31 trillion (US$206.68 billion). It was founded in 1956 with the merger of more than 200 insurance companies and provident societies.
The Life Insurance Act and the Provident Fund Act were passed in 1912, providing the first regulatory mechanisms in the Life Insurance industry. The Indian Insurance Companies Act of 1928 authorized the government to obtain statistical information from companies operating in both life and non-life insurance areas. The subsequent Insurance Act of 1938 brought stricter state control over an industry that had seen several financially unsound ventures fail. A bill was also introduced in the Legislative Assembly in 1944 to nationalize the insurance industry.
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