The General Insurance Corporation of India (GIC Re) has recently announced an exciting opportunity for aspiring professionals, particularly for those with a strong interest in actuarial sciences and insurance management. The release of the GIC Notification 2024 for Actuarial Apprentices and Assistant Manager (Scale I) positions opens the door to a promising career in the prestigious reinsurance sector.
This notification outlines detailed eligibility criteria, qualifications, selection processes, and application procedures for different positions, including Actuarial Apprentices and Assistant Managers. Below, we explore these details comprehensively.
GIC Recruitment 2024: Overview
The General Insurance Corporation of India (GIC Re) is India’s sole reinsurance company and ranks among the top 16 reinsurers globally. With its headquarters in Mumbai, GIC provides reinsurance support to the Indian insurance industry and operates in key international markets. A career with GIC offers vast growth opportunities, making this recruitment an excellent option for fresh graduates and experienced professionals alike.
The GIC Notification 2024 announces vacancies for:
- Actuarial Apprentices
- Assistant Manager (Scale I)
The two recruitment categories have different eligibility criteria, selection processes, and job roles. Let’s dive into each category.
1. GIC Actuarial Apprentice Recruitment 2024
Job Role and Responsibilities
The Actuarial Apprentice position is a learning-based role where candidates gain hands-on experience in the actuarial field. Actuarial apprentices assist in risk analysis, pricing of insurance products, and financial modeling, among other tasks. This opportunity allows candidates to work closely with experienced actuaries and build a solid foundation for a career in the insurance industry.
Stipend and Duration
- Stipend: INR 30,000 per month in the first year and INR 35,000 per month in the second year.
- Duration: 2 years
- Apprentices must pass six actuarial subjects over the course of these two years.
Number of Vacancies
- Total vacancies: 12 Actuarial Apprentice positions
Eligibility Criteria for Actuarial Apprentices
Educational Qualification
To apply for the Actuarial Apprentice role, candidates must meet the following educational qualifications:
- Graduate or Postgraduate degree in Science with a focus on Mathematics or Statistics or in Commerce with a specialization in Statistics or Actuarial Science. A minimum of 60% marks is required.
- Alternatively, candidates with a Bachelor’s degree in Arts with Actuarial Science or a Post-Graduate Diploma in Actuarial Science with 50% marks are eligible.
- SC/ST candidates are granted a 10% relaxation in the required marks.
Actuarial Exams
Candidates must have passed at least two actuarial subjects from either the Institute of Actuaries of India (IAI) or the Institute and Faculty of Actuaries (IFoA).
Age Limit
- The age limit for applicants is 21 to 27 years.
- Age relaxation is provided as per government norms:
- OBC: 3 years
- SC/ST: 5 years
- PWD: 10 years
Selection Process
The selection process for the Actuarial Apprentice position involves:
- Screening of applications based on eligibility criteria
- Group Discussion or Interview
How to Apply for Actuarial Apprenticeship at GIC Re
Candidates must follow these steps to apply for the GIC Actuarial Apprentice position:
- Visit the official GIC website at www.gicre.in.
- Navigate to the Careers or Recruitment section.
- Locate the Actuarial Apprentice program link.
- Read the eligibility criteria carefully.
- Gather required documents such as educational certificates, proof of actuarial exam results, and other relevant documents.
- Fill out the application form with accurate details.
- Submit the application via email to Recruitment-AA@gicre.in before July 8, 2024.
2. GIC Assistant Manager (Scale I) Recruitment 2024
Job Role and Responsibilities
The GIC Assistant Manager (Scale I) post is an entry-level officer position with opportunities for growth in various streams such as finance, legal, and insurance. Successful candidates are responsible for managing corporate insurance portfolios, conducting risk assessments, and supporting the reinsurance business.
Salary Structure
- Basic pay: INR 50,925 per month
- Total monthly emoluments: Approximately INR 85,000
- Additional perks include HRA, DA, CCA, medical benefits, leave travel subsidy, house furnishing allowance, and others.
Number of Vacancies
- Total vacancies: 85 Assistant Manager positions in various streams.
Eligibility Criteria for GIC Assistant Manager
Educational Qualification
The required qualifications for the Assistant Manager (Scale I) position vary by stream:
- Finance/Accounts: A B. Com degree with at least 60% marks (55% for SC/ST candidates), or candidates who have passed the final exam of the Institute of Chartered Accountants of India.
- General Stream: Graduation in any discipline with at least 60% marks (55% for SC/ST).
- Legal: An LLB/BL degree with at least 60% marks (55% for SC/ST), or equivalent qualification recognized by the central government.
- Insurance: Graduation in any discipline with at least 60% marks (55% for SC/ST), or equivalent qualification recognized by a university.
Age Limit
- The age limit for the Assistant Manager post is 21 to 30 years.
- Age relaxation applies as follows:
- SC/ST: 5 years
- OBC: 3 years
- PwD: 10 years
- Other categories such as ex-servicemen, widows, and individuals from Jammu & Kashmir may receive additional relaxation.
Selection Process
The selection process for the Assistant Manager role consists of:
- Online written test
- Group Discussion
- Interview
- Medical Examination
The online written exam assesses a candidate’s reasoning ability, English language proficiency, general awareness, numerical ability, and domain-specific knowledge.
GIC Assistant Manager Exam Pattern 2024
The written exam consists of three parts:
- Part A (Objective): Higher Order Reasoning Ability, Critical Thinking
- Part B (Objective): Test of Reasoning, Test of English Language, General Awareness, Numerical Ability & Computer Literacy
- Part C (Descriptive): Essay, precis, and comprehension
The total marks for the online test, group discussion, and interview are 200.
How to Apply for GIC Assistant Manager Recruitment 2024
To apply for the GIC Assistant Manager post, candidates must:
- Visit the GIC official website at www.gicre.in.
- Go to the Recruitment section and click on the Assistant Manager application link.
- Fill out the online application form with accurate details.
- Pay the application fee of INR 1,000 (exemptions available for SC/ST/PwD/female candidates and GIC employees).
- Submit the form before the deadline, which is 12th January 2024.
Key Dates for GIC Recruitment 2024
- Start of Online Application: 23rd December 2023
- Last Date to Apply: 12th January 2024
- Written Exam Date: 9th March 2024
- Admit Card Release: 1st March 2024
Conclusion
The GIC Notification 2024 provides an excellent opportunity for aspiring actuarial professionals and those seeking entry into the management stream of the insurance sector. With competitive stipends, excellent career growth opportunities, and challenging job roles, GIC stands out as an attractive employer in India’s public sector.
Interested candidates should thoroughly review the eligibility criteria and ensure they meet all requirements before applying. Whether you aim to become an Actuarial Apprentice or an Assistant Manager, now is the time to gear up for your application, as these roles offer a stepping stone into a fulfilling career.
For more information and to apply, visit the official GIC website: www.gicre.in.
