LIFE INSURANCE CORPORATION OF INDIA (LIC)
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).
The first 150 years were marked mostly by turbulent economic conditions. It witnessed, India's First War of Independence, adverse effects of the World War I and World War II on the economy of India, and in between them the period of world wide economic crises triggered by the Great depression. The first half of the 20th century also saw a heightened struggle for India's independence. The aggregate effect of these events led to a high rate of bankruptcies and liquidation of life insurance companies in India. This had adversely affected the faith of the general public in the utility of obtaining life cover.
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.
Engagement of Direct Sales Executives
SELECTION PROCEDURE
a) 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 (if any) may be held at the centre where Direct Marketing Unit applied for is located. The written test (if any) will be of Objective Type covering Sales aptitude 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 through email and also
posted on the website www.licindia.in under link “Careers” and then “ENGAGEMENT OF DIRECT SALES EXECUTIVES”. Candidates are advised to check the site for this purpose.
b) 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 Direct Sales Executives to be engaged and the decision of the Corporation in this regard shall be final. No correspondence will be entertained in this regard.
c) The selected candidates subject to their being found medically fit by the Medical Examiner authorized by LIC for the purpose will have to undergo Theoretical training and pass IRDA licensing test for obtaining a license to procure Life Insurance Business within a maximum period of three months in maximum three attempts, following which he may be engaged as an apprentice Direct Sales Executive.
d) As an apprenticeship DSE, the candidate shall have to undergo insurance related training and pass a test on the same. The apprentice DSE shall be paid a fixed one-time stipend of Rs 3500/- (Rs. Three thousand five hundred only) as per rules of the Scheme.
e) On successful completion of the apprenticeship and passing the test, the candidate shall be engaged as a Direct Sales Executive purely on contract basis subject to conditions framed by the Corporation.
f) The selected candidate will be allotted specific area of operation during the period of engagement based on Business requirements.
g) It is clarified that selection as a Direct Sales Executive does not confer any right on the candidate to be
appointed as an employee in the Corporation.
SOURCE:
http://www.licindia.in/careers_pop9.html
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).
The first 150 years were marked mostly by turbulent economic conditions. It witnessed, India's First War of Independence, adverse effects of the World War I and World War II on the economy of India, and in between them the period of world wide economic crises triggered by the Great depression. The first half of the 20th century also saw a heightened struggle for India's independence. The aggregate effect of these events led to a high rate of bankruptcies and liquidation of life insurance companies in India. This had adversely affected the faith of the general public in the utility of obtaining life cover.
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.
Engagement of Direct Sales Executives
SELECTION PROCEDURE
a) 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 (if any) may be held at the centre where Direct Marketing Unit applied for is located. The written test (if any) will be of Objective Type covering Sales aptitude 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 through email and also
posted on the website www.licindia.in under link “Careers” and then “ENGAGEMENT OF DIRECT SALES EXECUTIVES”. Candidates are advised to check the site for this purpose.
b) 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 Direct Sales Executives to be engaged and the decision of the Corporation in this regard shall be final. No correspondence will be entertained in this regard.
c) The selected candidates subject to their being found medically fit by the Medical Examiner authorized by LIC for the purpose will have to undergo Theoretical training and pass IRDA licensing test for obtaining a license to procure Life Insurance Business within a maximum period of three months in maximum three attempts, following which he may be engaged as an apprentice Direct Sales Executive.
d) As an apprenticeship DSE, the candidate shall have to undergo insurance related training and pass a test on the same. The apprentice DSE shall be paid a fixed one-time stipend of Rs 3500/- (Rs. Three thousand five hundred only) as per rules of the Scheme.
e) On successful completion of the apprenticeship and passing the test, the candidate shall be engaged as a Direct Sales Executive purely on contract basis subject to conditions framed by the Corporation.
f) The selected candidate will be allotted specific area of operation during the period of engagement based on Business requirements.
g) It is clarified that selection as a Direct Sales Executive does not confer any right on the candidate to be
appointed as an employee in the Corporation.
SOURCE:
http://www.licindia.in/careers_pop9.html
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