Looking for a high paying career in the insurance industry that offers financial security and a healthy work-life balance? IRDAI Grade A officer’s position is for you.
With lucrative salary and allowances, the IRDAI Grade A officer’s post gives you a sense of fulfilment as you work in the insurance sector of India. Let’s explore an IRDAI Grade A officer’s lifestyle, along with salary, allowances, perks, postings, transfers, accommodation, and more.
IRDAI Grade A Work Environment
Here’s the work environment you can expect after cracking the IRDAI Grade A exam.
Peaceful Work Environment
At IRDAI, you can expect a peaceful work environment with limited public dealing, generally with stakeholders, and government representatives.
Favourable Work-Life Balance
A typical day at IRDAI starts at 9:00 AM and ends by 5:00 PM. So, you’ll be working for 8 hours a day for 5 days a week, i.e., Monday to Friday. This helps IRDAI Grade A officers maintain a decent work-life balance.
Corporate-Like Work Culture
The work culture at IRDAI is similar to that of a corporate setup. This indicates that IRDAI maintains its office premises well, and the organizational work culture fosters professionalism and a collaborative spirit among employees.
Note. The number of employees at IRDAI are less than SEBI or RBI. This allows you to meet and interact with people from other departments and develop a friendly bond over time.
- PYQs of 2017
- PYQs of 2023
IRDAI Grade A Salary
The IRDAI Grade A officer enjoys a competitive salary and various allowances that add up to a handsome amount.
Salary of an IRDAI Grade A Officer
- The annual CTC of IRDAI Grade A officers is around 25 lakhs, while the basic monthly pay is ₹44,500.
- In addition to the basic pay, allowances like house rent allowance (HRA), children allowance, household allowance, dearness allowance (DA), etc., form the gross monthly salary of ₹1,46,000 or ₹17 lakhs per annum.
Allowances of an IRDAI Grade A Officer
- The IRDAI Grade A officers get some allowances monthly that sum up to around ₹8 lakhs per annum.
- Adding all these components, i.e., the gross salary of ₹17 lakhs per year and monthly allowances of ₹8 lakhs per year, an IRDAI Grade A manager gets a CTC of approximately ₹25 lakhs per annum.
Click on the link, IRDAI Grade A Officer’s Salary, for detailed information.
IRDAI Grade A Officer Salary: Additional Perks
Here are the additional perks that an IRDAI assistant manager gets:
1. Medical Reimbursement for Family
As an IRDAI Grade A assistant manager, you can get reimbursed for your and your family’s medical expenses.
2. Group Savings Linked Insurance
IRDAI offers medical insurance, accident insurance, and group savings-linked insurance, which the officers can leverage after retirement.
- PYQs of 2017
- PYQs of 2023
IRDAI Grade A Manager Accommodation
IRDAI Grade A officers get an HRA or House Rent Allowance, which is a percentage of the officer’s basic salary. This allowance helps the Grade A officers cover the rent of the property they’ve leased.
Postings and Transfers of an IRDAI Grade A Officer
Here is the posting and transfer policy of an IRDAI Grade A officer:
Posting of IRDAI Grade A Officer
- IRDAI has its headquarters in Hyderabad where 90% of its workforce is stationed.
- IRDAI also has officers in Delhi and Mumbai, where you may be transferred later in your career.
Transfer Policy for IRDAI Grade A Officer
- Departmental transfers at IRDAI may happen every 5 years.
- If you’ve joined as a specialist, you may be transferred after 7 years, if required.
- For sensitive profiles, transfers might happen after 3 years.
Is IRDAI Grade A a Prestigious Job?
Yes IRDAI Grade A is widely considered a prestigious job in India. Here’s why:
1. High Reputation
The Insurance Regulatory and Development Authority of India (IRDAI) is a prestigious institution where you’ll get to contribute to the insurance sector of India.
2. Lucrative Compensation
IRDAI Grade A officers receive a competitive salary package with benefits like allowances, housing assistance, perks, and various benefits.
3. Good Career Growth
The position offers a well-defined path for advancement within IRDAI. Over time, you can climb the ladder to senior management positions, increasing your influence and responsibility.
4. Stable Work Environment
IRDAI is known for its professional and stable work environment. The workload is moderate allowing officers to maintain a better work-life balance.
5. Nationwide Recognition
While the IRDAI is not as renowned as the RBI, it’s slowly becoming popular among the Indian masses.
- PYQs of 2017
- PYQs of 2023
Conclusion
Overall, the IRDAI Grade A officer’s position offers a well-rounded lifestyle that combines professional growth, financial security, and the satisfaction of contributing to India’s insurance sector.