IRDAI Assistant Manager Salary: CTC, In-Hand, & Perks

For competitive exam aspirants like you, salary information is crucial to weighing different roles regarding long-term growth and financial security. The IRDAI Assistant Manager salary makes it a sought-after position because of the social status and the money it brings to your bank.

Let’s break down the IRDAI Grade A salary into various components: CTC, allowances, perks, benefits, and more. This knowledge allows you to: 

• Use the rewards of success to stay motivated
• Weigh the financial benefits against the effort required
• Keep your goals realistic as you prepare for IRDAI Grade A.

I’ll also compare the IRDAI assistant manager salary with the salary of IAS, RBI Grade B, SEBI Grade A, IBPS PO, and SBI PO to provide a comparative perspective.

IRDAI Assistant Manager Salary: CTC

The current CTC of an Assistant Manager at IRDAI is around ₹25 lakhs per annum, making it one of the most lucrative packages for aspirants.

Let’s now discuss the salary structure of an IRDAI Grade A officer.

IRDAI Assistant Manager Officer Salary Structure

• According to the official IRDAI Assistant Manager notification, the starting basic pay for Grade A officers in IRDAI is ₹44,500 per month.
• On top of this, you’ll get allowances like HRA, DA, and more, which add up to form the gross salary.

IRDAI Assistant Manager Gross Salary

tant Note: DA is given as % of IRDAI Grade A basic pay which keeps on varying.

Now, is this all you are getting? No, several monthly and yearly allowances are added to this amount.

Allowances in IRDAI Assistant Manager Officer Salary

An IRDAI assistant manager gets various allowances that sum up to around ₹7.8 lakhs per annum. Here are all the allowances you get as an IRDAI Grade A officer:

1. Fuel Allowance

IRDAI assistant managers can enjoy a monthly allowance to cover the fuel expenses incurred when traveling between the office and their residence. The allowance amount is around ₹18,000 for 180 liters of petrol, which varies with location. 

2. Household Allowance

Employees get a household cleaning allowance of ₹6,750 per month.

3. Newspaper Allowance

IRDAI offers you ₹2,700 per month for newspapers.

4. HRA (House Rent Allowance)

IRDAI Grade A officers are entitled to an HRA allowance of around ₹41,000 which they can use to rent accommodation.

5. Children’s Education Allowance

IRDAI offers an allowance of ₹13,500 per month to support children’s education. 

6. Sodexo Coupon

IRDAI provides ₹6,500 monthly in Sodexo coupons. These coupons can be redeemed for food purchases in the canteen or designated stores like Big Bazaar. 

7. Mobile Allowance

To ensure their employees are reachable if and when needed, monthly mobile calls and data charges of up to ₹2,700 are given.

8. Furniture Allowance

IRDAI assistant managers also get a furniture allowance of ₹3lakhs over 5 years.

9. Other Allowances for IRDAI Assistant Manager

IRDAI Grade A officers also get allowances of around ₹10,000 for covering:

• Dental and Health checkups
• Learning Expenses
• Spectacles

These allowances amount to approximately ₹65,150 per month, offering a boost to the overall salary of IRDAI assistant managers. 

Adding all these components, i.e., the salary of ₹17 lakhs per year, monthly allowances of around ₹8 lakhs per year, the salary of an IRDAI assistant manager is approximately ₹25 lakhs per annum or ₹2 lakhs per month.

Does this mean you will get ₹2 lakhs in your account each month? No, it doesn’t work like that!

₹25 lakhs per annum or ₹2 lakhs per month is your CTC. It includes a lot of components, and several deductions are made before you actually get your in-hand salary.

So, if you’re wondering why there’s a difference between your CTC and your take-home pay, let me break it down step by step and explain these deductions.

In-Hand Salary of IRDAI Assistant Manager

As per the official IRDAI Assistant Manager notification, the total gross monthly salary of an IRDAI assistant manager is approximately ₹1,46,000. When you add all the allowances, it becomes around ₹200,000. However, there is a deduction of around ₹80,000 to this amount. 

*HRA is deducted from your salary if you get house accommodation from IRDAI.

The latest in-hand salary of an IRDAI Grade A officer after all deductions is as follows:

After deduction, an IRDAI assistant manager draws approximately ₹1,20,000 per month.

Find out what makes IRDAI Assistant Manager Lifestyle so balanced and rewarding.

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.

Annual Salary Increment of IRDAI Assistant Manager

The official IRDAI notification states that the pay scale for an IRDAI Assistant Manager is ₹44500 – 2500(4) – 54500 – 2850 (7) – 74450 – EB – 2850 (4) – 85850 – 3300 (1) – 89150 (17 Years). 

Here is a detailed explanation of the annual increment:

• IRDAI Grade A officers start with a monthly basic pay of ₹44,500.
• They receive annual increments of ₹2,500 for the first 4 years.
• After 4 years, their basic pay increases to ₹54,500, and further increments of ₹2,850 per year continue for the next 7 years.
• After 11 years, the basic pay reaches ₹74,450, and annual increments of ₹2,850 per year continue for the following 4 years.
• After 15 years, the salary reaches ₹85,850 and an annual increment of ₹3,300 continues for the next 1 year.
• After the completion of 16 years, the maximum basic pay reaches ₹89,150.

Important Note: I have provided the annual increment on the basic salary as it is a fixed component for all the IRDAI Grade A officers. Besides this, you are also eligible to get allowances, which can vary from person to person. 

I have summarized the above information in the table below.

IRDAI Assistant Manager Officer Salary After 5, 10, 15, 20, & 25 Years

Here is the basic pay of an IRDAI Grade A officer after 5, 10, 15, 20, and 25 years:

Important Note: This is just the basic salary (without allowances). 

Let’s now learn about the promotions.

IRDAI Assistant Manager Promotions

IRDAI offers ample promotion and career growth opportunities for the IRDAI Grade A managers. Here’s an overview of the promotion hierarchy:

I have summarized the above information in the table below.

Important Note: While duration is a minimum requirement, promotions for IRDAI assistant manager also depend on the availability of vacancies.

Crack the exam with an effective, practical IRDAI Assistant Manager Preparation Strategy.

Post-Retirement Benefits of IRDAI Officers

Here are the post-retirement benefits IRDAI officers get:

1. Gratuity

IRDAI Grade A officers get a gratuity (lump sum) when they retire as a reward for their service. Not every IRDAI Grade officer will receive the same gratuity. The actual amount usually depends on the employee’s last salary, tenure, etc.

2. Leave Encashment

Upon retirement, you can encash (exchange your leaves for cash) your unutilized leaves at IRDAI.

3. Pension

IRDAI Grade A officers are entitled to a pension post-retirement to sustain their expenses.

4. Medical and Accidental Insurance

After your retirement, you can avail of medical and accidental insurance, if required.

Now, let’s compare the salary of an IRDAI assistant manager with other competitive exam salaries.

IAS Vs IRDAI Assistant Manager Salary

Here is the comparison between the salary of an IAS officer and an IRDAI Grade A officer:

IRDAI Assistant Manager Vs RBI Grade B Salary

Here is the comparison between the salary of an IRDAI Assistant Manager officer and an RBI Grade B officer:

SEBI Grade A Vs IRDAI Assistant Manager Salary

Here is the comparison between the salary of a SEBI Grade A officer and an IRDAI Grade A officer:

Bank PO Vs IRDAI Assistant Manager Salary

Here is the comparison between the salary of a Bank PO and an IRDAI Grade A officer:

Life as an IRDAI Assistant Manager

Here’s what an IRDAI Grade A officer’s life generally looks like:

Primary Responsibilities

As an IRDAI Assistant Manager, you’ll play a vital role in ensuring the security and stability of India’s insurance sector. Your responsibilities will include:

• Reviewing data to ensure insurance companies follow the IRDAI regulations.
• Evaluating applications to grant licenses for new insurers and products.
• Studying trends to suggest improvements for the insurance industry.
• Addressing grievances, investigating mis-selling, and promoting transparency.
• Collaborating to create new regulations for the insurance sector.
• Meeting with industry players to discuss developments and issues.
• Creating programs to educate stakeholders on regulations and best practices.
• Using data to assess health and make informed decisions for the insurance industry.
• Clarifying regulations for insurance companies and stakeholders.
• Working with other IRDAI departments to ensure smooth regulatory processes.

Find out the detailed responsibilities and opportunities that come with the IRDAI Grade A job profile.

Work-Life Balance

• The workload at IRDAI is fairly easy to manage.
• Unlike most regulatory bodies, you can come early, complete your work, and leave early while working at IRDAI.
• This allows you to balance your personal and professional life pretty well.

Postings

• IRDAI has its headquarters in Hyderabad where 90% of its workforce is stationed, where you’re likely to be posted upon joining IRDAI as a Grade A officer.
• However, IRDAI also has officers in Delhi and Mumbai, where you may be transferred later in your career.

Transfers

• 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.
• However, for sensitive profiles, transfers might happen after 3 years. 

Conclusion

The IRDAI Assistant Manager position comes with a lucrative salary package starting at around ₹25 lakhs per annum, making it an attractive career choice for aspirants. In addition to a respectable salary, IRDAI Grade A officers get many allowances, including reimbursements for health and higher education, term insurance, and regular increments & promotions.