Agriculture Insurance Company of India Limited (AIC) has been formed under the aegis of the
Government of India and promoted by 6 Public Sector Companies as a specialty Crop Insurance provider to
the Indian farming community. AIC was incorporated on 20th December 2002 with an Authorized Share
Capital of INR 1500 crore and a Paid-up Capital of INR 200 crore. AIC commenced business operations from
1st April 2003, by taking over Crop Insurance operations from its major Promoter, General Insurance
Corporation of India.
AIC is a specialty and one of the largest Crop Insurance Company in the Indian non-life Insurance Sector,
having market share of about 50% in Crop Insurance and aiming to cover the huge protection gap lying
uninsured with respect to other risks related to agriculture and allied activities of the farmers.
AIC invites applications for recruitment of MANAGEMENT TRAINEES in Actuarial discipline.
LAST DATE OF APPLYING: 06.03.2023
Name of the Post Management Trainee (Actuarial)
Number of Post Ten (10)*
Minimum Qualification as on 01.02.2023
•Passed or have been exempted from at least 9 CT Papers (as per old curriculum)
or 7 Core Principle papers (as per 2019 curriculum) conducted by Institute of
Actuaries of India (IAI) or Institute and Faculty of Actuaries, UK and
•Graduation from a recognized University/Institution/Board recognized by Govt.
of India/ approved by Govt. Regulatory Bodies with minimum 60% (55% for
SC/ST) marks
Age as on 01.02.2023 Minimum Age: 21 Years; Maximum Age: 30 years i.e. a candidate must have
been born not earlier than 2nd February 1993 and not later than 01st February 2002
(both dates inclusive).
Relaxation of 3 years for OBC (Non-Creamy Layer) and 5 years for SCs/STs and
10 years for PWD candidates. Age relaxation for SC/ST/OBC (Non-Creamy
Layer)/PWD/Ex-Servicemen candidates as per DOPT guidelines. In case of a
candidate who is eligible for relaxation under more than one category, the age
relaxation will be available on a cumulative basis based on Government
guidelines and Company Rules subject to the maximum age not exceeding 45
years
Emoluments The selected candidates would be paid a consolidated pay of Rs. 60,000/- p.m.
during the training period of one year
How to Apply Candidates shall click on the link given below for filling and submission of
the application and uploading the documents.
https://forms.gle/1SoZmMFFQDxQ86W56
• Incomplete applications without supporting documents, shall be summarily
rejected.
• In case of difficulty in filling the application, you may email to
[email protected]
• Candidates are advised to read the general information carefully before
submitting the application form.
The link will be active from 17.02.2023 (10:00 hrs) to 06.03.2023 (20:00 hrs)
TERMS & CONDITIONS:
The training period will be for a period of 1 (ONE) year. The Management Trainee shall be eligible for
absorption as Administrative Officer (Scale I) on completion of the training period and subject to satisfactory work performance. The candidate during the training period can be terminated immediately if the work performance is found to be unsatisfactory
ABSORPTION AS ADMINISTRATIVE OFFICER (SCALE I):
The Management Trainee absorbed as Administrative Officer (Scale I) after completion of training period
will be treated at par with a Direct Recruit Officer in Scale I and will be on probation for a period of one year
from the date of absorption. The probation period may be extended by a further period of six months.
The company reserves the right to terminate the services of the candidate if found unsuitable at any time
during the probation period or the extended probation period without any notice or assigning any reason
thereof.
On absorption, as Administrative Officer (Scale I Officer), the emoluments will be fixed in the scale of pay
of Rs. 50,925-2500(14)-85,925-2710(4)-96,765 plus such other increment / allowance like DA, HRA, CCA
etc. as may be admissible under the rules, in force, from time to time and subject to revision of the pay scales,
if any. The total emoluments will be approximately Rs 84,000/- per month in ‘A’ Class city plus other benefits,
which are New Pension Scheme, Special Allowance for passing Actuarial Examination, Gratuity, LTC,
Medical Lumpsum, Group Mediclaim, Group Personal Accident Insurance, Vehicle Loan, Meal coupon, cost
of Briefcase/leather bags, mobile handset, Newspaper, mobile expenses, etc. as per rules.
The Management Trainees who are selected for absorption in Administrative Officer (Scale I), before joining
as probationer will be required to give an undertaking-cum-Guarantee Bond to serve the Company for a
minimum period of Three (03) years including the probation period of 1 year. In the event of their resigning
from the Company or making it obligatory on the part of the Company to terminate the employee before the
expiry of the bond period, they will be liable to pay liquidated damages equivalent to consolidated pay received
during the training period of one year, which will be proportionately reduced depending on the length of service
rendered.
METHOD OF SELECTION:
• The selection of the candidate will be based on Written Examination and/or Interview to be decided by the
Company considering the number of applications received.
• Written Examination: In case of written examination being conducted for shortlisting of candidates, the
examination will have Professional knowledge questions with 80% weightage and Aptitude questions of
20% weightage. The Minimum qualifying mark in the written examination is 60% for General, OBC &
EWS and 55% for SC/ST candidates. Candidates who have been qualified in the Written examination will
be ranked in the order of the merit for General as well as reserved category and will be called for an
interview to be conducted by the Company. Company reserves the right to relax/extend the eligibility
standard in respect of minimum prescribed marks in written examination, in order to enhance / restrict the
number of candidates to be called for interview, based on performance in the written examination and to
commensurate with the number of vacancies.
• Interview: In case written examination is not conducted, the shortlisting of eligible candidates will be done
based on preliminary screening. The shortlisted candidates will be called for personal interview to be
conducted by the Company. Shortlisting will be provisional based on the details filled up in the application
form without verification of documents.
The Company reserves the right to fix the eligibility standards in order to restrict/enhance the candidates to
be called for interview commensurate to the number of vacancies. The number of candidates to be called
for interview will be about three times the number of vacancies to be filled in subject to availability of
candidates. Maximum Interview marks are 50, and the minimum marks to qualify in the interview is 50%
i.e., 25 marks. Company reserves the right to relax/extend the qualifying marks in order to enhance / restrict
the number of candidates to commensurate with the number of vacancies. The final merit list for selection
of MT shall be prepared in descending order of the marks secured in interview by the candidates.
Selection of the Candidate:
▪ Final Selection of candidates who qualify the Personal Interview will be subject to Medical
Examination.
▪ Medical Report in the prescribed format duly stamped and signed by the Doctor from the Government
Hospital / LIC panel will be accepted.
▪ Cost incurred for Medical Examination will be borne by the candidate.
▪ On selection, candidates are liable to be posted or subsequently transferred anywhere in India
Waiting List: A waiting list of candidates may also be prepared and may be utilized in the event of nonacceptance of employment offer by the candidates selected in the final merit list or in case of the filled
vacancy falls vacant for any reason. The waiting list so prepared will be valid for a period of one year
from the date of publication of final results of the selected candidates and may be utilized for any
other/additional requirement in future. However, the decision of offering appointment to the candidates
from the waiting list is the discretion of the Management.
Application Processing Fees:
SC/ST/PwBD Rs. 100/-
All other categories Rs. 500/
Notification Click here
https://www.aicofindia.com/AICEng/Pages/Career_Recruitment.aspx