LIC AAO – 2016 Interview Tips

LIC AAO 2016: Interview Preparation Tips 

Know yourself well, and your Resume!

Make sure you have gone through your resume and remember all details. It would put off your interviewers to see you rechecking your own resume. Also remember a few keywords to ably describe yourself when asked to.

You should be prepared with a well thought answer to “Tell us something about yourself”. It should have details on information already in your CV and some additional information from outside the resume.

Know the Position that you are Applying for

Know in detail about both the organisation and the position you are applying to, search on the internet and talk to your friends who would have this information. For example if you are taking the Assistant Administrative Officer interview you should know specifically about the role you are applying to.

Knowing about the history of the LIC and what differentiates it from others will also help you score more in the interview.

Research and Prepare Well

Look up popular interview questions and go through them, look through some of the previous year questions and be prepared with their answers. Questions such as “Why LIC AAO?”, “Where do you see yourself 5 years from now?”, “What are your strengths and weaknesses?” are very common and you should have a well prepared answer ready for them.

Brush up your Insurance & Math knowledge

Interviewers will often test how much you know about the sector, and not just the position you are applying for. So remember to look up important terms and definitions that are most commonly used. Another important point would be brush up your quantitative skills. Interviewers like to test basic mathematical abilities, and it would do good if you’re prepared.

Know your Strengths & Weaknesses

It is best not to overshoot when talking about your achievements and abilities. Another good thing would be to not completely play down your faults, or make them appear as real gaping holes in your skill set. Try to give them as real a picture as you can, to avoid imminent sticky situations.

Be Respectful

Greet your interviewers with a smile, and don’t forget to thank them while leaving as well. It might not seem like a big deal to you, but interviewers take these little things positively in your favour!

Be Confident and Honest

Begin your interview with pleasant smiles and don’t hesitate. Be confident of your capabilities, know your faults and don’t be shy to ask questions. Also, it is much better to honestly own up your shortcomings instead of spinning yarns. Interviewers always prefer cool honesty, than nervous defensiveness. Talk clearly and maintain eye contact.

Groom yourself well and Dress Crisply

Look your best in an interview! It’s true that what really matters is your brain, but your appearances are what hit the interviewers first. So make sure your hair is neat, your shave clean, your clothes well ironed and shoes polished.

It is also very important to dress formally; typically a solid colour (black, blue, grey) formal suit will do well. Salwar-kameez or saris are also acceptable for girls, as long as they look professional.

Be Inquisitive about the Organisation and the Position

While it is important to answer questions properly during the interview, it is equally important to ask smart questions. Keep a list of questions you would like to ask in the interview, this could be with regards to the Organisation, the role, the career path etc.

Relax and Take it Easy

Lastly and most importantly, remain relaxed. You have done the hard work and got a chance to be interviewed for your dream job. Just be well prepared.

1). Why do you want to join in LIC as ADO? (Most Common Questions)

Answer: Do some research about the roles and functions of LIC ADO and answer more energetically and confidently. Try to link those roles with your positive qualities.

2). What do you know about Life Insurance?

Answer: A life insurance policy is a contract with an insurance company. In exchange for premiums (payments), the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries in the event of the insured's death.

3). Who can buy a policy?

Answer: Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest. 

Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.

4). What is the Objective of LIC?

Answer:

• Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost. 
• Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders. 
• Act as trustees of the insured public in their individual and collective capacities.
• Meet the various life insurance needs of the community that would arise in the changing social and economic environment. 

5). What are the types of Insurance?

Answer:

• Major Types are,
• Life Insurance
• Automobile Insurance
• Health Insurance
• Credit Insurance
• Property Insurance

6). Types of Insurance Companies?

Answer:

• General Insurance Companies
• Life Insurance Company

7). What is Life Insurance?

Answer: Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:

• The date of maturity, or
• Specified dates at periodic intervals, or
• Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.
By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

1. That of dying prematurely leaving a dependent family to fend for itself.
2. That of living till old age without visible means of support.

8). What is the difference between with profit and without profit plans?

Answer: An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, if any, after periodical valuations are allotted to the policy and are payable along with the contracted amount.
In 'without' profit plan the contracted amount is paid without any addition. The premium rate charged for a 'with' profit policy is therefore higher than for a 'without' profit policy.

 9). What is the Role of Development Officer?

Answer:

• To regulate, guide, and supervise the activities of Agents, who are all placed under your control.
• To select and appoint suitable person as new agents.
• To motivate and boost up the new and existing agents to enhance the business.

10). What is Keyman Insurance?

Answer: Keyman insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses, which may occur due to the premature demise of the Keyman.

11). What is IRDA?

Answer: Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India.

12). What are the function of IRDA?

Answer:

Role of IRDAI

There are number of roles and duties that are assigned to IRDAI to ensure awareness among policyholders and the service providers.

• IRDAI issues a certificate of registration, renewal, modification, withdrawal, suspension or cancellation to an applicant
• It protects the interest of the policyholder on the terms and conditions of contracts of insurance
• IRDAI specifies the code of conduct and practical training for insurance intermediaries and agents
• Promotes efficiency and regulates professional organisations connected with the insurance business, investment of funds by insurance companies
• IRDAI specifies the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector

13). Who is the Present Chairman of LIC and IRDA?

Answer:

Chairman of LIC- S K Roy

Chairman of IRDA- T S Vijayan

14). Where is the Headquarters of LIC Located?

Answer: Mumbai

15). What is the FDI limit for Insurance Sector?

Answer: 49%