LIC ADO 2019 – All you should know about LIC ADO

LIC ADO 2019: Interview Tips

Life Insurance Corporation has notified LIC ADO Recruitment notice offering an opportunity to the graduates to apply for Government job by qualifying LIC ADO 2019 Exam. Now the Interview shall commence from 4th November 2019. Hence we give below few Interview tips for LIC ADO.

LIC is the largest Insurance Company with its turnover in millions every year with its Insurance and Investment schemes. It has number of departments with numerous workers working all over India. LIC is playing incredible role in the Economy of the country by giving revenue support and business.

Interview Tips for LIC ADO -2019

 Tips To Groom Yourself

A candidate’s attire plays an important role if appearing for the interview phase. The way you carry your dress can leave a good Impression on the interviewer. One should choose the attire as per the working environment and work culture. Some students use to dress up as if they are going for a party which is a big turn off in their interview round. Once attire conveys a lot about their readiness, about the job and work. The attire where public dealings are done should be very formal. You are not expected to wear a range of brands instead, a clear and ironed dress would make it in the interview round.

TIPS ON GROOMING FOR LIC ADO 2019

Attire for a male candidate

1.A two-piece matched suit with no bright colours is a perfect choice to be wear at the time of interview.
2. Be very decent and normal. Avoid the range of brands. Be who you are.
Black, navy blue or dark grey are the best colours to be chosen while appearing for it.
3. You can also wear a light-coloured shirt paired with dark-coloured trousers. It is also a good choice.
4. Do not forget to pair your suit or shirt with a suitable tie. Do not wear floral or printed ties. A plain tie would be a safe choice.
5. The colour of the belt should be dark.
6.Say no to sports shoes at the time of interview. Prefer to Wear black or brown in colour shoes.
7. Wear dark socks with mid-calf length so that no skin is visible even when you sit down.
8.Do not wear any kind of accessories. Just a simple watch to complete your attire.

Attire for a female candidate

1.It is advisable to keep a check on the bank’s work culture and then wear the dress accordingly.
2.The female candidates have a choice to wear formal trouser with a light shirt, Salwar suit or saree.
3.If you are wearing salwar kameez, then go for light coloured cotton fabric. It should be simple and should not be loaded with embroidery. Do not wear a party wear suit.
4. Use little makeup, just to touch up or to give a polished look to yourself.
Do not make use of dark coloured lipstick.
5.The nails must be clean and well-groomed. If you are wearing a nail colour it should be light in colour which is evenly applied on all the nails. Chapped nail polish looks bad.
6. Make sure you tied up your hairs to avoid any bothering during interview.
7. Wear dark colour formal shoes with the formal attire.
8. If you are wearing saree or suit, avoid wearing heels. You can opt for slightly heeled or flat sleeper.
9. If you are carrying a purse make sure it must be simple and small with no bright stones on it. Avoid carrying large bags. Do not use bright colours. Black and brown can be a good choice.

Tips On disposition

• Enter the room with the smiling face and greet all of them good morning/Good noon.
• Do not sit until they ask you to sit.
• Try not to put your hands on the table. Keep your body straight and your hands on your lap.
• Do not smile too much or don’t be very serious. Don’t put your hands-on you head pretending like you are nervous or trying to recall something.
• Make eye contact with the interviewer, If you are answering the question. Make sure you maintain the eye contact, with everyone present over there.
• don’t interrupt while the interviewer is speaking. Listen to their question very carefully.
• Try not to stammer and don’t look puzzled.
• Think before you speak.

Research Well About The organization

Always get the complete information about the organization you are going to appear for. The interviewer may ask you questions about that organization. Be familiar with the history of the organization and what is happeing all around.

Revise Commonly Asked Questions

Always pay attention to the questions that an interviewer asked repeatedly. Instead of giving the same replies make your own answer, as it will be more impressive for him. Give your answers with confidence as it is the key ingredient to present yourself.

Be Very Charming

Interviewer notices everything you do. Like how do you behave, sit, stand and walk? Keep a check on your body postures. Do not be very rigid or robotic. Be yourself.

Learn To Accept-“NO”

It is possible that you may not know the answer to a few questions. Instead of giving wrong answers learn to accept that right now you don’t know the answer but you will definitely read about it. Or you are unable to recall it now. Give smart answers it leaves a positive impression on the interviewer.

MOST IMPORTANT QUESTIONS FOR LIC AAO 2019 INTERVIEW.

Ques-1: What are the Functions of LIC AAO ?

Ques-2: Do you have any insurance plan or any other plan with LIC?
Do you have any account with any Bank?

Ques-3: What do you know about the LIC AAO & LIC ADO profile?

Ques-4: Why do you want to join this organization?

Ques-5: Why should we hire you? How you are profitable to our organization?

Ques-6: What do you know about recent current news related to LIC ? Explain any one of them.

Ques-7: Burning Issues and Hot topics around the world.

Ques-8: What is your current job profile? (for working candidates)

Ques-9: What are your career objectives and goals for the next five years?

Ques-10: What is your family background and education qualification?

What is meant by With Profit and Without Profit in Insurance Policy?

Ans. With Profit Insurance policy is bonuses are added if any after periodical calculations which are applicable to the policy. And the added amount is payable along with the policy amount. Insurance Policy without profit is the mature policy amount has no added amount. There is no bonuses or amount are added only policy matured amount if payable.

What do you mean by Keyman Insurance?

Ans: This is obtained from business platform on the life of key employees to protect the business from financial losses. The losses may occur due to premature demise of the Keyman.

What is the Insurance Sector’s FDI Limit?

Ans: In India, FDI limit for Insurance Sector is 49%. The government increased the FDI Upper limit from 26 % to 49% in the year 2014.

What do you understand about Life Insurance?

Ans: Life Insurance is the agreement between policy holder and insurance organization. The Organization approves to provide the compensation for the incident happened to the policy holder like death or terminal illness or critical illness. The policy holder is accepting to pay the defined amount in terms of cover premium for the service.

List the available Insurance Types.

Ans: Life Insurance, Vehicle Insurance, Health Insurance, Credit Insurance, Property Insurance.

Explain about the types of Insurance companies?

Ans: Life Insurance Company – It provides insurance policies for life, pension products and allowances. (Eg. LIC)

General Insurance Company – It provided insurance policies for vehicle, health, property and so on. (Eg. Insurance in Bank, Bajaj Allaianz)

Where is LIC Head Quarters located?

Ans: Mumbai.

What are the main objectives of LIC?

Ans:

• Spread Life Insurance widely and in particular to the rural areas
• Maximize mobilization of people’s savings
• Conduct business with utmost economy and with the full realization
• Meet the various life insurance needs of the community that would arise in the changing social and economic environment.
• Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction.

What are the roles and responsibilities of Development Officer?

Ans:

• Supervise and guide the events of the Agents.
• Increase the joining of new agents to the company.
• Motivate new Agents, so as to grow a stable agency force.

Who is the current Chairman of LIC and IRDA?

Ans:

• R Kumar has been appointed as Managing Directors of the LICfor five years from
• Subhash Chandra Khuntia – Chairman of IRDA (Insurance Regulatory and Development Authority of India).

When was LIC founded?

Ans: LIC was founded on 1^st September 1956.

LIC ADO 2019: Interview Tips - Study Material

Know About Your Life Insurance
Life insurance in India made its debut well over 100 years ago.

In our country, which is one of the most populated in the world, the prominence of insurance is not as widely understood, as it ought to be. What follows is an attempt to acquaint readers with some of the concepts of life insurance, with special reference to LIC. It should, however, be clearly understood that the following content is by no means an exhaustive description of the terms and conditions of an LIC policy or its benefits or privileges.

For more details, please contact our branch or divisional office. Any LIC Agent will be glad to help you choose the life insurance plan to meet your needs and render policy servicing.

What Is Life Insurance?

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.

Life Insurance Vs. Other SavingsContract Of Insurance:
A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.

Protection:
Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.

Aid To Thrift:
Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy instalment' facility built into the scheme. (Premium payment for insurance is either monthly, quarterly, half yearly or yearly).
For example: The Salary Saving Scheme popularly known as SSS, provides a convenient method of paying premium each month by deduction from one's salary.
In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.
Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.

Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.
Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It:
A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time.
Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies.
Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).Who Can Buy A Policy?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.Insurance For WomenPrior to nationalisation (1956), many private insurance companies would offer insurance to female lives with some extra premium or on restrictive conditions. However, after nationalisation of life insurance, the terms under which life insurance is granted to female lives have been reviewed from time-to-time.

At present, women who work and earn an income are treated at par with men. In other cases, a restrictive clause is imposed, only if the age of the female is up to 30 years and if she does not have an income attracting Income Tax.Medical And Non-Medical SchemesLife insurance is normally offered after a medical examination of the life to be assured. However, to facilitate greater spread of insurance and also to avoid inconvenience, LIC has been extending insurance cover without any medical examination, subject to certain conditions.With Profit And Without Profit Plans
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.Keyman InsuranceKeyman 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.

World Bank ranking for India .Jump from 77 to 63 14 point jump in Ease of Doing Business.

Objectives Of LIC
» 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.
» Maximize mobilization of people's savings by making insurance-linked savings adequately attractive.
» Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return.
» 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.
» Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy.
» Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.

Mission / Vision
Mission"Ensure and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development."Vision"A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."

Board Of Directors
Members On The Board Of The Corporation
» Shri. M R Kumar, Chairman, LIC of India
» Shri. T.C. Suseel Kumar, (Managing Director, LIC of India)
» Shri Vipin Anand Managing Director, LIC of India
» Shri. Girish Chandra Murmu, Secretary(Expenditure), MOF
» Shri. Debasish Panda, Additional Secretary, MOF
» Ms. Padmaja Chunduru, MD & CMD, Indian Bank
» Shri. Bimalendu Chakrabarti, Non-Official Member
» Shri. R N Chaturvedi, Non-Official Member
» Shri R Chandrasekaran, Non-Official Member

Information Technology And LIC
LIC has been one of the pioneering organizations in India who introduced the leverage of Information Technology in servicing and in their business. Data pertaining to almost 10 crore policies is being held on computers in LIC. LIC has gone in for relevant and appropriate technology over the years.

1964 saw the introduction of computers in LIC. Unit Record Machines introduced in late 1950’s were phased out in 1980’s and replaced by Microprocessors based computers in Branch and Divisional Offices for Back Office Computerization. Standardization of Hardware and Software commenced in 1990’s. Standard Computer Packages were developed and implemented for Ordinary and Salary Savings Scheme (SSS) Policies.
FRONT END OPERATIONS

With a view to enhancing customer responsiveness and services , in July 1995, LIC started a drive of On Line Service to Policyholders and Agents through Computer. This on line service enabled policyholders to receive immediate policy status report , prompt acceptance of their premium and get Revival Quotation, Loan Quotation on demand. Incorporating change of address can be done on line. Quicker completion of proposals and dispatch of policy documents have become a reality. All our 2048 branches across the country have been covered under front-end operations. Thus all our 100 divisional offices have achieved the distinction of 100% branch computerisation. New payment related Modules pertaining to both ordinary & SSS policies have been added to the Front End Package catering to Loan, Claims and Development Officers’ Appraisal. All these modules help to reduce time-lag and ensure accuracy.

METRO AREA NETWORK: A Metropolitan Area Network, connecting 74 branches in Mumbai was commissioned in November, 1997, enabling policyholders in Mumbai to pay their Premium or get their Status Report, Surrender Value Quotation, Loan Quotation etc. from ANY Branch in the city. The System has been working successfully. More than 10,000 transactions are carried out over this Network on any given working day. Such Networks have been implemented in other cities also.

WIDE AREA NETWORK: All 7 Zonal Offices and all the MAN centres are connected through a Wide Area Network (WAN). This will enable a customer to view his policy data and pay premium from any branch of any MAN city. As at November 2005, LIC had  91 centers in India with more than 2035 branches networked under WAN.INTERACTIVE VOICE RESPONSE SYSTEMS (IVRS)IVRS has already been made functional in 59 centers all over the country. This enabled customers to ring up LIC and receive information (e.g. next premium due, Status, Loan Amount, Maturity payment due, Accumulated Bonus etc.) about their policies on the telephone. This information could also be faxed on demand to the customer.

Insurancce Sector Reforms

Irdai sets up panel to evaluate application under regulatory sandbox

Insurance regulator Irdai has set up a committee to evaluate applications filed under the Regulatory Sandbox approach to promote innovative ideas to foster growth in insurance sector.
Regulatory Sandbox (RS) usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain relaxations for the limited purpose of testing.
With a view to facilitating innovation, the lnsurance Regulatory and Development Authority of lndia (lRDAl) has adopted a Regulatory Sandbox approach with an objective to recognise innovative ideas to foster growth in the insurance sector, in a way that provides flexibility in dealing with regulatory requirements and at the same time ensuring policyholder protection.

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