IRDAI proposes to offer an internship to students who are pursuing Graduate and Postgraduate courses or Research from reputed universities and educational institutions during the Summer recess.
The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of Ministry of Finance, Government of India and is tasked with regulating and promoting the insurance and re-insurance industries in India.
About the Internship
The internship will be offered at IRDAI’s Head Office in Hyderabad commencing in May, 2021. IRDAI will provide office space, internet connectivity and other support facilities to the interns. Apart from this, no other facilities shall be provided to the interns by IRDAI.
No. of Positions
The number of interns will be around 10.
Students who are pursuing Graduate and Postgraduate courses.
- Bona-fide students in the pre-final of their graduation (4th year, in the case of Law graduates pursuing Five years, integrated course) with consistent excellent academic records; or
- Students possessing graduation degree and are in the pre-final year of post-graduation; or
- Students who are pursuing one year Masters degree; or
- Students possessing post-graduate degree and pursuing full-time Research courses in Insurance/Economics / Finance / Management.
The interns will be paid a stipend of Rs. 15,000/- per month. Selected outstation candidates will be reimbursed to and fro the actual single II AC railway fare. The actual single II AC railway fare will be reckoned by the shortest route from the place of the residence/place of their institute to the place of summer internship for undertaking the project. Apart from these, there will be no other remuneration or payment.
- The Intern shall be a regular student of the university/institution.
- The internship program is open to Indian citizens only.
- The internship is for carrying out project/get training in the area of insurance only from regulatory perspective. The minimum duration of the internship is two months and a maximum of three months.
- There will be a Scrutiny Committee that will scrutinize the applications and shortlist the applicants for the personal interview. The shortlisted applicants will be called for the personal interview, if required, and the Selection Committee will recommend the names of the candidates. Only the candidates who are selected for internship will be intimated.
- Based on their credentials, the IRDAI may consider offering them internship in different areas based on their aptitude and/or interest and as per selection by the Screening Committee.
- The deliverables from the internship are decided at the time of offering the internship itself. The interns are required to furnish a declaration of secrecy before reporting for the Internship.
- It shall be the responsibility of the Interns to make their own arrangements for accommodation and laptops. Working space/internet facility and also other necessities as deemed fit will be provided by IRDAI.
- The project will be monitored by a Supervising Official of the Department allocated who will act as Project Guide.
- On completion of the project, the intern will have to make a presentation on the Project to the HODs in IRDAI and submit a report to HR Department. The Intern will also submit a report / working prototype/model to the IRDAI Library.
- IRDAI shall be free to use all the research and academic output as may be appropriately decided.
- The interns shall have no right/claim for an appointment in IRDAI by virtue of their internship.
- IRDAI can instruct the intern to terminate the programme at any time, as IRDAI deems fit, and without showing any reason. IRDAI’s decision shall be final in this regard. Intern can choose to leave the programme, if she / he so desires, giving prior notice of one month to IRDAI. If under any circumstances, the intern is unable to serve the notice period she/ he would have to pay an amount equivalent to one month’s stipend.
How to Apply?
- Interested applicants can apply for the internship through this link.
- The last date of submission of the application is on or before 5.30 PM on 16th April, 2021. Applicants have to upload a scanned copy of their photograph, signature, Identity card issued by institution/college/University and Certificate from the sponsoring institution/college/university in the prescribed format. The format for Certificate from the sponsoring institution/college/university is given in Annexure-1.
- Guidelines for uploading the attachments:
- The photograph and signature should be scanned in .jpeg format. Ensure that the size of the scanned image is not more than 1 MB.
- The Identity card issued by institution/college/University and Certificate from the sponsoring institution/college/university in the prescribed format should be scanned in .pdf format. Ensure that the size of the scanned document is not more than 5 MB.
April 16, 2021
For more details, click the link below.