LIC Interview Questions with Answers:-
1. Personal Questions
These questions will generally be part of the ‘Tell me about yourself’ question but can be asked separately.
- Your Name
If your name holds some significance, do mention it.
- Place of Birth
If your place of birth is of historical importance, mention stories around it.
Father’s occupation/ Mother’s occupation
Reasons for not following in their footsteps
Be honest. Do mention some weakness but try to portray it in a positive way.
E.g. “I always take a little extra time to finish my work. But there will rarely be any mistakes in what I present. I make sure of that.”
- Role Model
You should know everything about this person and should be able to connect your goals to this person’s career and life. Try to avoid celebrities who have no bearing with your career unless they have an exceptional life story.
- Leadership Experience
It can be anything, be it taking a lead in the school Science Project, College Festivals or in Office Projects. If you have been a School Captain, NSS Cadet, Scout or Guide, NGO Volunteer, etc., these will be beneficial experiences to relate. This kind of answer works best with a story. So don’t be afraid to mention your experiences and challenges faced as a team leader; mention your learnings and how this experience made you a better person.
- Team Work Experience
Same as above, but the purpose of this question is to ascertain whether you are comfortable working alongside a team and what kind of strengths and expertise you can bring to your team.
2. Educational Background
Questions will revolve around ‘why’ and ‘what’ of your Educational Background
- Your Education
The interviewer is most interested in your graduation/post-graduation education. If you performed well in school or had any subject relevant to insurance/banking that you were particularly good at, mention that as well.
- Technical Questions Related to your Education
If you are an Engineer, expect questions related to subject knowledge, definitions and current research happening in that field, etc. Expect the same if you are from a science or finance background.
- Why did you choose this stream/subject as your graduation subject?
You should sound enthusiastic about your stream and educational choices. You should also be able to connect the learnings from your education with the skills required for the job.
- What have you been doing after graduation?
Questions related to ‘why’ and ‘what’ of the things you were involved in. Be honest as your employment record is easy to check.
- Do you have any plans for further education?
Try framing your answer as below:
“I don’t have any plans, but in the future, if I feel that I need to learn something new to help me do my work in a better way, I would definitely go ahead and make the most of it.”
3. Career Objectives and Goals
Questions will revolve around your career ambitions and understanding of the role you have applied for.
- What have you been doing after graduation?
They want to understand how your career choices have emerged over the years. It is perfectly alright to change careers but you should be able to give sensible explanations for doing so.
- Why Insurance?
The reasons can include (you should be able to defend them):
- I developed a keen interest in Insurance while working on ‘XYZ’ project in my previous job.
- I started reading about Insurance and realized that I can play an important part.
- I have realized that my experiences are well suited for this job, making me a good candidate.
- Why did you leave your previous job?
Never say anything negative about any of your past experiences – it gives a bad impression to the interviewer. Frame your answer to point out how you enjoyed your previous job, but later realized that you could play a more vital role as an Insurance officer and how you could touch the lives of many people.
A story can be a good way to communicate this-
Build up a story like how your house-help was trying to secure a policy for her children but was unable to understand and get through various forms. It was only with your help that she could do this. This made you realize the importance of this job.
4. Questions Related to the Job
The questions will revolve around your knowledge of the job profile and the company you are aspiring to be part of. In this case, you are applying for the role of say, Bank PO.
- Why should we hire you?
Sum up all your previous experiences in a way so as to appear as if you are made for this job. Show your enthusiasm for the work profile, how it will teach you a lot and take you forward professionally, making you a better person as a whole.
- What are the roles and responsibilities of this job?
You must read about the job profile and career path in detail. It leaves a bad impression if you don’t know what you are interviewing for. It could mean the difference between selection and rejection.
5. Question-Related to LIC & Insurance
Questions will revolve around specific questions related to LIC, Insurance, Finance, and Economic News, etc. We have compiled a few questions that have been asked in the past. But you should also prepare things not mentioned on the list.
- About the LIC
When was it established? – September 1, 1956
How many zonal offices it has? – 8
A number of divisional offices? – 113
A number of fully computerized branches? – 2048
A number of satellite branches? – 1381
Who is the chairman of LIC? – S. K. Roy
Where are the Headquarters of LIC? – Mumbai
Who regulates LIC? – IRDA (or IRDAI)
Objectives of LIC?
Promote and offer life insurance to the masses at a sensible cost.
Make the best use of mobilization of people’s savings by making insurance-linked investments sufficiently attractive.
Encounter the various life insurance desires of the community that would arise in the altering social and economic environment.
Entertain as trustees of the insured public in their discrete and cooperative capacities.
Act as trustees of the insured public in their individual and collective capacities.
Job profile and responsibilities of AAO? – Read about them here.
Products of LIC? – Insurance plans, pension plans, unit-linked plans, special plans, and group schemes.
LIC’s slogan? – Yogakshemam Vahamyaha
LIC’s slogan is in which language? – Sanskrit
What is the meaning of LIC’s slogan? – “Your welfare is our responsibility”.
LIC’s slogan has been taken from? – Bhagavad Gita.
- About the IRDA
Full form of IRDA? – Insurance Regulatory and Development Authority
Chairman of IRDAI? – TS Vijayan
Where is the headquarters of IRDAI? – Hyderabad
Functions/duties of IRDAI?
Making policies so as to promote the effectiveness of the insurance business.
Defining processes to secure the policy owners.
Defining a code of conduct for reviewers and loss assessors.
Chairman/chief of other banks/insurance companies?
- About Insurance in General
What is the meaning of insurance?
What is the meaning of Insurer?
What is the meaning of Underwriting?
What is an Insurance Agent?
How many types of Insurance companies are there in India?
General Insurance Companies – They provide all type of Insurance apart from life insurance.
Life Insurance Company – It deals with life insurance, pension products, and allowances.
How many private life insurance companies are there in India?
Which is the top private insurance company in India?
How many private general insurance companies in India?
Name of the public general insurance companies in India?
What are some of the types of Insurance?
What is the Foreign Direct Investment (FDI) limit in the Insurance Sector? – Initially, there was a 26% limit but now it has been increased to 49%.
- About Economy and Finance
What is the reason for the current problems of the Indian economy? – Try articles like these.
Reasons for change in the value of the rupee.
Measures to be taken to control the money.
Types of bonds.
6. Questions based on Current Affairs
The questions related to recent important things happening around us.
- Based on Politics
- Based on new Laws/Treaties/MoUs etc.
- Based on Sports Tournaments/Cultural Events
- Awards and Recognitions
- Important Days/Persons
- Based on Social Movements