LIC Assistant Salary 2024, Revised Basic Pay, In-hand Salary & Perks

The salary offered by LIC for the position of Assistant stands out as one of the most competitive in the insurance sector. Being a prominent public sector insurance company, Life Insurance Corporation (LIC) presents excellent career prospects for aspirants. The salary package, coupled with enriching job profiles and learning opportunities, makes it an attractive option for many. With the recent revision in the salary structure, the basic pay for LIC Assistant stands at Rs. 38,675 per month, a figure that commands attention. Understanding the revised salary structure, along with associated perks and deductions, is crucial for effective financial planning. This article delves into the details of LIC Assistant Salary for the year 2024 and sheds light on the job profile.

LIC Assistant Salary Overview

For individuals contemplating a career at LIC or those already part of the workforce, having a clear understanding of the salary structure aids in making informed decisions regarding career progression. Here’s a concise overview of LIC Assistant Salary for 2024, along with key details about the LIC Assistant Exam:

DetailsInformation
OrganizationLife Insurance Corporation of India
Exam NameLIC Assistant Exam 2024
PostAssistant
CategorySalary
Selection ProcessPrelims, Mains, Interview
VacancyVaries Every Year
Job LocationAll across India
Application ModeOnline
Initial Basic PayRs. 38,675/-
Official Websitewww.licindia.in

LIC Assistant Salary Structure 2024

The salary structure for LIC Assistant post the latest revision stands as follows:

EarningsAmount
Basic PayRs. 38,675
DA (50%)Rs. 19,337.50
DA (Arrears)Rs. 176.27
HRARs. 1987.65
Transport AllowanceRs. 680
Temp Cash AllowanceRs. 800
Cadre Spl. AllowanceRs. 2000
Tech Exam AllowanceRs. 555
Tech Exam Allowance (Arrears)Rs. 555
Gross SalaryRs. 64766.42
DeductionRs. 6731.06
Net SalaryRs. 58,000 (approx.)

Deductions from LIC Assistant Salary 2024

The deductions made from LIC Assistant Salary are as follows:

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Name of the DeductionsAmount
NPS-DCP OpteesRs. 3825
MediclaimRs. 158.92
New GI SchemeRs. 97
GTIS’ 97 Rish PrRs. 196
Opynl MediclaimRs. 613.92
GID PremiumRs. 1840
SR A/C CreditRs. 0.22
Total DeductionsRs. 6731.06

Increments and Career Growth

Employees designated as LIC Assistants receive regular increments, with the maximum limit being the basic pay, details of which will be announced soon. Increment cycles continue until the employee reaches retirement age.

Perks and Allowances

Apart from the salary, LIC Assistants also enjoy various perks and allowances including but not limited to:

  • Cash Medical Benefit
  • Group Medi-claim
  • Group Personal Accident Insurance
  • Vehicle Loan (2-wheeler) as per rules
  • Graduation Increment
  • House Rent Allowance & City Compensatory Allowance
  • Defined Contributory Pension
  • Gratuity
  • LTC

LIC Assistant Job Profile

The job profile of an LIC Assistant involves providing administrative support across various departments within LIC. Key responsibilities include:

  • Performing duties of Clerical Staff such as cashier, single window operators, customer service executives, etc.
  • Managing cash counters and processing files assigned by the Assistant manager.
  • Handling back-office work, account-related tasks, and grievance redressal.
  • Processing and reviewing insurance documentation.
  • Managing sales documents and other policy-related paperwork.
  • Handling online/offline transactions.

Career Growth

LIC Assistant position offers ample opportunities for career advancement. During the probationary period, employees are expected to demonstrate their competency. Promotions are based on performance and experience, with options for departmental exams to qualify for higher positions.

FAQs

Yes, LIC Assistants are eligible for vehicle loans as per organizational rules.

Yes, there is a probationary period during which new Assistants demonstrate their abilities.

Key responsibilities include clerical duties, cash management, document processing, and customer service.

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