LIC Assistant Salary, LIC Assistant In Hand Salary 2024, Perks, Job Profile

LIC Assistant Salary, In-Hand Salary, Benefits, Work Description, One of the top insurance companies in India, Life Insurance Corporation of India (LIC) is present across the whole nation. LIC provides worthy individuals with amazing chances. The minimal qualifying requirements and the specifics of the LIC Assistant Salary must be known by candidates who are getting ready for the exam.

The LIC Assistant Salary is decided by the Life Insurance Corporation of India. Get information about the LIC Assistant Career Growth, Job Profile, Perks and Benefits, In Hand Salary, and Salary Structure by reading the article below.

LIC Assistant Pay Scale

The detailed salary structure in tabular form is provided for the position of LIC Assistant. Additionally, the ultimate gross basic salary (without promotion) is Rs. 40080. Following the 11th Bipartite Settlement, a LIC Assistant employee’s beginning base salary is Rs. 27,840 per month, with a Pay Scale of Rs. 27,840-840(1)-28,680-915(2)-30,510-1030(5)-35,760-1195(2)-38150-1455(3)-42,515-1510(2)-45,535-1610(5)-53,585. Examine the table below for extra allowances, gross compensation, and deductions.

LIC Assistant Salary Structure 
Basic PayRs. 27,840
DARs. 10,553.14
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. 45,147.06
DeductionRs. 6731.06
Net SalaryRs. 38416.00

Salary for LIC Assistant in Hand

Candidates who are chosen for the position of LIC assistants will get a competitive package from LIC, which represents a respectable starting wage. The LIC assistant’s ultimate Salary, which appears in his bank account each month, is known as the “in-hand salary.” The in-hand salary is determined by deducting all deductions from the base Salary and adding all benefits to it.

LIC Assistant Salary: Benefits & Incentives

The Life Insurance Corporation of India would provide the chosen applicants with several perks in addition to their varied expertise. Some of the perks and bonuses that are mentioned in the Salary slip are listed below.

  • House Rent Allowances (HRA): This varies based on the employee’s place of employment. The HRA may be 9%, 8%, or 7% of the base salary for LIC Assistants who are stationed in large cities, metropolitan areas, or other locations.
  • Two-wheeler vehicle loan according to regulations
  • City Compensatory Allowance (CCA): This might be 4%, 3%, or 0% of the LIC Assistant’s base salary, depending on the location of the work.
  • The Dearness Allowance (DA) for group personal accident insurance is updated on a quarterly basis in accordance with the Consumer Price Index (CPI). It makes up 40% of the base salary. The CPI fluctuates often since it is based on the rate of inflation. As a result, DA varies often.
  • Lunch Allowance Insurance Allowance: Subject to LIC regulations; Group Personal Accident Insurance; Vehicle Loan (2-wheeler); etc.
  • Gratuity, defined contribution pension, etc.

LIC Assistant Salary Deductions

The salary of the LIC Assistant would be subject to certain deductions. The comprehensive subtractions are summarised as follows.

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

LIC Assistant Job Profile

  • Cashier, Customer Service Executive, Single Window Operator, and other clerical services
  • Document handling
  • Manage cash counters at LIC offices
  • Handling transactions
  • Public relation/ mitigation
  • Back-end office work, account-related work, and recovery according to the work assigned to them by the manager
  • Customer grievance and management of issues

Increases in LIC Assistant Salary

Examine this section’s increment cycle for the Assistant position. Like many reputable businesses, the LIC offers worthy applicants yearly raises. At the highest basic wage of Rs 53,585 the increase cycle would come to an end.

S.No.Basic PayIncrementsYears
1Rs. 27,840 (Initial Basic Pay)Rs 8401 year
2Rs 28,680Rs 9152 years
3Rs 30,510Rs 10305 years
4Rs 35,760Rs 11952 years
5Rs 38150Rs 14553 years
6Rs 42,515Rs 15102 years
7Rs 45,535Rs 16105 years
8Rs 53,585 (Max. Basic Pay)Till retirement

LIC Probationary Assistant

Every employee in the government sector is subject to a probationary term. The chosen individual will spend this time on probation before starting a permanent job with the organisation. The probationary term for a LIC Assistant is one year, with the possibility of an extension for two years.

Career Advancement and Promotions for LIC Assistants

Following the probationary term, the applicant is eligible to take use of all normal employee perks and benefits provided by Life Insurance Corporation of India. Promotions are given to staff members based on their experience, interests, and LIC’s internal standards. Every candidate’s performance is routinely assessed, and promotions are granted to those who meet the requirements. Finally, it is fair to say that the experience and salary gained from working as LIC Assistants would be quite fulfilling, leading to fantastic opportunities for professional advancement. The applicants who would serve as LIC Assistants will be motivated by the prompt promotions and increments.

Leave a Reply

Your email address will not be published. Required fields are marked *