For candidates aspiring to join Life Insurance Corporation of India, the largest company in the insurance sector, it is extremely important to understand the LIC Assistant salary structure. The role of LIC Assistant not only offers a stable and respected career but also includes an attractive salary package.
The revised basic pay of LIC Assistant is Rs 38,700, other factors such as allowances, perks, etc. are added to the overall salary. Knowing the LIC Assistant Salary 2024 helps prospective candidates assess the financial benefits and career prospects associated with the post, allowing them to prepare more effectively.
LIC Assistant Salary Structure
LIC Assistant Basic Salary After Latest The settlement amount is Rs 38,700 monthly. The overall salary structure for an Assistant in LIC is very attractive. The salary structure, especially in government-related organizations like LIC, can be affected by government policies, amendments, and negotiations. Here is a detailed description LIC Assistant Salary Structure,
| LIC Assistant Salary Structure | |
| Income | amount |
| Basic Pay | Rs. 38,700 |
| Yes (50%) | Rs. 19,350 |
| HRA (10%/ 8%/ 7%) | Rs. 3,870 |
| Transport Allowance | Rs. 680 |
| Temporary cash allowance | Rs. 800 |
| Cadre Special Allowance | Rs. 2000 |
| Technical Examination Allowance | Rs. 555 |
| Technical Examination Allowance(Arrears) | Rs. 555 |
| gross salary | Rs. 66,510 |
| Cuts | Rs. 6731.06 |
| net salary (About.) | Rs. 59,000 |
LIC Assistant Notification 2024-Click Here to Check
LIC Assistant Salary 2024: Deductions
From the Gross LIC Assistant Salary 2024, Life Insurance Corporation of India makes certain deductions. The details of the deductions are tabulated below along with the amount.
| LIC Assistant Salary Cut 2024 | |
| Name of deductions | amount |
| NPS-DCP Optiz | Rs. 3825 |
| Mediclaim | Rs. 158.92 |
| New GI scheme | Rs. 97 |
| GTIS’97 Rish Pr | Rs. 196 |
| Opinal Mediclaim | Rs. 613.92 |
| GID Premium | Rs. 1840 |
| SR A/c Credit | Rs. 0.22 |
| Total Deductions | Rs. 6731.06 |
LIC Assistant Salary 2024: Salary Hike
An employee appointed to the post of LIC Assistant gets increments in regular periods. The limit of increment is the maximum amount of basic pay and it continues till the employee retires.
| LIC Assistant Salary Hike 2024 | ||
| number of years | Salary increment | Basic Pay |
| Initial | , | Rs. 38,700 |
| for the next 1 year | 2,275 | Rs. 40,975 |
| for the next 2 years | 2,485 | Rs. 45,945 |
| for the next 5 years | 2,800 | Rs. 59,945 |
| for the next 2 years | 3,235 | Rs. 66,435 |
| for the next 3 years | 3,960 | Rs. 78,315 |
| for the next 2 years | 4,110 | Rs. 86,535 |
| for the next 5 years | 4,385 | Rs. 1,08,460 |
LIC Assistant Salary: Perks and Perks
LIC Assistant Salary 2024 is not limited to just the pay scale. There are many other facilities and allowances given to the employee. LIC employees can also get other benefits like medical coverage, group insurance, and pension benefits. Here are some allowances that candidates get in addition to the LIC Assistant salary.
- Cash Medical Benefit
- Group Medi-Claim
- Group Personal Accident Insurance
- group insurance
- Vehicle Loan (Two Wheeler) As per Rules
- Graduate pay rise
- House Rent Allowance and City Compensatory Allowance
- Defined contribution pension
- Gift
- LTC
LIC Assistant Salary: Job Profile and Promotion
To prepare for the LIC Assistant exam, candidates must understand the job profile of the LIC Assistant. The role of the LIC Assistant is to provide administrative support to various departments within the Life Insurance Corporation of India (LIC). Some of the key responsibilities of a LIC Assistant include:
- LIC Assistant Cashiers are responsible for performing various duties of the clerical staff ranging from Single Window Operator to Customer Service Officer etc.
- Assistants manage the cash counters, process and sanction or disburse files assigned by the Assistant Manager.
- They would also be required to perform back-office functions, accounts-related work and recovery as assigned by the manager.
- They also have to redress customer complaints.
- LIC assistants are responsible for processing and reviewing insurance documents and ensuring that all documents are complete.
- They are required to manage sales documents and other documents related to policies, claims, settlements, accounts, etc.
- LIC Assistants have to handle online/offline transactions.
LIC Assistant Career Growth 2024
The insurance sector offers diverse career prospects, and getting appointed as a LIC Assistant is a great opportunity. During the probation period, which can be extended up to one year, new assistants are expected to demonstrate their ability to effectively perform their job responsibilities. Once they complete their probation period, they are appointed to their respective positions.
As a LIC Assistant, employees can be transferred to different departments according to the internal needs of the organization and their interests. Additionally, promotions are offered based on the employee’s years of experience and performance. LIC Assistants also have the option to take departmental exams and qualify for higher posts.
LIC Assistant Salary: Know Annual Package
The annual package for LIC Assistant posts comprises of various components including basic salary, allowances and benefits. As per recent revisions, the annual package for LIC Assistants ranges from Rs 6.5 lakh to Rs 7 lakh, depending on factors such as the city of posting and performance incentives. Apart from this, LIC offers attractive benefits to its employees including medical insurance, pension scheme and loan facilities.
