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

LIC Assistant Salary

Understanding the salary structure of the LIC Assistant is essential for aspiring candidates aiming to join the largest company in the Insurance sector i.e. Life Insurance Corporation. The LIC Assistant position not only offers a stable and prestigious career but also comes with a competitive salary package. The salary components include the Basic Pay of ₹38,700 (revised), allowances incentives, and performance-based bonuses that LIC Assistants receive. Understanding the LIC Assistant Salary 2024 is essential for potential candidates to evaluate the financial benefits and career opportunities associated with the post and for focused preparation.

LIC Assistant Salary Structure

The LIC Assistant Salary after the latest Settlement is Rs. 38,700 monthly.  The overall salary structure for an Assistant in LIC is very attractive. Salary structures, especially in government-related organizations like LIC, can be influenced by government policies, revisions, and negotiations. Here is the detailed LIC Assistant Salary Structure.

LIC Assistant Salary Deductions 2024

There are a few deductions from the LIC Assistant Salary the details of which are as follows:

LIC Assistant Salary Increments 2024

An employee designated at the post of LIC Assistant receives increments at a regular period. The limit of increments is the maximum amount of basic pay and it continues till the employee attains retirement.

LIC Assistant Salary: Perks and Allowances

The LIC Assistant Salary 2024 is not just limited to the pay scale. Various other perks and allowances are provided to the employee. LIC employees may also receive other benefits such as medical coverage, group insurance, and pension benefits. Here are a few allowances that the candidates receive besides the LIC Assistant Salary.

1. Cash Medical Benefit
2. Group Medi-claim
3. Group Personal Accident Insurance
4. Group Insurance
5. Vehicle Loan (2-wheeler) as per rules
6. Graduation Increment
7. House Rent Allowance & City Compensatory Allowance
8. Defined Contributory Pension
9. Gratuity
10. LTC

LIC Assistant Salary: Job Profile & Promotions

To prepare for the LIC Assistant Exam, candidates need to understand the job profile of an LIC Assistant. The role of a LIC Assistant is to provide administrative support to the various departments within the Life Insurance Corporation of India (LIC). Some of the key responsibilities of an LIC Assistant include:

• LIC Assistants are responsible for performing various duties of Clerical Staff ranging from Cashier, Single Window operators, to Customer Service Executives, etc.
• Assistants manage cash counters, processing and sanctioning or disbursement of files assigned by the Assistant manager.
• They must also perform back-office work, Account-related work, and recovery as per the work assigned by the manager.
• They must also dispense with customer grievances.
• LIC assistants have to be responsible for processing and reviewing insurance documentation and ensuring that all documents are complete.
• They are required to Manage Sales documents & other documents related to policies, claims, settlements, accounts, etc.
• The LIC Assistants have to handle online/ offline transactions.

LIC Assistant Career Growth 2024

The insurance sector offers diverse career prospects, and being appointed as a LIC Assistant is a great opportunity. During the probationary period, which can be extended up to a year, new Assistants are expected to demonstrate their ability to perform their job responsibilities effectively. Once they complete their probationary period, they are appointed to their respective positions.

As an LIC Assistant, employees may be transferred to different departments per the organization’s internal requirements and their interests. Additionally, promotions are offered based on an 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 the Annual Package

The annual package for LIC Assistant positions comprises various components including Basic Pay, allowances and benefits. As per the recent revisions, the annual package for LIC Assistants ranges from Rs. 6.5 lakhs to Rs. 7 lakhs., depending on factors such as the city of posting and performance incentives. Furthermore, LIC provides attractive benefits to its employees, including medical insurance, pension schemes, and loan facilities.