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The two core parts of the finance sector in the country, banking and insurance has now become a dream job platform for many of the government job aspirants. Both the industries are offering large number of job vacancies in many reputed companies every year. The recruitment process of IBPS clerk 2019 and LIC assistant 2019 are currently ongoing. IBPS has announced 12075 vacancies in clerical cadre this year while for LIC assistant it is 7500+. Both the hiring process is done through examinations which comprise two stages; prelims and mains. Selected candidates will be offered direct entry into the banking industry and insurance industry. Now let us have a look at the various aspects of these two posts.
IBPS Clerk vs LIC Assistant, Which is Better?
Many of you will be confused on which among these two fields to choose as a career. It is complete up to you to decide which industry suits more for your talents and skills and we are here to help you by giving a clear picture on the various aspects of both the fields such as,
• Exam pattern
• Duties and responsibilities
• Payscale
• Career Prospective and future avenues etc.
IBPS Clerk or LIC Assistant: Exam Pattern
1: What does the acronym "ATM" stand for in banking?
The examination pattern for both LIC assistant and IBPS clerk is almost similar and candidates can prepare for both the exams simultaneously. However slight differences are there in the syllabus and topics covered. For example, in LIC assistant exam, Hindi is a complete section in prelims. Now let us have a look at the pattern of both the examination separately.
IBPS Clerk
As we already mentioned, there are two stages for the exam namely prelims and mains.
Prelims
• There will be three sections in the preliminary examination. They are,
1. English Language
2. Numerical ability
3. Reasoning ability
• The three papers will be having a separate timing of 20 minutes each.
• Candidates will have to qualify these three papers by securing sectional cut-off marks as well as overall cut off marks to be decided by IBPS.
• Selected candidates will be shortlisted for appearing in the mains examination
Mains
• There will be four papers namely
1. General/financial awareness
2. General English
3. Reasoning ability and computer aptitude
4. Quantitative aptitude
• Each paper will be provided with separate time duration amounting to a total timing of 160 minutes.
LIC Assistant
Similar to IBPS Clerk, LIC assistant exam also comprises two phases of prelims and mains.
Prelims
• There are three papers namely
1. Reasoning ability
2. Quantitative ability
3. English/Hindi language
• The language paper will be qualifying in nature and will not be taken into account for final ranking section
• Candidates will have to score the cut off marks for appearing in the mains examination
Mains
• There are four papers namely
1. General/ financial awareness
2. General English
3. Quantitative aptitude
4. Reasoning ability and computer aptitude
• In addition to the above topics, Mains exam in north, west, central, north central divisions will consist of a separate test of Hindi language as well
IBPS Clerk or LIC Assistant: Duties and Responsibilities
IBPS Clerk
• A clerk is the first point of contact for a customer visiting the bank premises.
• Different types of tasks will be assigned for the clerks based on the nature of department in which they are been posted.
• The duties of a bank office clerks include maintenance of ledger, bank receipt collection, handling the daily closure details etc.
• There are several other departments such as accounts, loans, query window, pass book counter etc.
The other responsibilities of a bank clerk are,
• Updating of passbook at counters
• Printing of receipts, cheques and demand drafts
• Holding of bank keys, safe keys under their protection
• Give proper guidance and information for the customers
• Handling the deposit and withdrawal cash
LIC Assistant
An LIC assistant is supposed to do all the roles of a clerical staff like,
• Cashier
• Single window operator
• Customer service executive etc
• They will have to manage cash counters, processing and approving of the files as asked by the assistant manager
• Back office work
• Account related work
• Take care of customer grievances
• Reviewing of insurance documents
• Management of all the documents like sales documents, documents related to policies, claims, settlements, accounts etc
• Manage online and offline transactions
IBPS Clerk or LIC Assistant: Salary
IBPS Clerk
Basic pay: Rs 11765 per month
Gross salary: Rs 23117 per month
Other allowances
• Special allowances
• Dearness allowances
• City compensatory allowance
• Transportation allowance
LIC Assistant
Basic pay: Rs 14435 per month
Gross salary: Rs 30000 per month
Other allowances
• House rent allowance
• Dearness allowance
• Graduation increment
• Local compensatory allowance
• Grade allowance
• Gratuity
• Single and group medical facilities-reimbursement of medical expenses for OPD/treatment; this facility is provided to the employee, employee’s spouse and to their children
• LTC(Leave Travel Concession) is an annual retreat plan for the employee working with LIC
IBPS Clerk or LIC Assistant: Career Prospective and Future Avenues
IBPS Clerk
Public sector banks conduct tests like JAIIB (Junior Associate of the Indian Institute of Bankers), and CAIIB (Certified Association of the Indian Institute of Bankers) for giving promotions to its employees every two years. For an employee to appear for these tests, two years of experience in the same bank where he has been appointed is a compulsory. His performance level also will be taken into account while considering for promotions.
There are seven scale of officer cadre in IBPS Clerk. They are,
• Scale 1-Officer/ Assistant Manager
• Scale 2-Manager
• Scale 3-Senior Manager
• Scale 4-Chief Manager
• Scale 5-Asst.General Manager
• Scale 6-Deputy General Manager
• Scale 7-General Manager
LIC Assistant
An LIC Assistant has to undergo training for a period of six months from the date of joining which can be extended up to one year. After the training, he will also have to complete minimum three years at the assigned places and no request for any change/transfer will be entertained.
The promotions for an LIC assistant are time based. The employees are promoted based on their performance and years of experience.
Pros and Cons of Bank Clerk Job and Insurance Assistant Job
Bank Clerk Job
Pros
• Offers a stable and secure government job
• Growth rate could be very fast depending upon the performance of the employee
• The transfer policy is also quite relaxed
• Various medical and loan benefits
• Allows candidates to enjoy annual holidays
• Grants maternal benefits to the female candidates
Cons
• Workload and stress is too high
• Job hours can vary according to the pressure at particular branch
• The salary is quite less
• Initial posting of the bank clerks are generally given in the rural areas
Insurance Assistant
Pros
Permanent based post and offers a good opportunity for the candidates to grow in their lifetime.
The workload is relatively less
Fixed working hours
Promotions to higher levels are very fast
Incentives and bounces attached with the issuance of policies
Cons
• The initial salary is quite less
• Candidates have to undergo a probation period of six months during which they are prepared for the job and supposed to serve the company.
We hope that this article helped you to have a fair idea on IBPS clerk and LIC assistant jobs. You can clear the doubt via the comment box below if any. Wish you a bright future in your career!
