There are many people who aspire to work in a bank job especially a Government Bank Job. After much job searching, aspirants usually end up at a few shortlisted jobs available to them. Two of the most popular shortlists are LIC ADO and Bank PO. But, the aspirants are usually stuck at crossroads which can be reasonably related to Robert Frost’s Poem ‘The Road Not Taken’. Therefore, to help aspirants stuck with the dilemma of choosing one over another, we have prepared this article highlighting the advantages of both, LIC ADO vs Bank PO. This will help you make an informed decision which you later on may not regret.
Whichever path you may end up choosing, it is important to prepare for the Exams that both jobs require you to take. Your performance on this exam will determine your chances of landing the Job. But not to fret, the Entri App is here to help you through the preparation. Download the Entri App today and gain access to tons of mock tests and quizzes which will undoubtedly help you gain a refined edge over your competition.
LIC ADO vs Bank PO
Here, we provide brief overview of both exams LIC ADO vs Bank PO which will help you in deciding which one to choose as career.
In this segment, I will introduce you to LIC ADO and talk about its Advantages. This will help you in deciding which is better, LIC ADO or Bank PO. Read on and Find out.
LIC ADO (LIC Apprentice Development Officer) is a field job in Insurance sector. LIC (Life Insurance Corporation of India) conducts an exam namely LIC ADO to fill in the vacant posts for ADO in their offices. It is a government job with a healthy salary package of nearly Rs. 45,000/- per month. The Exam is conducted in the month of March and it is an Online Exam.
An Apprentice Development Officer (ADO) initially involves the understanding of existing LIC policies and areas where sales can be produced easily. A LIC ADO is responsible for recruiting agents to sell LIC policies in the assigned area. Thorough training of the hired agents is another task that a LIC ADO has to perform. Working in Insurance sector as an ADO also involves the analysis of overall performance of each agent in terms of marketing capabilities as well as shortcomings, if any. Assigning target quota and maintaining overall integrity sales while also motivating the agents to procure maximum sales in a defined time period is their goal. LIC ADO is a management cum marketing job.
The responsibility of a LIC ADO is to monitor and carry out all sales related tasks. However, the operations that a LIC ADO has to carry out are as follows:
Accomplish all Sales oriented tasks
Reach the maximum number of people and complete the assigned targets of selling.
Salary: Most Aspirants choose this job because of its handsome salary. The Salary Information is given below:
Pay scale: 21865-1340(2)-24545-1580(2)-27705-1610(17)-55075
Basic Pay: Rs. 21,865/- and After Increment: Rs 55,075/-.
Dearness Allowance – 40% of the basic pay (based on the Inflation rate)
House Rent Allowance – 7%-9% of the basic pay (Location dependent)
City Compensatory Allowance – 0% – 4% of the basic pay (Location dependent).
Other Benefits: Salary won’t necessarily be the determining factor for most aspirants. There are plenty of other perks that come with the job too. They are:
Leave Travel Concession (LTC), Special Allowance, Gratuity, Contributory Pension, Cash Medical Benefit, Accident Insurance, Loan for Personal Vehicles, etc., Vehicle Advance (2-wheeler/4-wheeler), Reimbursement Towards the Cost of Brief Case/leather bag and Incentives.
LIC is also known for having flexible work timings and most notably, the driving force behind its popularity is a slogan they commonly use,” Be your own Boss”.
In this segment, I will introduce you to Bank PO and talk about its advantages. This will help you in deciding which is better, LIC ADO or Bank PO. Read on and Find out.
A PO or a Probationary Officer is essentially an Assistant Manager of Scale I in a bank. They are Junior Managers of Grade I scale and hence called Scale I Officers. After the selection criteria is completed (Exams and Interview), a Probationary Officer has to go through an intensive training program at Institute of Banking Management where they are trained. The probation period of a PO may last for 2 years. This may differ from bank to bank.
As the candidates selected for this post are freshly graduated young officers, they will be called upon to prove themselves. Hence, they may be given serious responsibilities by the bank. A PO is trained on multiple verticals such as finance, accounting, billing, investment etc. during their probation period in order to acquaint them with various working procedures of the bank. This is essentially done by entrusting them with responsibilities and jobs in these categories.
The main purpose of the bank is to provide optimal service to its customers. A PO has to make sure that the business of the bank keeps on increasing by tending to the banks’ customers properly by handling customer complaints, addressing various customer related issues such as discrepancies in accounts, rectification of undue charges etc. When they get acclimatized to the banks’ norms they are provided with more serious responsibilities such as planning, budgeting, loan processing, investment management, etc.
The banks pay their probationary officers quite handsomely. The basic pay of a SBI PO is Rs. 23,700.
In addition to this basic pay, the officers are also eligible for Dearness Allowance (DA), House Rent Allowance (HRA), CCA, special allowance etc. The total salary thus amounts to Rs. 40,239 per month.
The salary is almost same for POs of almost all the banks. However, there may be little variation from bank to bank.
Career Growth: The growth in this field is quite fast. You can jump to Grade II officer within 3-5 years of service. The POs are required to give few written examination and go through an interview process to get promoted to a higher designation. One can easily switch to the position of Manager, Assistant General Manager, General Manager etc.
Other Benefits include:
Accommodation Lease: In a few areas, the bank gives accommodation and quarters to the PO. In such cases, when accommodation is given by bank the HRA is not given to the employee. The sum goes straightforwardly to the proprietor of the flat or accommodation.
Travel Allowance: The bank additionally gives Traveling Allowances to the POs or they can opt for reimbursement on petrol or vehicle.
Medical Aid for self and Family, Newspaper Reimbursement and Government’s New Pension Schemes.
Though this may not be the case for all the Banks, the benefits are usually general across the rest with a few variations.
In this article, I have presented a brief overview of both LIC ADO and Bank PO, it is now up to you to make the decisions. But whatever decision you end up making, do not regret it. Both career path can make you successful. All that is required is dedication, hard work and commitment on your part. I hope this article will serve as a guiding light to help you reach a decision. But, whichever way you end up going, remember that you require preparation to answer the exams and get past the selection stage. To help you in this aspect, download the Entri App. You can attempt mock tests which will improve your score, click here to find out how. You can also gain access to online classes and video lectures. This is the best time to prepare. Good Luck.