The Life Insurance Corporation is one of the tops and sought after companies for providing job security and attaining a good job position. LIC provides job opportunities for many Indian citizens in various posts. The LIC Assistant recruitment is organised to select the most deserving and aptest candidate for the position of Assistant. A large number of applicants are expected to register for the LIC Assistant examination 2021. The LIC Assistant notification has been released and the candidates can start registering from September 17 2021 onwards. The Life Insurance Corporation of India determines the LIC Assistant Salary. A detailed description of all the points related to the LIC Assistant Salary 2021 is given in this article.
LIC Assistant Annual Package
Detailed below is the LIC Assistant Salary structure. The basic pay that is given to the recruited candidate is Rs 14,435 as per the 7th pay commission. The Gross Annual income will be around 3-3.4 lacs per annum.
|LIC Assistant Pay Structure|
|Original Basic Pay||Rs 14435|
|The maximum basic pay of LIC Assistant without promotion||Rs. 40080|
LIC Assistant Pay Scale
The LIC Assistant salary scale is given below with the basic pay and the maximum in-hand salary. The basic pay is 14,435 every month followed by the increments and the number of years.
Rs.14435-840(1)- 15275-915(2)- 17105-1030(5)- 22255-1195(2)- 24645-1455(3)- 29010-1510(2)- 32030-1610(5)- 40080 plus some allowances as per rules.
- Initial Basic Pay – Rs 14435 with a yearly increment of Rs 840 for 1 year
- Rs 15275 and a yearly increment of Rs 915 for the next two years
- Rs 17105 and a yearly increment of Rs 1030 for the next five years
- Rs 22255 and a yearly increment of Rs 1195 for the next 2 years
- Rs 24645 and a yearly increment of Rs 1455 for the next three years
- Rs 29010 and a yearly increment of Rs 1510 for the next two years
- Rs 32030 and a yearly increment of Rs 1610 for the next five years
- Rs 40080(maximum Basic Pay)
Other LIC Assistant Perks and Allowances
Other than the above-mentioned salary, the LIC Assistant also has other allowances to add to their salary package.
- House Rent Allowance (HRA)- It is based on the job location of the employee. If the LIC Assistants are posted in urban areas like metropolitan cities, big cities, or other places, the HRA can be 9%, 8%, or 7% of the LIC Assistant basic pay.
- City Compensatory Allowance (CCA)-This also depends on the location of the job post and can be 4%, 3%, or 0% of the LIC Assistant.
- Medical Allowance
- Transport Allowance
- Dearness Allowance(DA)-This allowance is not the same every time. It fluctuates. This is revised quarterly of the Consumer Price Index (CPI). It forms 40% of the basic pay. CPI solely depends on the inflation rate, due to which it shows frequent fluctuation.
- Lunch Allowance
- Insurance Allowance- Personal Insurance, Accident Insurance, Vehicle Loan(2 wheeler) etc
- Defined Contributory Pension
- Stationary Allowance etc
In-Hand Salary of LIC Assistant
In-hand salary is the sum that the employee gets after the tax and other deductions are carried over. The in-hand salary will be approximately INR 28,000 to INR 32,000 per month. The deductions from the gross salary are subtracted from the salary, which includes, occupational tax, payroll tax and other business policy deductions.
LIC Assistant Highlights
Refer to the table below for an overview of the LIC Assistant 2021.
|Exam Name||LIC Assistant 2021|
|Conducting Authority||Life Insurance Corporation of India (LIC)|
|LIC Assistant Vacancy||Approx 8500|
|Mode of Application||Online|
|Selection Procedure||Prelims, Mains, Medical|
|LIC Assistant Prelims Exam Dates||October 212021, October 22 2021|
|LIC Official Website||www.licindia.in|
- Candidates must be aware of and check the eligibility criteria before applying for the LIC Assistant exam.
- The salary of the candidates who are recruited as LIC Assistants is according to the 7th Pay Commission.
- The Assistants are paid well.
- In addition, the Assistants are offered many perks, which can be availed by the recruited candidates upon selection.
Probation Period of the LIC Assistant
The probation period of applicants in the government sector is the amount of time an applicant must contribute to becoming a permanent employee in the organisation. After the probation period, the LIC Assistant applicants will enjoy all the benefits and advantages of a regular employee. The probation period of LIC Assistants is 1 year from the date of joining. Sometimes, this period can be extended up to 2 years. The probationary period is subject to changes by the LIC agency.
LIC Assistant Job Profile
As the name suggests, the LIC Assistant post is a clerical level post. The LIC Assistant job profile includes the following:
- LIC Assistants perform Cashier, Single Window Operator, Customer Service Executive, and other clerical services.
- They also have to perform back-office work according to the work assigned to them by the manager.
- They manage cash counters at LIC offices and look into account related work and recovery.
- Sanctioning and disbursing files assigned to them is another task they have to perform.
- They also manage customer grievances.
LIC Assistant Promotion
The recruited candidates will be observed on a regular basis and promoted according to the requirements of LIC. The employees’ experience and interests will also be considered for promotion. The employees are evaluated continuously and comprehensively and promoted based on their performance. The better the performance, the earlier the promotion.
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