LIC AAO Salary: The Life Insurance Corporation of India, popularly known as LIC, is the largest insurance company in India. It is a state-owned insurance company that has branches and offices all across the country. Working at LIC is considered to be highly prestigious.
LIC will be releasing the LIC AAO 2020 notification for the recruitment of Assistant Administrative Officers (AAO). Eligible candidates can visit the LIC official website and apply for the exam.
LIC Assistant Administrative Officer (AAO) is one of the best entry-level jobs in the insurance sector and hence, is highly demanding. Lakhs of candidates appear for LIC AAO exam to start their career in the insurance sector. The job offers great LIC AAO salary, opportunities to learn everything about the insurance sector and grow both in both personal and professional levels.
If you are an LIC AAO aspirant, you must have a clear idea about LIC AAO salary, job description, i.e. roles and responsibilities of LIC AAO, and career opportunities (promotions). In this article, we will provide you with all the information. Read on to find out.
LIC AAO Salary, Job Description & Career Opportunities
Before getting into the details of LIC AAO salary, let’s have an overview of the exam:
|LIC AAO Recruitment: An Overview|
|Conducting Organization||Life Insurance Corporation of India (LIC)|
|Name of Post||Assistant Administrative Officer (AAO)|
|Number of Vacancies||To Be Announced|
|Type of Job||Central Government Job|
|Job Location||Anywhere in India|
|Stages||Two (Online Test and Personal Interview)|
LIC AAO Salary: LIC AAO Payscale
The LIC AAO pay scale is as under:
|32795 – 1610 (14) – 55335 – 1745 (4) – 62315|
This means the initial Basic Pay of LIC AAO is Rs 32,795 per month.
There is an annual increment of Rs 1,610 for the next 14 years.
Basic Pay after 14 years will be Rs 55,335.
Then there will be an annual increment of Rs 1,745 for the next 4 years.
Basic Pay after the next 4 years will be Rs 62,315.
In addition to the Basic Pay, there are other allowances which are calculated as a percentage of the Basic Pay based on the location of posting. The total LIC AAO salary is the sum of the Basic Pay and these allowances.
LIC AAO Salary: Allowances And Other Benefits
The various allowances that are part of LIC AAO salary are tabulated below:
LIC AAO Salary: Other Allowances
|House Rent Allowance (HRA)||The HRA depends upon the job location. Based on whether the LIC AAOs are posted in metropolitan cities, big cities or other locations, the HRA can be 9%, 8% or 7% of the LIC AAO Basic Pay.|
|City Compensatory Allowance (CCA)||This too depends upon the job location and can be 4%, 3% or 0% of the LIC AAO Basic Pay.|
|Dearness Allowance (DA)||The DA is revised quarterly based on the Consumer Price Index. This component of LIC AAO Salary forms around 40% of the Basic Pay. Since CPI depends upon inflation rates, the DA can increase or decrease based on that.|
Adding all the allowances, the total LIC AAO salary per month is around Rs 56,000 in A Class cities.
Apart from the LIC AAO salary, there are other benefits of LIC AAO which are as under:
- Leave Travel Concession (LTC)
- Special Allowance
- Group Mediclaim
- Group Insurance
- Defined Contributory Pension
- Cash Medical Benefit
- Accident Insurance
- Loan for Personal Vehicles, etc.
LIC AAO Salary: LIC AAO Job Profile, Roles & Responsibilities
LIC AAO, as the name suggests, involves administrative responsibilities. It is a desk job and the roles and responsibilities will slightly vary depending upon the department they work for. The various departments of LIC are as under:
- New Business
- Information Technology
- Marketing / Sales
- Policy Servicing
In general, LIC AAO has to perform the following duties:
|LIC AAO Roles & Responsibilities|
|1. LIC AAOs have to help the Administrative Officer or the head of the department in supervising the general functioning of the department.|
|2. They have to perform any task assigned by the department head.|
|3. They have to coordinate and communicate with other departments.|
|4. They have to provide assistance to clients and customers whenever required.|
|5. They have to research and formulate new schemes.|
|6. Inspecting existing schemes and policies too is the job of LIC AAOs. They have to look for any error in the existing schemes.|
|7. LIC AAOs will also have to manage and file claims and settlements.|
LIC AAO Salary: LIC AAO Promotions & Career Growth
Although there are ample opportunities, promotions in LIC happens at a slow pace. It usually takes 4 to 8 years to get a promotion.
One way to get promotion in LIC is through gaining certain years of experience. From the post of LIC AAO, promotions happen in the following order:
- Administrative Officer (AO)
- Assistant Divisional Manager (ADM)
- Divisional Manager (DM)
- Senior Divisional Manager (SDM)
- Zonal Manager and so on.
LIC AAOs are also transferred to other departments depending upon internal requirements as well as the interest of the employees. There, they can get promoted to Assistant Branch Manager (ABM), Branch Manager (BM) and so on.
Now that you have a clear picture of what the post of LIC AAO entails – the LIC AAO job description, roles and responsibilities, promotions and career advancements and LIC AAO Salary, you have enough reasons to prepare and give your best shot in the exam.
Go through the LIC AAO syllabus and LIC AAO exam pattern. Finish the whole syllabus in the most effective way and master each and every topic. Also, take LIC AAO mock tests. At Embibe, you can take the mock tests for free.
We hope this detailed article on LIC AAO Salary helps you. If you have any query regarding LIC AAO salary, feel free to ping us. We will get back to you.14497 Views