LIC Assistant Exam: Job Profile, Salary & Allowances

The Assistant at LIC receives a salary set by the Life Insurance Corporation of India. The LIC Assistant Recruitment aims to identify the most qualified applicants for the Assistant position. The LIC Assistant Salary includes basic pay, but this well-paid position also comes with significant incentives, allowances, and benefits like HRA and CCA. Candidates should become familiar with the LIC Assistant salaries and job profiles if they are interested in employment in the LIC.

Notification for the upcoming LIC Assistant exam is yet to be released. All information pertaining to the upcoming LIC Assistant exam will be updated on the LIC Assistant Exam page as soon as it is available on the official website of LIC. 

Read on for detailed information regarding LIC Assistant in-hand salary, job profile, career growth, promotion, allowances and perks.

Candidates can also visit, LIC Exams for detailed information about the recruitment held by LIC.

LIC Assistant Job Profile

Everyone applying for a job as an assistant should be familiar with the LIC Assistant job profile.

The job profile for the LIC Assistant will be specifically mentioned in the 2023 notice. The notification for the LIC Assistant position in 2023 is anticipated to be the same as in 2022. Some of the main job responsibilities of a LIC Assistant are described in the sections below:

• In accordance with the work that the manager assigns to them, they must carry out back-office tasks, account-related tasks and recovery.
• Cashier, single window operator, customer service executive, and other clerical tasks are performed by LIC Assistants.
• Handling documentation related to accounts, settlements, policy claims, etc.
• Handling purchases both online and offline.
• Additionally, they approve and distribute the files that have been sent to them.
• Processing and analyzing every document pertaining to insurance.
• Verification of their legitimacy and documentation.
• Handling client complaints on a daily basis.

After being recruited, the candidate will serve a six-month probationary period, which could be extended to a year.

For more information on the Insurance exams, visit the linked article.

LIC Assistant: Promotions and Career Growth

The probationary period for LIC Assistants is one year from the date of appointment. This time frame may be prolonged by up to two years. It’s possible for the probationary period to vary. In the public sector, the probationary period is the length of time a candidate must serve before becoming an agency permanent employee. The LIC Assistant would receive all the benefits and privileges of a regular employee following the probationary period.

In addition to the LIC Assistant salary, there is a great opportunity for promotion. 

• Once employed, employees are promoted based on internal LIC requirements as well as the employee’s experience and interests. 
• Their performance is consistently assessed, and as a result, promotions are given. Early promotions are given to those with strong performance.
• It offers deals that are time-based. 
• Promotions are given to employees depending on their performance and years of experience.
• Employees can also be promoted through departmental exams.

If you are preparing for various examinations conducted by the LIC, refer to the links given in the table below

LIC Assistant: Salary Structure

Candidates engaged by the LIC as assistants are paid fairly, according to the 7th Pay Commission. According to the most recent LIC Assistant salary, a LIC Assistant (Clerk) receives a basic salary of Rs. 27,840 per month. Pay packages at the lowest level of the scale, including graduation increment, house rent allowance, city compensating allowances wherever applicable, and meal coupons, will be approximately Rs. 30,000/- per month. The gross annual salary for a LIC Assistant will be between Rs 4 and 4.4 lakhs.

The new LIC Assistant Salary Structure is shown in the table below for your convenience

Get the latest information regarding the upcoming IRDA exam at the linked article.

Every year, the employee in an assistant position receives increments at various scales, and the cycle of increments ends when the basic pay reaches the maximum of Rs 53,585. From the information below, you can determine the cycle of salary hikes for LIC assistants.

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Related Links

There are other expenses that are taken out of the LIC Assistant salary; candidates can see the entire list of deductions in the table below.

In terms of Insurance exams, the NIACL Assistant is one which is highly sought after and is considered equivalent to a bank clerk, however, the pay scale, responsibilities, the designation is considered superior to the clerical cadre. Visit the linked article, for more information.

LIC Assistant: Allowances & Benefits

Candidates will also be eligible for a variety of other benefits, as specified in the LIC rules and regulations, in addition to the Assistant pay at LIC in 2023. Depending on the region, the pay and other benefits may change. The benefits provided to LIC Assistants include the ones listed below.

• City Compensatory Allowance (CCA): Depending on the job location, this might account for up to 4%, 3%, or 0% of the basic pay for LIC Assistants.
• Dearness Allowances: According to the Consumer Price Index, the Dearness Allowance (DA) is a quarterly adjustment (CPI). It makes up 40% of the base pay. The CPI swings a lot since it is based on the rate of inflation. As a result, DA varies considerably.
• House Rent Allowances (HRA): This depends on where the individual works. Depending on the locality, the HRA might be as much as 9%, 8%, or 7% of the LIC Assistant’s basic pay if they are allocated to significant cities, metropolitan areas, or other places.
• Insurance Allowance: Group personal accident insurance, a 2-wheeler loan, and other benefits in accordance with LIC regulations.
• Pensions, gratuities, allowance for lunch and other benefits with defined contributions.

We hope you found the information about LIC Assistant Salary 2023 useful. Aspirants can check BYJU’S to find relevant study materials on the Government Exams, and accordingly prepare themselves.