Post Name : LIC AAO Salary 2024, Job Profile
Post Date : 27 February , 2024
Post Description : The attractive salary package and promising career prospects make the LIC AAO position highly sought-after by many applicants. Along with competitive pay, executives hired by the Life Insurance Corporation of India enjoy a range of benefits, job security, and prestige. Knowledge about the LIC AAO salary not only alleviates candidates’ concerns but also motivates them to apply for the position. Moreover, LIC offers ample opportunities for career growth, ensuring aspirants remain motivated to work for the organization. For more details on LIC AAO salary, job responsibilities, career advancement opportunities, and other relevant information, continue reading the entire post.
LIC AAO Salary Structure 2024
The LIC AAO Salary for 2024 is a crucial topic for examination preparation, given its significance in India’s federal insurance industry. Many individuals aspire to secure positions like Assistant Administrative Officer (AAO) or Assistant Engineer (AE) at the Life Insurance Corporation of India due to the stability and lucrative career prospects it offers. Candidates and employees alike are keen to understand the LIC AAO payment structure, in-hand salary, and comprehensive compensation package.
The LIC AAO Salary Structure for 2024 comprises various components, adding up to the total take-home income. Alongside the base pay, employees receive additional benefits such as house rent allowance and dearness allowance, making LIC’s compensation package competitive. Here’s an overview of the pay structure:
- Basic Pay: Rs. 53,600
- Annual Increment for the next 14 years: Rs. 1,610
- Basic Pay after Increment: Rs. 62,315
- Annual Increment for the next 4 years: Rs. 1,745
- Basic Pay after Increment: Rs. 92,870
The LIC AAO position attracts a large number of applicants due to its reputation for job security and competitive pay. Employees also enjoy various benefits along with their salary. The LIC AAO salary slip provides detailed information including basic pay and pay scale, further emphasizing the attractiveness of this employment opportunity.
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| LIC AAO Eligibility Criteria 2024 | LIC AAO Syllabus |
| LIC AAO Previous Year Question Paper | – |
LIC AAO Salary 2024 Perks and Allowances
The LIC AAO in-hand compensation includes a number of benefits and allowances that collectively increase the amount. The privileges and reimbursements, in addition to the well-known work description and the attractive pay scale, add to the appeal of the position. The list of benefits and compensation is included below.
House Rent Allowance (HRA)
The amount of the housing allowance varies by the location of the posting. It would amount to 9%, 8%, and 7% of the base compensation if the individuals were stationed in major cities.
City Compensatory Allowance (CCA)
This could be 4%, 3%, or even 0% of the LIC AAO Basic Pay, depending on the location of the assignment.
Dearness Allowance (DA)
Every three months, the Dearness Allowance is updated using the CPI (Consumer Price Index). The inflation rate and its variations have an impact on this. About 40% of the Basic Pay comes from this portion of the LIC AAO Payment.
A LIC AAO & AE will make a gross in-hand income of between Rs.58,000 and Rs.60,000 monthly.
LIC AAO Salary 2024 Advantages
The LIC AAO Salary for 2024 offers several advantages to employees, making it an attractive career option. Here are some of the key advantages:
- Total Compensation: Employees can expect a total compensation of around Rs. 56,000 per month in cash, which includes components like House Rent Allowance (HRA) and City Compensatory Allowance, based on the location of the assignment.
- Additional Benefits: Apart from the basic salary, employees receive various benefits such as workplace pension, bonus for passing the financial exam, LTC (Leave Travel Concession), cash healthcare benefit, group personal insurance coverage, group health insurance, vehicle loan as per rules, daily food voucher, compensation for briefcase or leather pack expenses, provision of publications and magazines, tea and coffee, mobile phone, and mobile expenses.
- Advance Increments: Candidates selected for the position of AAO and having two years of post-qualification professional experience at the qualifying period may be eligible for two advance increments.
The job profile for LIC AAO varies depending on the openings within the company and the individual’s qualifications. Generally, it involves administrative activities and is a desk job. Some of the responsibilities of LIC AAO include:
- Developing new plans and examining existing regulations.
- Handling and resolving client complaints and reimbursements.
- Collaborating with various departments.
- Completing assigned tasks from superiors.
- Interacting with customers and addressing their inquiries.
- Analyzing existing regulations for inaccuracies and false information.
Overall, the LIC AAO position offers a blend of administrative tasks and customer interaction, providing employees with a diverse and fulfilling work environment.
LIC AAO Career Growth 2024
As a LIC AAO officer, you will have many opportunities to advance your position. Most bank candidates desire higher-level officer positions. To be qualified for advancement to the rank of officer, all applicants who seek to advance from the position of LIC AAO officer must submit an application, show up for the test, and complete at least two years of service.
- A company has retirements every year. For new hires in the organization, advancement opportunities are excellent.
- The minimal amount of time needed to be elevated, nevertheless, ranges from 5 to 8 years, and the promotion strategy is not particularly aggressive.
There are so two avenues for professional growth:
- AAOs are eligible for promotion to Administrative Officer (AO), Assistant Divisional Administrator (ADM), Divisional Director, Senior Divisional Supervisor, Zonal Supervisor, and so forth after accumulating a specified number of years of work experience.
- Depending on your competence or interest, there are also opportunities to transfer to functional divisions internally. You can advance to the positions of Assistant Branch Manager (ABM) and Branch Manager there (BM).
LIC AAO Salary 2024- Probation Period
Check out the crucial information to keep in mind regarding the LIC AAO probationary period:
- A freshly hired AAO & AE will be on probationary for a full year after joining the company. Depending on how well you execute, this suspension may be extended up to two years.
- Candidates must complete a minimum of four years of LIC service, including one with a probationary term.
- If an applicant does not complete the required amount of service time, they will be required to pay damages in the range of 500 000 (Five Lakhs only) or any other sum that the Executive Director (Personnel) may deem appropriate.
- Applicants that are chosen may be transferred anywhere within India.
- The LIC offices in Mofussil have the majority of openings. As a result, aspirants will be assigned for a minimum of three years in mofussil offices outside of their native districts after acceptance and finalization of education.
