You might have seen that many people across the country don’t really know what policies, life and health insurance, investment is all about. This is precisely why we really need to establish financial literacy as a subject in our education system’s curriculum from the core basics. Its important for each of us irrespective of our chosen field subject to be aware of this basic life skill. here in this article we will be briefly talking about one such insurance company named LIC. and about its new salary structure and pays scale. We will also be comparing the old salary structure with the new one so to have an exact idea of how much increment in salary is done.
What is LIC? and why do we insure from LIC?
LIC is an abbreviation of Life Insurance Corporation of India.
On 1st September 1956, central Government of India decided to nationalize the insurance industry and an act was passed by Indian parliament to make LIC a company. That time, 245 small companies were combined to make LIC.
LIC is a state-owned insurance company which ensures future plans and insurance of the citizens of the country. It is not just limited to India, but also in many countries outside India. It has now become country’s biggest leading insurance company because of this services and benefits which were able to build the base of trust among people.
LIC – New Salary Structure
Recently LIC’s wage division is done and we will be discussing about the salient features of it. The good news for the LIC employees is that the Central Government of India has declared every Saturday as a holiday fulfilling the ‘5 days a week’ demand of the employees, and is accepted by the LIC, with immediate effect.
According to their fields and department, Employee’s salaries and workload is divided.
- Taxation: It is an amount of income tax, which will be deducted from the total salary of the employee.
- Special Allowance is given to those who worked well and brought some growth work monthly
- Group Mediclaim on the completion of Medial insurance claimed.
- Basic Pay is Fledgling salary that is fixed for the employee of LIC. It is usually during their initial days, interview and career starting with LIC. It is fixed for a period of prohibition. Later changes as per experience, performance rules.
and Annual Increment will be added to Basic Salary which is fixed. The percent of increment does changes with a graph of employee work towards the company
- HRA(House Rental Allowance) usually varies city wise. It will be changing from 10% to 8% based from small cities to big cities, and this is a varying amount and can be changed with respect to company policies.
- Accident Insurance is for each employee. Basically a minimum installment year is debited form salary.
- CCA(City Compensatory Allowance) is often 2% to 3% of basic salary. It is usually provided to high-grade officers
- DA (Dearness Allowances) is applicable for everyone. It is changed in every 3 months and it can be increased or decreased as per inflation rates.
- LTC (Leave Travel Concession) is applicable to each employee but can be based on their travel place or location.
- Gratuity is added as a part of salary. It will be disbursed to LIC employee after compilation for the remuneration period.
- Defined Contributory Pension is applied to an employee to voluntarily add money for a retirement plan.
- Loans: This keeps control 0f the deduction part which shows your debits/loans taken from LIC.
|S.N.||Entry||Class 1 Officer Posts||Scale of pay|
Chief Engineers/ Chief Architects
|(a) Ordinary Scale : Rs. 1,46,095-4,415(8)-1,81,415
(b) Selection Scale : Rs. 1,63, 755-4,415(2)-1,72,585-4,735(1)-1,77,320-5,180(1)-1,82,500-5,370(4)-2,03,980
|Deputy Zonal Managers / Senior Divisional Managers
Deputy Chief Engineers / Deputy Chief Architects
Superintending Engineers / Senior Surveyors of Works / Senior
|Assistant Divisional Managers/ Senior Branch Managers
Executive Engineers / Surveyors of Work/ Deputy Senior Architects
|Administrative Officers / Branch Managers
Assistant Executive Engineers / Assistant Surveyors of works/ Architects
|Assistant Administrative Officers/Assistant Branch Managers
Assistant Engineers/ Assistant Architects
LIC Assistant SALARY SLIP:
The salary of LIC Assistant usually combines, Basic pay, DA, cadre special allotment, transport allow, medical benefit, HRA.
While joining, BASIC PAY will be : 26,340/-
Inhand Salary 32-35k
Perks, Allowances and Reimbursement :
- Meal Coupons : 185-210 per day
- Mobile : 8000 once in 3 years
- Briefcase : 2500 once in 3 years
- Newspaper : 250/month
- Medical Cash Benefit : 8,310 PA (July)
- LTC (Leave Travel Concession) once in 2 years
- Group Mediclaim Policy
- Quarter/HRA/lease 20k/15k/8k/10k
- Entertainment allowance : 800 monthly
- Furniture Allowance : 87,500 + GST(5yrs)
- PLLI Bonus : up to 6% (Annual Basic +DA)
- Insurance cover of 1 crore
- Loan facility
LIC Call Centre Services
Helpline services available at phone number : +91 22 6827 6827.
With this we come to an end of this article. Hoping you all understood the new Pay slip and Salary Structure of LIC. Will appreciate your feedback and comment down the queries regarding this and do share it with people around you.
Thank you for reading!