LIC AE Salary - Check In Hand Salary, Pay Scale and Job Profile
LIC AE Salary - Life Insurance of India released LIC AE salary in the official notification of LIC AE 2020. Candidates preparing for LIC AE 2020 exams must go through detailed information about the salary of LIC AE 2020 before filling the application form of LIC AE 2020. Few perks are provided to the employees along with LIC AE salary by LIC. These allowances depend on the work location of the employees and work experiences. However, the basic pay scale of LIC AE salary will be the same at any location. The other allowances along with LIC AE salary are dearness allowance, travel allowance, house rents, City Compensatory Allowance, Entertainment Reimbursement, and many more. The basic pay scale of LIC AE salary is INR 32975/- per month in the scale of Rs. 32795- 1610(14) –55335– 1745(4) –62315. To know more about LIC AE such as depending factors, perks with LIC AE salary, careers growth, read the full article below:
LIC AE Salary in Hand
The In-hand LIC AE salary is the total salary paid to the employee after all the deductions. The in-hand LIC AE salary also includes all the allowance provided for the benefits of the employees. According to the official notification of LIC AE 2020, on the pay scale of Rs. 32795- 1610(14) –55335– 1745(4) –62315 the in-hand salary of LIC AE will be Rs 57000/- per month.
LIC AE Salary: During Training Period
The qualified candidates will be on training period of 3 months. During this period, the trainees will get the fixed basic pay of Rs. 32975 along with few other allowances. Mentioned below the list of perks trainees will get during the training period.
Dearness Allowances of 54.4% which will be calculated approx Rs. 17480
House Rent Allowances is 10% which will be around INR 3279 ( as the training centres for LIC AE are in City A category according to the official notification.)
City Compensatory Allowance is INR 983 which is 3% of basic salary.
Transport Allowances:- INR 1330
LIC AE Salary: Post Training
After the training period, employees will be posted to different job locations. The job location is a basic parameter for the allowances. However, the basic pay will be the same as during the training period. Employees will get additional perks along with the all they are getting during training period. The list below explains the additional allowances employees will get along with LIC AE salary:
Entertainment Reimbursement - INR 800 per month
Newspaper Reimbursement - INR 200 per month
Sodexo meal coupons - Rs.185 for each working day
Reimbursement of Expenses towards Household help - INR 1000 per month
Office bag Reimbursement – Rs.3000 once in 3 years
Leave travel concession – 3000km each to and fro 2nd AC Fare with family once in 2 years
Cash Medical Benefit – Rs.13300 annually
Mobile Handset Reimbursement – Rs.10000 once in 3 years
Medical claims cover up to 40 lakhs for he/she and their dependents.
PLLI BONUS up to 6% of the total yearly Basic + DA
Insurance cover of 50Lakhs (GIS) + 8 lakhs (GSLI) + 10lakhs (GTS)
Defined contribution Pension Scheme – Equal contribution of 10% of Basic + DA from corporation.
LIC AE Salary: Job Profiles
LIC releases category wise vacancy for different job profiles. Candidates are advised to check the eligibility criteria of each before proceeding for the registration process. Mentioned below the table, candidates will get brief idea about the vacancy available for LIC AE:
LIC AE: Category wise Vacancies
AE (Electrical/Mechanical – MEP Engineers)
LIC AE Job Responsibilities:
The new plans and policies for the customer benefit are planned by the LIC AE.
LIC AE is responsible to look after all the general procedures of their respective departments. They have to make sure that targets are completed within the period.
The application process of policy from the important policyholders will be done by LIC AE. They are responsible to make sure every policy application has to be updated.
The inspection of running policy and meeting with the policy holders to make them aware about all the new ones are also major responsibilities of LIC AE.
The database is crucial in LIC. Therefore, AE also helps to create and maintain these databases.
AE responsibly process the claims that come for filling. It is equally essential that AE manage these claims properly.
AE gets the opportunity to interact with prospective customers, vendors, sales personnel, and other professionals.
LIC AE Salary Growth:
At present, the pay scale of AE is INR 17,240 to 32,640. The revision for the same is pending for approval of the central government. Once approved, it is expected to increase the salaries of AE further.
The monthly salary of a LIC AE is approximately INR 40,245 in metropolitan cities. This amount is inclusive of the allowances and shall differ slightly in other cities.
However, the in-hand salary that an AE is expected to take home is around INR 33,000 per month.
There is an annual increment in the salary of an AE of INR 1,619 for the next fourteen years of consistent work art in the organization.
The basic pay after fourteen years will amount to INR 55,335 monthly.
After these fourteen years, the annual increment for the next four years will be INR 1,745. Therefore, the basic pay of an AE after 18 years working consistently as an AE will amount to INR 62,315.
LIC’s AE is entitled to many other benefits that include pension funds, provident funds, 2 or 4 wheeler insurance, medical claims, medical benefits, and many more.
The benefits and allowances are calculated as a percentage of the basic pay depending upon the location of the posting.
Frequently Asked Question (FAQs) - LIC AE Salary - Check In Hand Salary, Pay Scale and Job Profile
Question: What will be the eligibility criteria for LIC AE 2020?
According to the eligibility criteria of LIC AE 2020, the age limit of candidates must be in between 21 years to 30 years. However, the educational qualification depends on the job profile. Candidates are advised to check the official notification of LIC.
Question: Is the basic pay of LIC AE and LIC AAO the same?
Yes, the basic pay for both the posts are the same. However, there will be differences in other allowances.
Question: What are the documents required to fill the LIC AE application form?
Candidates are required to upload scanned images of their passport size photograph and signature in the size prescribed in the notification