LIC AAO vs Bank PO Job

Different between Job profile (LIC AAO and  BANK PO)

Bank PO- banks are for saving and borrowing money (as loans) and helping industries with capital. Probationary Officer/Assistant Manager is the first ladder to serve at an Officer Cadre in the banking organization. After joining the bank, a PO has to serve a probationary period from 1 year to 2 years depending on the bank. Job in banking sector is a transferable job where a PO is expected to work in a single branch for maximum period of 3 years.

There is no single specific work assigned to the Assistant Manager/PO. Rather he/she is expected to assist his/her Branch Manager in every field and sector of banking. It could be administrative work, handling duties like managing the branch in absence of Branch Head, Routine Operations or other tasks like increasing the bank portfolio in Credit And Advances, Recovery Management, Claim Settlements, etc. There are various other divisions in banking like foreign exchange, treasury, clearing, risk management, etc. where one can further choose to work according to interest.

LIC AAO  LIC provides life insurance to the policy holder. Life Insurance Company (LIC) is doing recruitment for Assistant Administrative Officer(AAO).

  • Inspecting and analyzing currently running policies
  • Planning new schemes/policies
  • Claim Processing (Filing and Management)
  • Interacting with clients and resolving their queries
  • Communicating across departments
  • Performing other duties, time to time, as specified by your officer-in-charge.

LIC AAO or Bank PO ? Here’s how you make the right career choice

Work pressure

Bank PO A PO’s work life is more hectic as he or she is expected to engage with prospective customers to bring new customers to the bank.

LIC AAO- Work pressures in LIC might not be very high as AAOs are not expected to interact with prospective customers to bring more business to the corporation (that’s the job of an LIC Agent). AAO is mostly assigned administrative work, he/she needs to complete the daily quota of paper work, which includes filing and double checking documents related policies, claims, settlements, accounts.

Working Days

Bank PO-  Bank employees only have the second and fourth Saturdays as holidays.

LIC AAO – LIC has five days/week work pattern and hence you get two weekends to yourself.

Promotions and future prospects

Bank PO- You can expect a promotion within two to three years in a bank PO job.

Bank PO

  • Assistant manager
  • Branch manager
  • AGM
  • GM

LIC AAO- Same might take a much longer time in case of LIC AAO (five to eight years)

  • AAO
  • Administrative Officer.
  • Assistant Divisional Manager.
  • Divisional Manager.
  • Senior Divisional Manager.
  • Deputy Zonal Manager.
  • Zonal Manager.

Transfers

LIC AAO- LIC AAO jobs are involve transfers in (three to five years). An LIC AAO job, however, has an advantage as most of the LIC branches are located in cities.

BANK PO- Bank PO jobs are involve transfers in (three to five years). Bank PO can be posted at a rural/Cities branch of the bank.

Salary

LIC AAO Basic Salary

 Initial Basic Pay of LIC AAO

Rs 17,240 per month
Annual increment

Rs 840 for the next 14 years

Basic Pay after 14 years

Rs 29,000
Annual increment next 4 years.

Rs 910

Basic Pay after next 4 years

Rs 32,640

 Note- 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

City Compensatory Allowance (CCA) This too depends upon the job location and can be 4%, 3% or 0% of the LIC AAO Basic Pay.
House Rent Allowance (HRA) The HRA depends upon the job location. Based on whether the LIC AAOs are posted in metropolitan cities, Metro city9%, Urban Area 7-8%, Small City 6-7% 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

Bank PO

IBPS PO Salary details 2019

Basic Pay

23700.00
Special Allowance

1836.75

DA

10163.63
CCA

870 

Transport Allowance

– 
Total (without HRA)

36570.38

HRA 

2133.00
Gross with HRA

38703.38

Medical Aid

8000
Entertainment

500

Newspaper

300
Petrol

3000

Telephone

400
Canteen Subsidy

400

Pension Contribution

2500
Gross Annual CTC (with HRA but without leased accommodation)

5,57,640.52

Exam Pattern

IBPS (Institute of Banking Personnel Selection) conducts both the IBPS PO and LIC AAO Exams and hence the pattern and level of both the exams are similar. The GK section of LIC might have a few questions from the insurance sector. There is a separate exam for PO posts at SBI (State Bank of India), which is conducted by IBPS as well.

LIC AAO is primarily an administrative job with various other responsibilities such as interacting with clients, managing databases, underwriting, brainstorming on new policies and schemes.

Bank PO is an administrative job as well with the added responsibilities of managing customer accounts and cash transactions, clearing payments to employees, issuing cheques and demand drafts, making official announcements etc.

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