LIC AAO examination is usually conducted in the month of March. Every candidate attempting this exam would be desirous of knowing the job scope, salary and the LIC AAO Details. An LIC AAO is responsible for discharging their duties:
1.Formulation of new schemes
2.Management of Claims and Settlements
3.Coordination with other Departments and taking assistance
4.Performance of work specified by the Department or Administrative Officer
5.Interaction with Clients and assisting them properly
6.Inspection of existing policies for errors or misleading facts
Which are the departments where a candidate would be working?
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New Business
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Information Technology
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Claims
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Marketing/Sales
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Inspection
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Actuarial
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Policy services
Probationary Period:
A newly recruited LIC AAO would be on a probationary period of 1 year which is extendable for 2 years. In addition to this, before joining as a probationer, candidates would be required to give the undertaking to serve LIC for a period of 4 years from the date of joining. If a candidate fails to serve the minimum period, then he/she automatically becomes liable to the extent of INR 200,000.
Among the Public Sector Companies, LIC is the majority player with a lot of policyholders. A large number of employees would be required to reach the current user base and also get in new business.
Career Path:
The Career path for LIC AAO has two options:
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The candidate gets promoted as Administrative Officer in a few years on the job.
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The candidate could also get transferred to some other Department based on his inclination/performance. The candidate can become Assistant Branch Manager and subsequently Branch Manager.
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Timeline for promotions depends on factors such as performance and vacancy. It takes around 5 years between two promotions.
The job duties of LIC AAO Officer can be examined in detail as follows:
Maintenance of Database:
Office Assistants would be given the responsibility of creation and maintenance of large databases in a variety of presentations -lists, spreadsheets, handwritten lists and software databases like Microsoft Access.
Liaison with Clients:
Office assistants serve as the sole point of contact across various parties such as underwriters, clients and agents by means of phones, drafting outgoing letters and emails. The office assistants can handle a a variety of client issues which would allow underwriters, managers and executives to focus on relevant concerns of obtaining new customers and high-revenue accounts.
Duties relating to Administration:
Apart from processing a lot of policy applications, the candidate would be required to order office materials and mailing marketing materials. Assistants would be included in temporary project teams to be able to handle such details.
There is another position under LIC known as ADO (Apprentice Development Officer) the main job of the candidate would be to recruit agents, provide service and training for policy sales.
LIC AAO vs Bank PO Comparison
A comparison of both of these job profiles are given as below:
Work Pressure and Environment:
The life of a Bank PO is very different from that of an LIC AAO Officer. The job profile of a probationary officer would be inclusive of administrative work and client management. A Bank PO would be required to perform his/her tasks like opening a savings account, clearing of cheque and account validation.
Transfer
A lot of branches would be located across various towns and cities, and there would be a lot of postings in the rural areas for the Bank PO whereas an LIC AAO Officer would be working across major cities and states.
Challenging
LIC AAO is a less challenging job in comparison to Bank PO which would give the candidate good work-life balance, peaceful lifestyle and a good location base from where he would be operating. If a candidate prefers a more challenging opportunity, he can prefer Bank PO Examination.
Salary
The standard pay scale of AAO in public sector would be INR 17240-36240. The monthly salary would be INR 33000 on an average that would slightly vary across cities.
Future scope in LIC AAO Sector
Insurance Sector would be expected to grow manifold in the coming years, ensuring a lot of promotions coming in the way of LIC AAOs. Promotions usually in this post would be taking about 3 years as a definite measure, however with improvements in the industry promotions would also be coming up way more quickly.