One of the biggest perplexities people encounter is choosing a career path. Your career will determine your professional growth, financial stability, and overall happiness. So, you must pursue a career where you excel while overcoming challenges with minimum effort.
Two careers we will discuss in this article are RBI Assistant vs. LIC AAO. There are a lot of people who get confused about whether to work in the Reserve Bank of India (RBI) as an assistant or in the Life Corporation of India (LIC) as an Assistant Administrative Officer (AAO). Yes, this is one of the most common questions on the web; we will provide more clarity to end this debate once and for all!
To work in LIC, the country’s largest insurance company and one of the finest public sector units, or in RBI, India’s central bank, depends on some aspects we will talk about in this article.
First, you need to jot down crucial points about both government organizations and compare them with your skillset and interests. Here is the difference between the two to remove your dilemma and give you insights.
Which Offers Better Growth Opportunities: RBI Assistant vs. LIC AAO?
To understand whether working as an RBI assistant or an AAO in LIC is beneficial, firstly, you need to see which company offers a better working environment. So, let’s compare RBI Assistant vs. LIC AAO and conclude both these professions based on their work culture, salary, and other perks:
I. Working in RBI
RBI operates on fixed days and timings, hence maintaining its employees’ work and personal life balance. As the country’s central bank, the RBI offers its employees many perks. Below mentioned are the advantages of working in RBI:
1. Job Opportunities
Without any comparison, a job in RBI is more than rewarding. Why? The major reason behind it is that it not only offers opportunities that lead to personal and professional growth but also helps in the overall development of an individual.
If you work in RBI, you get to work with the country’s and the world’s finest financial minds, like leading bank managers, investment and fund companies, and the governments of various states and countries.
2. Perks
As one of the largest public sector banks, RBI offers numerous employee perks. Some of them are:
- Every employee in RBI gets a dearness allowance on a percentage of their basic salary.
- If an employee owns a vehicle and uses it for coming to work, they can claim an equivalent amount of money for up to 140 to 180 liters of petrol, depending on the city they reside in.
- Many companies offer a medical allowance. RBI, too, offers it to its employees.
- To enjoy a hassle-free dining experience, RBI has partnered with SODEXO to offer its employees coupons and cards.
- Besides the medical allowance, RBI has a special spectacle allowance of around Rs. 7000.
3. Salary Structure
The in-hand salary of RBI Assistants ranges from Rs. 20,700 to Rs. 52,850.
II. Working in LIC
Working in a public sector organization like LIC is a dream for many people. Besides the money and other perks, working in LIC offers numerous opportunities and scope for growth.
1. Job Opportunities
Do you want to enjoy the freedom to be your own boss? Yes? Working as an AAO in LIC can be a perfect career choice. You can get clients and make money without initial capital investments. This leading insurance company in India provides best-in-class training systems that differentiate LIC AAO from the rest.
2. Perks
Below mentioned are some of the perks offered to employees working in LIC as AAO:
- Employees of LIC are eligible for graduation increments. This means that they get a certain increment percentage in a particular period depending on their work and expertise.
- LIC employees are eligible for house rent allowance in certain areas and cities. Besides, if you live in a different city and work in another, you get a city compensatory allowance pay.
- As an employee of the country’s largest insurance company, you are eligible for cash medical benefits of a certain amount.
3. Salary Structure
Salaries play a major role in making career choices. The salary of a LIC AAO as of 2023 ranges between Rs. 32,795 to Rs. 80,870.
RBI Assistant vs. LIC AAO- Career Growth
Below is the table that clearly shows the difference between the career growth of these 2 professions- RBI Assistant vs. LIC AAO:
| RBI Assistant | LIC AAO |
| – Once you clear the exam and complete two years of the regular service period as an RBI Assistant, this will be the hierarchy that you need to follow: Grade A or Assistant Manager Grade B or Managerial Level Grade C or Assistant General Manager Grade D or Deputy General Manager Grade E or General Manager Grade F or Deputy Governor – The best part about working as an RBI Assistant is that employees enjoy various perks and live a decent life. | – If you are appointed as an AAO in LIC, promotions happen in the following order: Administrative Officer (AO) Assistant Divisional Manager (ADM) Divisional Manager (DM) Senior Divisional Manager (SDM) Zonal Manager (ZM) – The best part about working in this company is that the candidates hired as LIC AAO might go through internal transfers whenever there is any requirement. They are also eligible for various perks, handsome salaries, employment security, respect, and prestigious titles. |
Career Growth of LIC AAO
The promotion in LIC is based on seniority or departmental exams. You may perceive a higher salary performing your role as an AAO in LIC. However, career growth or promotion is slow. It may take 4 to 8 years to get a promotion from the date of joining.
To get promoted, LIC AAO needs to pass departmental tests. This organization’s promotions are based on employees’ performance, service, and experience.
Employees are promoted through internal tests and interviews in RBI. An RBI assistant is entitled to sit for the internal exam for promotion to the position of Assistant Manager after 5 years of service as a Senior RBI Assistant. A minimum of 60% on the internal exam, no punishment record, and a satisfactory performance rating are needed to qualify for the position of Assitant Manager.
In seven years, Grade B officers can advance to Grade C, and in another five years, they can advance to Grade D. If the candidates are hired at a young age, they will quickly rise through the ranks to deputy governor after passing Departmental exams.
RBI Asssitant vs. LIC AAO- Bottom Line!
Deciding which one of the public sector units is beneficial for your overall growth becomes easy when you compare the different perks, work cultures, and salary structures. Both jobs are equally good, but which path you pursue also depends on personal factors such as qualification, experience, skillset, and interests.
To understand more about which is better and how to create your approach toward a career in RBI or LIC, click here.
