LIC DO Full Form
What is the full form of LIC DO?
The abbreviation LIC DO stands for Life Insurance Corporation Of India Development Officer or LIC Development Officer. Selected through a dedicated selection exam. LIC DO is responsible for the recruitment of suitable agents. LIC is a company in the public sector that mainly deals with life insurance products and investment plans. It was raised in 1956 under the Life Insurance of India Act. With a total asset of Rs.4,254,058 crore (US$ 530 Billion) and Equity of Rs. 11,338 crore (US$ 1.4 Billion), LIC is the largest insurance company in India.
How to become LIC DO?
A competitive examination for the recruitment of Assistant Development Officers in the LIC is held once a year, normally in September. The application form for taking the exam is published at media sources, generally in July and the last date for submission of applications is generally the first week of August. After clearing this exam one has to go through an interview, clearing these two steps with good grades will ensure positioning as a Development Officer which is then followed by field training.
Exams and Eligibility
Educational Qualification
Having a Bachelor’s degree from a recognized university in any discipline or its equivalent recognized by the central is mandatory and preferred as the least qualification one must own.
Age Limit
The candidate should not be below 21 years and above 30 years of age. However, age relaxations are provided to reserved categories including SC/ST, OBC etc.
Nationality
A candidate must be either a citizen of India or holds eligibility certificates issued by the Government of India.
Duties
In LIC, more than 80% of business happens through agent force. The main responsibility of a LIC Development Officer is to recruit and train potential agents in a way that they procure insurance business. The role of LIC DO is very tough.
Salary And Benefits
Candidates are awarded a stipend of Rs. 34,503/- per month during their Probation period. Candidates must complete a one-year probationary period after completing the Apprentice Period. After that, they were allotted a basic pay of Rs. 21,865 along with an increment of Rs. 55,075.
Benefits of the job include-
Leave Travel concession (LTC)
Special Allowance
Gratuity
Contributory Pension
Cash Medical Benefit
Accident Insurance
Loan for Personal Vehicles
Incentives
Life Insurance Corporation Of India
LIC is headquartered in Mumbai, Maharashtra. It is under the ownership of the Ministry of Finance, Government of India. According to the LIC web portal, their motto is to provide citizens with economic security utilizing insurance services and products in comparison to other insurance firms present in the market, thereby helping them build and maintain a quality of life and providing economic development.
Objectives Of LIC
To increase the mobility of people's savings through attractive insurance-linked savings.
To extend the importance of life insurance widely in rural areas and people belonging to socially and economically backward classes.
To provide financial safeguarding against unpredictable life occurrences.
To lower dependency on institutional sources.
To enhance the ability to save.