SBI PO vs LIC AAO : Which job is better and why?

Every graduate who is looking forward to making a career in Banking or Insurance always look up to getting a job as SBI PO or LIC AAO as one of their career options. However their lies a dilemma into what these two options really are and where would it lead them to in their life.

This article will help you clear all your dilemmas as we are going to do a thorough analysis and a comparative study on both the options and help you choose the best job between the two for you! I have categorized the study on 5 sectional topics to discuss in detail.

SBI PO vs LIC AAO – An Overview

CATEGORY SBI PO LIC AAO
Job profile Public Dealing Client Interaction,

Auditing and Analyzing and Policy Making

Posting Urban /Rural Urban
Promotions Frequent After 5 to 8 years
Transfer Frequent After 3 to 5 years
Examination Type Online: Prelims + Mains Online: Prelims + Mains
Bond 3 years 4 years

 

SBI PO vs LIC AAO – Job Profile

When we decide to choose an organization to work for we first need to analyze the job profile and what work we will be doing. Both SBI PO and LIC AAO have huge differences between them. the below analysis will help you to decide and choose the best-suited requirements for you!

SBI PO ( Job Profile)

  • Looking after daily customer transactions, passing cheques, draft issuance and cash management
  • Working as a public relations officer, handling customer complaints and addressing various customer related issues
  • Supervision of clerical work, making decisions for the benefit of the bank, managing cash balance
  • Verifying all the work done by the bank clerk. Taking care of any loan-related documents and performs on-site visit of the loan taking parties
  • Issuing of ATM cards, cheque books, Demand Drafts

LIC AAO ( Job Profile)

  • Query Resolution of Clients
  • Analyzing and Auditing old policies
  • Processing Policy Claims of the customers
  • Planning and Creating new Policies to attract new customers
  • Overlooking Inter-departmental coordination related to claims processing.

SBI PO Exam Notification 2019

SBI PO vs LIC AAO: Promotions and Career Growth

For any individual, steady growth in an organization is necessary in order to succeed in their career prospects. Insurance companies and Banks differ in posts and thus there lies a difference to the ladder of success between the two.

SBI PO offers a faster promotion and career growth as banks are proactive in promotions. However, in the case of LIC, it takes on an average of 5 to 8 years for an employee to get a promotion.

Below listed is the promotional stages between the SBI PO and LIC AAO

SBI PO:

  • PO/AM
  • Deputy Manager
  • Manager
  • Chief Manager
  • Asst General Manager
  • Deputy General Manager
  • General Manager
  • Chief General Manager
  • Deputy Managing Director

LIC AAO Promotion Stages:

  • ADM
  •  DM
  • ZM

SBI PO vs LIC AAO: Salaries and Perks

One of the reasons people apply for positions in these two industries is because of the salaries and perks offered to the employees. It is one of the motivating factors to an employee to work harder in an organization. The salaries and perks are discussed as under.

SBI PO: Salaries and Perks

According to the official notification, the salary of the SBI PO will be Rs. 7.55 Lakhs (minimum) to Rs. 12.93 lakhs (maximum) per annum. Also, the salary of a Bank employee is revised after every 5 years. Following are the perks provided with SBI PO Salary:

  • Contribution Pension Scheme/New Pension Scheme
  • Medical Aid for self (100%) and for family (75%)
  • LTC
  • Home Travel Concession/ Leave Fare Concession
  • Concessional interest rates for Housing/Car/Personal Loans

LIC AAO: Salaries and Perks

Basic pay of Rs. 32795/- per month in the scale of Rs. 32795–1610(14)–55335– 1745(4)–62315 and other admissible allowances as per rules. Total Monthly comes to approximately Rs 56,000/- per month in ‘A’ Class city. Following are the perks provided with LIC AAO Salary:

  • Defined Contributory Pension
  • Special Allowance for passing Actuarial Examination
  • Gratuity
  • LTC
  • Cash Medical Benefit
  • Group Mediclaim
  • Group Personal Accident Insurance
  • Group Insurance
  • Vehicle Loan (2-wheeler/4- wheeler) as per rules.
  • Mobile Expenses

LIC AAO Exam Notification 2019

SBI PO vs LIC AAO: Transfer / Posting

SBI PO: Transfer/ Posting LIC AAO : Transfer / Posting
  • The transfers happen every 2 to 3 years
  • Can be transferred to Rural or Urban Areas
  • The transfer, in this case, happens every 3 to 5 years
  • Transfers happen to most urban cities and towns.

 Based on the above analysis it can be rightly stated that both the posts have their own advantages and very few disadvantages. In the end, it is up to the candidate, as to what his/her preferences are.

If you are willing to work based on a higher work pressure compared to LIC AAO however get remunerated accordingly and workplace doesn’t matter then SBI PO should be one’s choice. In short, if you possess the hunger for more exposure, fast career growth and ready to put in all the efforts then go for SBI PO.

But if you refer to live only in urban areas, contended with limited exposure and decent pay if it comes with a good personal life then LIC AAO should be your choice

Hope this article helped you get a clear picture of the scenario, wishing you All the Best!

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