GIC Assistant Manager Salary, Perks, Allowances, Benefits & Functions

GIC Assistant Manager Salary 2024: General Insurance Corporation of India (GIC) has announced the recruitment of 110 vacancies for the position of Assistant Manager (Scale-I). Aspiring candidates must be well-informed about the salary structure, perks, and career growth opportunities associated with this prestigious post. With a basic pay starting at Rs. 50,925/- per month, the GIC Assistant Manager position offers a competitive salary along with numerous allowances and benefits, making it a sought-after job in the insurance sector.

GIC Assistant Manager Salary 2024

The GIC Assistant Manager 2024 post is accompanied by a lucrative salary package and attractive perks. As per the official notification, the approximate monthly emoluments for this position are Rs. 85,000/-, inclusive of allowances. Below is a brief overview of the key details:

Parameters	Details
Organization	General Insurance Corporation of India (GIC)
Recruitment	GIC Assistant Manager Recruitment 2024
Post	Assistant Manager (Scale-I)
Vacancies	110
Basic Pay	Rs. 50,925/- per month
Pay Scale	Rs. 50925 – 2500(14) – 85925 – 2710(4) – 96765
Approximate Monthly Emoluments	Rs. 85,000/-
Official Website	www.gicre.in

GIC Assistant Manager Salary Structure 2024

The salary structure of GIC Assistant Managers includes a clear pay scale and additional benefits that make this role financially rewarding.

Headings	Details
Pay Scale	Rs.50925 -2500(14) – 85925 -2710(4) – 96765
Basic Pay	Rs. 85925 (Increment for 14 Years = Rs. 1610/-)
Basic Pay after 14 years	Rs. 92905 (Increment for 4 Years = Rs. 1745/-)
Maximum Basic Pay	Rs. 96765
Gross Monthly Salary	Rs. 85,000/-p.m.
Lease Accommodation	Rs. 45,000/-p.m.

The pay scale indicates periodic increments, with annual increases of Rs. 2,500/- for 14 years, followed by increments of Rs. 2,710/- for the next 4 years, allowing for consistent salary growth over time.

GIC Assistant Manager Perks and Allowances

In addition to the basic salary, GIC Assistant Managers are entitled to several allowances and perks that enhance their overall compensation package. These include:

• Dearness Allowance (DA): Adjusted periodically to counter inflation.
• House Rent Allowance (HRA): Offered for accommodation expenses, subject to eligibility.
• City Compensatory Allowance (CCA): Provided for candidates posted in metropolitan or urban areas.

GIC Assistant Manager Benefits

Apart from the salary and allowances, GIC offers a range of benefits under its comprehensive compensation package:

• Newspaper/Internet Allowance: Reimbursement for monthly expenses on newspapers and internet services.
• Leave Travel Subsidy (LTS): Financial assistance for travel during leaves.
• Medical Benefits: Coverage for hospitalization and medical expenses.
• House Furnishing Allowance: Support for furnishing your home.
• Household Help Allowance: Financial aid for domestic help.
• Personal Accident Cover: Insurance for accidental death or disability.
• Subsidized Loans: Housing, vehicle, and computer loans at reduced interest rates.
• Interest-Free Advances: Available for festivals or during natural calamities.
• Sodexo Coupons: For meal and dining expenses.

GIC Assistant Manager Career Growth

The GIC Assistant Manager position offers excellent career advancement opportunities. After gaining experience, candidates can apply for promotions through internal exams and interviews conducted by the organization. With consistent performance and skill enhancement, employees can rise to higher managerial positions within GIC, ensuring long-term career growth and professional satisfaction.

Objectives of GIC (General Insurance Corporation of India)

• General Insurance Business: GIC focuses on conducting general insurance business, excluding life insurance. This includes coverage for risks such as fire, accident, theft, and more.
• Promotion of Subsidiaries: GIC aims to assist and promote its subsidiaries in efficiently conducting insurance business and managing investment strategies.
• Investment Strategy Support: GIC provides support in formulating and executing productive and efficient investment strategies for its subsidiaries.

Roles and Functions of GIC

• Conduct of General Insurance: GIC has the authority to engage in any part of the general insurance business, depending on its assessment of viability.
• Setting Standards: It assists and advises acquiring companies in establishing standards of conduct and fair practices within the general insurance business.
• Efficient Services: GIC is committed to delivering efficient services to policyholders involved in the general insurance policies under its purview.
• Directives Issuance: GIC issues directives to acquiring companies regarding the conduct of general insurance business, ensuring compliance with established standards.
• Investment Guidance: GIC provides advice to acquiring companies on matters related to investing their funds for optimal returns.
• Competition Encouragement: GIC directs acquiring companies and encourages healthy competition among them, fostering efficiency and quality service delivery.

Conclusion

The GIC Assistant Manager Salary 2024 is not just competitive but also enriched with a variety of allowances and benefits, making it a highly desirable career choice. The job not only ensures financial stability but also provides opportunities for professional growth and development. Candidates aspiring to join GIC as an Assistant Manager should start preparing diligently to secure this prestigious position and enjoy the associated benefits.

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