Insurance Employee DA Rates | New DA Slabs from 01.08.2023

Insurance employee of Public Sector company can check the latest expecting DA rates effective from 01.08.2023, Find the dearness allowance to be increased and existing IDA for LIC / OIC / UIC / NIC / NIA employees from August 2023…

Employees who are in a public sector entity and under Insurance (Life or General Insurance) do have various components that get added with their Basic salary, and the Dearness Allowance is one such component, which is a growing part of Gross Salary based on the AICPIN announced by Government of India every month and calculation of DA for Insurance employees will be quarterly.

Dearness Allowance is an important component of General Insurance employee salary, as this is a compensatory allowance or amount in the salary does make a good benefit to compensate the price index, to manage the cost of living and the location of employment which does make much effort in cost of living adjustment.

As per the current pay revision, DA rates of insurance employees may revised for each 3 months (February, May, August and November) of every year as per the calculation made according to All India Consumer Price Index Numbers.

As per the latest consumer price index numbers, the expecting Dearness Allowance for Insurance employee may increase upto 2.9% with 36 slabs for the quarter from 1st August 2023 to October 2023 and reaches upto total of 50.58% DA for the pay scales as per 2017 revision.

For Pensioners/ Family Pensioners of Insurance, there shall be 44 Slabs rise in DA from 1st August, 2023. Let’s check the old and new DA rates list for General and Life Insurance employees.

Insurance Employee DA Rates

Period DA Increased / Decreased in % Total DA in % Net Slabs for this Quarter Total Slabs
01.08.2023 2.9 50.58 36 632
01.05.2023 0.64 47.68 8 596
01.02.2023 2.56 47.04 32 588
01.11.2022 44.48 556
2017 Basic Pay Revised
01.08.22 to 31.10.22 5.4 93.7 54 937
01.05.22 to 31.07.22 0.1 88.3 1 883
01.02.22 to 30.04.2022 3.7 88.2 37 882
01.11.2021 to 31.01.2022 3.7 84.5 37 845
01.08.2021 to 31.10.2021 3 80.8 30 808
01.05.2021 to 31.07.2021 -0.7 77.8 -7.7 778
01.02.2021 to 30.04.2021 3.4 78.5 34 785
01.11.2020 to 31.01.2021 4.3 75.1 43 751
01.08.2020 to 31.10.2020 1.5 70.8 15 708
Insurance Employee DA Rates

The Dearness Allowance is calculated differently based on the employment considerations of an employee, and thus, the DA for the Central Public Sector employee does differ and calculated as shown below, and DA is calculated with the All India Consumer Price Index which is from 1996 and as per the pay revision as below.

Insurance Employee Dearness Allowance Calculation Formula

  1. Average of AICPIN Numbers for 3 months
  2. Total CPI = Average AICPIN * 4.93*4.63
  3. Gross Points = Total CPI – 6352
  4. Total Slabs for DA Payable = Total Points / 4
  5. Net Increase of DA Slabs for this quarter = Total Slabs- Previous Paid Slabs.

Public Sector Insurance Companies List

  • Life Insurance Corporation of India (LIC)
  • General Insurance Corporation of India (GIC)
  • The New India Assurance Company Limited
  • United India Insurance Company Limited (UIIC)
  • The Oriental Insurance Company Limited (OICL)
  • National Insurance Company Limited (NIC)
  • Agriculture Insurance Company of India Limited

The above-mentioned new/old DA rates shall be applicable for all the employees of the above Public Sector companies of the Central Government under IRDA.

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