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Life Insurance Corporation of India Business Development Manager salaries in Mumbai

Annual salary range
3 - 8 years exp.
₹2.8 Lakhs - ₹6.5 Lakhs
Avg. annual salary
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Monthly In-hand Salary

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44% less than the average Business Development Manager Salary in Insurance Companies for 3 - 8 years of experience

Interested in this particular role?

Last Updated: 14 Mar 2023

Companies similar to Life Insurance Corporation of India for Business Development Manager in Mumbai

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Life Insurance Corporation of India Business Development Manager Salary

3 - 8 years exp. (5 salaries)

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₹2.8 L/yr - ₹6.5 L/yr

vs
Company name Avg Annual Salary Open Jobs
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HDFC Life Business Development Manager Salary

0 - 10 years exp. (190 salaries)

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₹1.9 L/yr - ₹5 L/yr

arrow icon 10% less
11 job openings
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₹3 L/yr - ₹7 L/yr

arrow icon 29% more
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₹4.1 L/yr - ₹5 L/yr

arrow icon 9% more
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₹3.7 L/yr - ₹5.5 L/yr

arrow icon 10% more
3 job openings
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₹4 L/yr - ₹7 L/yr

arrow icon 30% more
3 job openings
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₹3.7 L/yr - ₹10 L/yr

arrow icon 66% more
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₹4.5 L/yr - ₹13 L/yr

arrow icon 82% more
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₹4 L/yr - ₹6 L/yr

At par
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₹3 L/yr - ₹6 L/yr

arrow icon 8% less
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₹7.8 L/yr - ₹10 L/yr

arrow icon 121% more
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₹2.4 L/yr - ₹6 L/yr

arrow icon 8% less
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Gallagher Business Development Manager Salary

4 - 14 years exp. (3 salaries)

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₹10 L/yr - ₹10.8 L/yr

arrow icon 149% more
Business Development Manager salary at Life Insurance Corporation of India ranges between ₹2.8 Lakhs to ₹6.5 Lakhs per year for employees with experience between 3 years to 8 years. Salary estimates are based on 5 latest salaries received from various employees of Life Insurance Corporation of India.

Experience wise Life Insurance Corporation of India Business Development Manager salaries in Mumbai

Last Updated: 14 Mar 2023

Experience Avg Annual Salary
3 years (AmbitionBox Estimate)

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₹3.6 L/yr - ₹4.6 L/yr
4 years (AmbitionBox Estimate)

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₹3.6 L/yr - ₹4.6 L/yr
5 years (AmbitionBox Estimate)

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₹3.7 L/yr - ₹4.7 L/yr
6 years (AmbitionBox Estimate)

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₹3.7 L/yr - ₹4.8 L/yr
7 years (AmbitionBox Estimate)

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₹3.8 L/yr - ₹4.8 L/yr
View all

Similar Designation salaries in Life Insurance Corporation of India

Sales Officer Salary
(3 salaries)
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₹1 L/yr - ₹5 L/yr

Top skills at Life Insurance Corporation of India for Business Development Manager

Target Achievement Revenue Generation Communication Skills Insurance Sales Network Expansion Business Generation New Client Acquisition Sales Management Convincing Power Lead Generation

Salary related reviews for Life Insurance Corporation of India

5.0

Rated by 1 employees for salary & benefits

5.0
  •  posted on 25 Jul 2018

3.0
 for  Salary and Benefits

Likes

Very Hard subject with Smart work (it’s not for all......!) It’s an open market but not for all who knows the pulse of market and customer portfolio they can sustain under this umbrella, other wise it’s an ocian for them they cont reach there’s destination part It’s an easy subject but but very toughf ! Who don’t know basic things

read more
  • Skill development - Excellent
  • +5 more

Dislikes

Salary is the main part of every one career but in this domain very low salaries and long working hours

read more

Full Time

 · 

BFSI, Investments & Trading Department

5.0
  •  posted on 19 Jul 2024

5.0
 for  Salary and Benefits

Likes

Good bonus Good incentives Respect given by whole team of LIC Good guidance and counselling and training sessions at LIC office

read more
  • Salary - Excellent
  • +3 more

Dislikes

There is a heavy workload of getting policies and sales which is very tough to get popicies on dailg basis to achieve target.

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  • Skill development - Poor
  • +2 more

Full Time

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Sales & Business Development Department

5.0
  •  posted on 21 Sep 2023

3.0
 for  Salary and Benefits

Likes

Job Performing Flexibility.

  • Job security - Excellent
  • +3 more

Dislikes

...e Teams. 2. Other benefits, which are not upto the standards or satisfaction. 3. No Festival bonuses/ annual bonuses. 4. No Family bonus 5. No clarity about Pension

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  • Promotions - Poor

Full Time

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Sales & Business Development Department

1.0
  •  posted on 20 Feb 2023

3.0
 for  Salary and Benefits

Likes

Good company in terms of the pay and benefits, but at a heavy price.

Dislikes

All the rules and restrictions/punishment are imposed only on class 2 officers of the organisation. Targets are imposed only on development officers.

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  • Skill development - Poor
  • +5 more

Full Time

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Construction & Site Engineering Department

5.0
  •  posted on 24 Apr 2022

5.0
 for  Salary and Benefits

Likes

...us, we need to complete basic target - can be achieved easily to retain licence. We as agents, upon reaching membership target's, we receive bonus, advances & other benefits.

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  • Salary - Excellent
  • +6 more

Dislikes

In this competitive industry, we need to implement new combination policies like pvt companies, which gives multiple benefit options to choose for customer & we need to upgrade in digital marketing/Easy ways to receive customer feedback, requests, their suggestions etc. We need to cut off those lengthy process in different sections.

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Life Insurance Corporation of India Business Development Manager Salary FAQs

What is the salary of Business Development Manager at Life Insurance Corporation of India in Mumbai?
The average salary of a Business Development Manager at Life Insurance Corporation of India in Mumbai typically ranges from ₹2.8 Lakhs to ₹6.5 Lakhs per year, depending on experience (from 3 years to 8 years).

The top 10% of Business Development Manager in Mumbai at Life Insurance Corporation of India earn more than ₹6.5 Lakhs per year, and the top 1% earn over ₹6.5 Lakhs per year. Business Development Manager Salaries at Life Insurance Corporation of India can be higher or lower depending on factors such as the specific team, level of experience, and additional benefits like bonuses and stock options.

These estimates are based on salary data submitted by 5 Life Insurance Corporation of India employees in India.
What is the estimated take home salary of a Business Development Manager at Life Insurance Corporation of India in Mumbai?
The estimated take-home salary of a Business Development Manager at Life Insurance Corporation of India in Mumbai typically ranges from ₹30,524 to ₹31,831 per month. This is based on the average salary range of ₹2.8 Lakhs to ₹6.5 Lakhs per year for employees with experience ranging from 3 years to 8 years.The take-home salary is calculated after accounting for standard deductions such as taxes, provident fund (PF), and insurance. Salary estimates are based on 5 salaries received from various employees of Life Insurance Corporation of India. Check how we calculate in-hand salary with our in-hand salary calculator.
What are the key skills required to be a Business Development Manager at Life Insurance Corporation of India in Mumbai?
To be a Business Development Manager at Life Insurance Corporation of India in Mumbai, the key skills required include:

  • - Target Achievement
  • - Revenue Generation
  • - Communication Skills
  • - Insurance Sales
  • - Network Expansion

These skills are highly valued at Life Insurance Corporation of India and are crucial for successful performance in a Software Engineering role.
Which companies offer higher salaries than Life Insurance Corporation of India for Business Development Manager in India?
Gallagher ₹10.0 Lakhs to ₹10.8 Lakhs per year
Allianz Partners ₹7.8 Lakhs to ₹10.0 Lakhs per year
Cholamandalam MS General Insurance ₹4.5 Lakhs to ₹13.0 Lakhs per year
Kotak Mahindara Life Insurance ₹3.7 Lakhs to ₹10.0 Lakhs per year
Axis Max Life Insurance ₹4.0 Lakhs to ₹7.0 Lakhs per year

These companies are known for offering competitive compensation packages that can exceed the salary offered by Life Insurance Corporation of India, depending on the role and experience level.
What is the salary of a Business Development Manager in companies similar to Life Insurance Corporation of India in Mumbai?
The salary of a Business Development Manager at companies similar to Life Insurance Corporation of India in Mumbai varies, depending on the role, experience, and company size. Here are the typical salary ranges:

SBI Life Insurance Company ₹3.0 Lakhs to ₹7.0 Lakhs per year
Bajaj Allianz Life Insurance ₹3.7 Lakhs to ₹5.5 Lakhs per year
Aditya Birla Sun Life Insurance ₹4.1 Lakhs to ₹5.0 Lakhs per year
Reliance Nippon Life Insurance ₹4.0 Lakhs to ₹6.0 Lakhs per year
Shriram Life Insurance ₹2.4 Lakhs to ₹6.0 Lakhs per year

These companies, which operate in similar sectors, offer competitive salaries, although the range can vary based on the company and individual experience levels.
How the salary growth look like for a Business Development Manager at Life Insurance Corporation of India in Mumbai?
The salary growth for a Business Development Manager at Life Insurance Corporation of India in Mumbai depends on factors such as experience, performance, and promotions. On average, a Business Development Manager in Mumbai can expect the following growth trajectory at Life Insurance Corporation of India:

Experience Average Salary Range
3 years ₹3.6 Lakhs to ₹4.6 Lakhs per year
4 years ₹3.6 Lakhs to ₹4.6 Lakhs per year
5 years ₹3.7 Lakhs to ₹4.7 Lakhs per year
6 years ₹3.7 Lakhs to ₹4.8 Lakhs per year
and so on.

Tell us how to improve this page.

Life Insurance Corporation of India Business Development Manager salary in Mumbai ranges between ₹2.8 Lakhs to ₹6.5 Lakhs with an average annual salary of ₹unlock blur. Salary estimates are based on 5 Life Insurance Corporation of India latest salaries received from various employees of Life Insurance Corporation of India.