New Delhi, 18 September (Hindustan Reporter). The Finance Ministry has approved welfare measures for public sector insurance company Life Insurance Corporation of India (LIC) agents and employees. More than 13 lakh agents and more than one lakh regular employees will benefit from the announcement of these welfare measures.
In a statement issued on Monday, the Finance Ministry said that several welfare measures have been approved for the benefit of LIC agents and employees. These welfare measures issued by the ministry relate to amendments in LIC (Agent) Regulations, 2017, increase in gratuity limit and uniform rate of family pension, among others.
The ongoing welfare measures for LIC agents and employees include increase in gratuity limit, renewal commission eligibility, term insurance cover and uniform rate of family pension for LIC agents and employees. This will significantly improve the working conditions of LIC agents and they will get benefits.
The Finance Ministry has increased the gratuity limit for LIC agents from Rs 3 lakh to Rs 5 lakh. The range of term insurance cover for agents has been increased from the existing range of Rs 3,000-10,000 to Rs 25,000-1,50,000. This increase in term insurance will be of great benefit to the families of deceased agents, providing them with more significant welfare benefits.
Also making re-appointed agents eligible for renewal commission, thereby providing them increased financial stability. At present LIC agents are not eligible for renewal commission on any business completed under the old agency.