New Delhi (Uttam Hindu News)- The Finance Ministry has approved a series of welfare measures for the benefit of agents and employees of Life Insurance Corporation of India. These welfare measures relate to amendments in LIC (Agents) Regulations, 2017, increase in gratuity limit and amendments in uniform rate of family pension.
Welfare measures for LIC agents and employees have been approved including increasing the gratuity limit for LIC agents from Rs 3 lakh to Rs 5 lakh. This will significantly improve the working conditions and profits of LIC agents. Re-appointed agents have been enabled to be eligible for renewal commission thereby providing them with increased financial stability. At present, LIC agents are not eligible for renewal commission on any business done under the old agency.
Term insurance cover for agents has been increased to Rs 25,000-1,50,000 from the existing range of Rs 3,000-10,000. This increase in term insurance will be quite beneficial for the families of deceased agents, providing them with greater welfare benefits. A uniform rate of 30 per cent of family pension will be applicable for the welfare of families of LIC employees. These welfare measures will benefit over 13 lakh agents and over one lakh regular employees who play a vital role in LIC’s growth and deeper penetration of insurance in India.