LIC Agents Benefits: Before the beginning of the festive season, the Central Government has directed the Life Insurance Corporation of India (LIC) Has given a big gift to the agents and employees. The Finance Ministry has approved many benefits for employees and LIC agents. Under this, the Finance Ministry has approved the limit of gratuity for them, their renewable commission eligibility, term insurance cover and a uniform rate for family pension. LIC Agents The gratuity limit has been increased from Rs 3 lakh to Rs 5 lakh. This step of the government will benefit more than 13 lakh LIC agents and more than 1 lakh regular employees across the country. It is because of these employees that the insurance company has made inroads in the market.
Will be eligible for renewal commission
According to the statement issued by the Finance Ministry, these welfare measures are related to amendment in LIC (Agent) Regulations 2017, increase in gratuity limit and uniform rate of family pension etc. Sharing its details in the statement, it was said that the Ministry has approved increasing the gratuity limit for LIC agents from Rs 3 lakh to Rs 5 lakh, with the aim of substantially improving the working conditions and benefits for them. There is also a provision for the hired agents to be eligible under renewal commission, which will improve their financial stability. At present LIC agents are not eligible for renewal commission on the basis of any work completed under the old agency.
Term insurance cover also increased
It has been told by SIC that the current limit of term insurance cover for agents has been increased from Rs 3,000-10,000 to Rs 25,000-1,50,000. This increase in term benefit will greatly benefit the families of those agents who are no longer in this world. This will give them more significant welfare benefits. In respect of LIC employees, the Ministry has also approved family pension at a uniform rate of 30 per cent for the welfare of families. The statement said that more than 13 lakh agents and more than one lakh regular employees will benefit from these welfare measures, which play an important role in the growth of LIC and deepening insurance penetration in India. LIC, established in 1956 with an initial capital of Rs 5 crore, had an asset base of Rs 45.50 lakh crore with a life fund of Rs 40.81 lakh crore as of March 31, 2023.