As per earlier announcement, for the welfare of the employees, they will also be provided the benefit of family pension. More than 1 lakh regular employees including more than 13 lakh agents will benefit from this.
Employees Gratuity, Family Pension: An important announcement has been made by the Modi government for lakhs of officer employees. Under this, their gratuity limit has been increased. Along with this, they will also get the benefit of family pension. More than 1 lakh regular employees including more than 13 lakh agents are to get its benefits.
Many welfare announcements have been made by the Modi government at the Center for the agents and employees of Life Insurance Corporation of India. Under this, their gratuity limit has been increased. Also, the commission for re-appointed agents has been renewed. Not only this, apart from term insurance cover, they will also get the benefit of family pension.
Gratuity limit increased from Rs 3 lakh to Rs 5 lakh
According to the Finance Ministry, more than one lakh regular employees including more than 13 lakh agents will get their benefits. As per the announcement made by the Central Government, bonus will be arranged for the license agents and employees. The gratuity limit for LIC agents has been increased from Rs 3 lakh to Rs 5 lakh.
Benefit of family pension also
As per earlier announcement, for the welfare of LIC employees, they will also be provided the benefit of family pension. Family pension facility at a flat rate of 30% will be provided to the employees. Term insurance cover has also been increased. The existing Rs 3000 to Rs 10000 has been increased to Rs 25000 to Rs 1.5 lakh. The increase in term insurance will benefit the families of deceased agents. Dependents of employees will be able to avail its benefits.
According to the information, the total income of LIC has increased to Rs 188749 crore in the June quarter. In the same April-June quarter, a manifold increase of Rs 9.54 crore has been recorded in the net profit. Completed under the old agency under the current rules. Agents on any business are not eligible for renewal commission but under the new measures, re-appointed agents will be eligible for renewal commission and this will improve the financial position of the agents.
