Insurance: According to a statement issued by the Finance Ministry, all these measures are related to amendment in LIC (Agent) Regulations 2017, increase in gratuity limit and uniform rate of family pension etc. These also include the provision of increasing the gratuity limit from Rs 3 to Rs 5 lakh.
LIC Agents-Employees: A big gift has been received from the Central Government for the employees and LIC agents of Life Insurance Corporation of India (LIC). Many welfare steps were announced for them.
These include increase in gratuity limit, renewal commission for re-appointed agents, term insurance cover and family pension. The Finance Ministry has approved such benefits which were awaited for a long time. With this, more than 13 lakh agents and more than one lakh regular employees will be able to benefit from these welfare measures.
Gratuity limit increased
In fact, according to the statement issued by the Finance Ministry on Monday, all these welfare measures are related to amendment in LIC (Agent) Regulations 2017, increase in gratuity limit and uniform rate of family pension etc.
It is said that the Finance Ministry has approved increasing the gratuity limit for LIC agents from Rs 3 lakh to Rs 5 lakh. With this decision, the working conditions of the company’s agents will improve and they will get more benefits.
Term insurance cover increased:
In another decision, it was also approved that the term insurance cover for agents has been increased and its range has been increased from Rs 3000-10,000 to Rs 25,000-1,50,000.
By increasing the amount of term insurance, the families of LIC will be able to get financial assistance, which will enable them to avail more welfare benefits. This means that work has been done to guarantee financial security to the families of the people working with LIC.
Apart from this, approval has been given to make the LIC agents who come after re-appointment eligible for renewal commission . This will provide them with increased financial stability. Earlier, LIC agents were not eligible for renewable commission for any business completed under any old agency.
LIC employees will be able to get the benefit of family pension at a uniform rate of 30 percent . It has been said by the ministry that these welfare measures will be beneficial for LIC agents and employees and will improve their working conditions.
The statement also 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 LIC’s growth and deepening insurance penetration in India.
Let us tell you that Life Insurance Corporation of India, established in the year 1956 with an initial capital of Rs 5 crore, has an asset base of Rs 45.50 lakh crore with a life fund of Rs 40.81 lakh crore by March 31, 2023.
