Finance Ministry Approves Welfare Measures For LIC Agents, Employees
Bhubaneswar: The Ministry of Finance on Monday approved a series of welfare measures, including enhancement of the gratuity limit and family pension, for the benefit of Life Insurance Corporation of India (LIC) agents and employees.
The welfare measures are related to the amendments to LIC (Agents) Regulations, 2017, Enhancement of Gratuity Limit, and Uniform Rate of Family Pension, among others, the ministry said in a statement.
- Gratuity limit increased from Rs 3 lakh to Rs 5 lakh.
- Reappointed agents will be eligible for renewal commission, thereby providing them with increased financial stability.
- The term insurance cover for the agents has been expanded from the existing range of Rs 3,000-10,000 rupees to Rs. 25,000-1,50,000.
- Family pension would be paid at a uniform rate of 30%.
More than 13 lakhs agents and more than 1 lakh regular employees, who play a pivotal role in the growth of LIC and deepening of insurance penetration in India, will benefit from these welfare measures, the ministry added.