The term insurance coverage for agents has been increased from the previous range...
Digital Desk: The Finance Ministry on Monday approved a series of welfare measures, including enhancement of the gratuity limit and family pension, including an increase in the gratuity limit and a family pension.
The finance ministry stated in a statement that the welfare measures are related to amendments to the LIC (Agents) Regulations, 2017, Enhancement of Gratuity Limit, and Uniform Rate of Family Pension, among others.
According to the statement, the ministry has increased the gratuity maximum for LIC agents from Rs 3 lakh to Rs 5 lakh, to significantly improve their working conditions and benefits.
Additionally, it has made the reappointed agents eligible for renewal commissions, enhancing their financial security. LIC agents are not now qualified to get renewal commissions for any work done with the old agency.
According to the statement, the term insurance coverage for agents has been increased from the previous range of Rs 3,000–10,000 to Rs 25,000–150,000. This enhancement in term insurance will significantly help the families of deceased agents, affording them a greater welfare benefit, the statement added.
For the welfare of the families, the ministry has also approved a family pension at a uniform rate of 30% for LIC employees.
These welfare initiatives will help more than 13 lakh agents and more than 1 lakh regular employees, who play a pivotal role in the growth of LIC and the development of insurance coverage in India, it claimed.
As of March 31, 2023, LIC, which was founded in 1956 with an initial capital of Rs 5 crore, has an asset base of Rs 45.50 lakh crore and a life fund of Rs 40.81 lakh crore.
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