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.
New Delhi: Centre on Monday announced family pension at a uniform rate of 30 per cent for the welfare of the families of LIC employees. It has also enhanced the gratuity limit from Rs 3 lakh to Rs 5 lakh for LIC agents. Announcing a slew of welfare measures for LIC agents and employees, the Finance Ministry said that these will bring substantial improvements to the working condition and benefits of LIC agents. The term insurance cover for the agents has also been expanded from the existing range of Rs 3,000-10,000 to Rs 25,000-1,50,000, as per a report in the news agency IANS.
This enhancement in term insurance will significantly benefit the families of deceased agents, offering them a more substantial welfare benefit, official sources said. Government has also enabled reappointed agents to be eligible for renewal commission, thereby providing them with increased financial stability.
Currently, LIC Agents Not Eligible For Renewal Commission
Currently, LIC agents are not eligible for renewal commission on any business completed under the old agency. 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, a statement said.
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.
About Life Insurance Corporation Of India (LIC)
Life Insurance Corporation of India (LIC) is the largest life insurance company in India, with over 2,529,390 crores in assets. It was established in 1956 by the Indian government to nationalize the private insurance industry.
LIC was formed by merging over 245 insurance companies and provident societies. It offers a wide range of life insurance plans, including ULIPs, pension plans, child plans, and term insurance. LIC has a strong presence in both urban and rural areas of India, and its motto is “Yogakshemam Vahamyaham,” which means “your welfare is our responsibility”, as per coverfox.
LIC’s mission is to help people improve their quality of life by offering financial products and services that provide good returns. The government plans to raise the retirement age of the chairmen of the Life Insurance Corporation (LIC), State Bank of India (SBI), and other public sector banks (PSBs) to 65 years.
(With inputs from IANS)