On 18-9-2023, the Ministry of Finance approved a series of welfare measures for the benefit of Life Insurance Corporation of India (‘LIC’) agents and employees with an aim to benefit more than 13 lakh agents and more than 1 lakh regular employees.
Key Points:
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The welfare measures relate to amendments to:
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LIC (Agents) Regulations, 2017;
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Enhancement of Gratuity Limit;
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Uniform Rate of Family Pension.
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Approved welfare measures:
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Enhancement of gratuity limit from Rs. 3 lakhs to Rs. 5 lakhs which will improve the working conditions and benefits of LIC agents.
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Enabling reappointed agents to be eligible for renewal commission which will increase their financial stability.
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Term insurance cover has been raised from Rs. 3,000- 10,000 to Rs. 25,000- 1.5 lakhs which will benefit the families of deceased agents.
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Family pension has been fixed at a uniform rate of 30% for the welfare of the families.
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