ministry of finance

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:

  1. The welfare measures relate to amendments to:

    • LIC (Agents) Regulations, 2017;

    • Enhancement of Gratuity Limit;

    • Uniform Rate of Family Pension.

  2. Approved welfare measures:

    • Enhancement of gratuity limit from Rs. 3 lakhs to Rs. 5 lakhs which will improve the working conditions and benefits of LIC agents.

    • Enabling reappointed agents to be eligible for renewal commission which will increase their financial stability.

    • 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.

    • Family pension has been fixed at a uniform rate of 30% for the welfare of the families.

Must Watch

maintenance to second wife

bail in false pretext of marriage

right to procreate of convict

Criminology, Penology and Victimology book release

Join the discussion

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.