{"id":301853,"date":"2023-09-19T13:30:21","date_gmt":"2023-09-19T08:00:21","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=301853"},"modified":"2023-09-19T12:05:03","modified_gmt":"2023-09-19T06:35:03","slug":"mof-approves-welfare-measures-to-benefit-lic-agents-and-employees-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/09\/19\/mof-approves-welfare-measures-to-benefit-lic-agents-and-employees-legal-news\/","title":{"rendered":"MoF increases Gratuity Limit and Term Insurance Cover for LIC agents"},"content":{"rendered":"
\n

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.<\/p>\n

Key Points:<\/p>\n

    \n
  1. \n

    The welfare measures relate to amendments to:<\/p>\n

      \n
    • \n

      LIC (Agents) Regulations, 2017;<\/p>\n<\/li>\n

    • \n

      Enhancement of Gratuity Limit;<\/p>\n<\/li>\n

    • \n

      Uniform Rate of Family Pension.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

    • \n

      Approved welfare measures:<\/p>\n

        \n
      • \n

        Enhancement of gratuity<\/span> limit from Rs. 3 lakhs to Rs. 5 lakhs which will improve the working conditions and benefits of LIC agents.<\/p>\n<\/li>\n

      • \n

        Enabling reappointed agents to be eligible for renewal commission<\/span> which will increase their financial stability.<\/p>\n<\/li>\n

      • \n

        Term insurance cover<\/span> has been raised from Rs. 3,000- 10,000 to Rs. 25,000- 1.5 lakhs which will benefit the families of deceased agents.<\/p>\n<\/li>\n

      • \n

        Family pension<\/span> has been fixed at a uniform rate of 30% for the welfare of the families.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        On 18-9-2023, the Ministry of Finance approved a series of welfare measures for the benefit of Life Insurance Corporation of India (‘LIC’) <\/p>\n","protected":false},"author":67515,"featured_media":293603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[2898,9081,51808,2824,58098,61178,61177],"class_list":["post-301853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-Family_Pension","tag-gratuity","tag-life-insurance-corporation-of-india","tag-Ministry_of_Finance","tag-mof","tag-renewal-commission","tag-term-insurance"],"yoast_head":"\nWelfare measures for LIC agents and employees | SCC Blog<\/title>\n<meta name=\"description\" content=\"Ministry of finance approves welfare measures to benefit LIC agents and employees by increasing 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