The Ministry of Finance on Monday approved a series of welfare measures aimed towards the benefit of Life Insurance Corporation of India (LIC) agents and employees including enhancement of gratuity limit and expansion of term insurance coverance.
Over 13 lakh LIC agents and more than 1 lakh regular employees will benefit from the newly-announced welfare measures, according to an official release. The measures are related to amendments to the LIC (Agents) Regulations, 2017, Enhancement of Gratuity Limit, and Uniform Rate of Family Pension among others.
The Finance Ministry announced that the gratuity limit would be hiked to R5 lakh from Rs 3 lakh for LIC agents, bringing substantial improvements to their working condition and benefits. Reappointed agents are now eligible for renewal commission, which will provide them with increased financial stability.
The term insurance cover for LIC agents has now been heavily expanded from the existing range of Rs 3,000-10,000 to Rs 25,000-1,50,000, significantly benefitting the families of deceased LIC agents, as per the release.
Lastly, family pension at a uniform rate of 30% has been announced for the welfare of the families of LIC agents.