In a significant development, the Finance Ministry has granted approval for a range of welfare measures aimed at benefiting both Life Insurance Corporation of India (LIC) agents and its employees. These measures, which have been approved today, are expected to bring substantial advantages to the vast LIC workforce comprising over 13 lakh agents and more than one lakh regular employees.
Enhanced Gratuity Limit for LIC Agents
One of the key highlights of these welfare measures is the enhancement of the gratuity limit for LIC agents. Previously set at three lakh rupees, this limit has now been raised to an improved five lakh rupees. This change is expected to provide a more substantial financial cushion for LIC agents.
Renewal Commissions for Reappointed Agents
Another notable provision is the eligibility of reappointed agents to receive renewal commissions. This decision is expected to motivate agents to continue their association with LIC and further strengthen their commitment to the organization.
Expanded Term Insurance Cover for Agents
In a move to enhance the insurance coverage for LIC agents, the Ministry has expanded the term insurance cover significantly. Previously ranging between three thousand and ten thousand rupees, the coverage has now been extended to a substantial range of 25 thousand to one lakh fifty thousand rupees. This expansion aims to provide greater financial security to the agents and their families.
Uniform Family Pension for LIC Employees
For the welfare of the families of LIC employees, the Finance Ministry has approved the introduction of a family pension at a uniform rate of 30 percent. This measure is designed to ensure a consistent and equitable financial support system for the families of LIC employees.