The government has announced many benefits for LIC agents. Pension of employees and agents has been approved. More than 1 lakh regular employees and more than 13 lakh agents will benefit from this.
New Delhi.The country’s largest life insurance company, Life Insurance Corporation of India (LIC) has given a big gift to its employees and agents. Actually, the government has announced many benefits for these people. These include increase in gratuity limit, agent renewal commission, term insurance cover and uniform family pension facility, which will be available to LIC agents along with employees.
A tweet has been made by the Finance Ministry in this regard, in which this information has been given. The Finance Ministry said that welfare measures for LIC agents and employees have been approved. This step of the government will benefit more than 1 lakh regular employees and 13 lakh agents of Life Insurance Corporation of India.
Aim to improve the working conditions of agents
According to the statement issued by the Finance Ministry, these welfare measures are amendment in LIC (Agent) Regulations 2017, increase in gratuity limit and family allowance. Are related to uniform rate of pension etc. Sharing its details in the statement, it was said that the Ministry has approved increasing the gratuity limit for LIC agents from Rs 3 lakh to Rs 5 lakh, with the aim of substantially improving the working conditions and benefits for them. a>
There is also a provision for the hired agents to be eligible under renewal commission, which will improve their financial stability. At present LIC agents are not eligible for renewal commission on the basis of any work completed under the old agency.
Term insurance cover also increased
According to the statement, the agent’s term insurance cover has been increased from the existing limit of Rs 3,000-10,000 to Rs 25,000-1,50,000. This increase in term benefit will greatly benefit the families of those agents who are no longer in this world. This will give them more significant welfare benefits.
In respect of LIC employees, the Ministry has also approved family pension at a uniform rate of 30 per cent for the welfare of families. More than 13 lakh agents and more than one lakh regular employees will benefit from these welfare measures, which play an important role in LIC’s growth and deepening insurance penetration in India, the statement said.
In respect of LIC employees, the Ministry has also approved family pension at a uniform rate of 30 per cent for the welfare of families. More than 13 lakh agents and more than one lakh regular employees will benefit from these welfare measures, which play an important role in LIC’s growth and deepening insurance penetration in India, the statement said.
