The Ministry of Finance today approved a series of welfare measures for the benefit of agents and employees at Life Insurance Corporation of India (LIC). The welfare measures are related to the amendments to LIC (Agents) Regulations, 2017, Enhancement of Gratuity Limit and Uniform Rate of Family Pension, among others.
The welfare measures approved are as follows:
- The gratuity has been enhanced from Rs 3 lakh to Rs 5 lakh for LIC agents.
- Reappointed agents are now eligible for renewal commission, thereby providing them with increased financial stability.
- The term insurance cover for the agents has been expanded from the existing range of Rs 3,000-Rs 10,000 to Rs 25,000- Rs 1,50,000 to benefit the families of deceased agents.
- LIC employees will get a family pension at a uniform rate of 30 per cent.
The welfare measures will benefit more than 13 lakhs agents and one lakh regular employees.