New Delhi: The Union Finance Ministry on Monday approved various welfare measures for LIC (Life Insurance Corporation) agents and employees.
These measures include an increase in gratuity limit, eligibility for renewal commission, term insurance cover for LIC agents; and a uniform rate of family pension for LIC employees.
"More than 13 lakhs agents and more than 1 lakh regular employees, who play a pivotal role in the growth of LIC and deepening of insurance penetration in India, will benefit from these welfare measures," the Finance Ministry said in a media release.
In line with the decision, the gratuity limit for LIC agents has been increased from Rs 3 lakh to Rs 5 lakh. Further, reappointed agents have been made eligible for renewal commission thereby thereby providing them with increased financial stability.
Currently, LIC agents are not eligible for renewal commission on any business completed under the old agency.
The term insurance cover for the agents has been expanded from the existing range of Rs 3,000-10,000 to Rs 25,000-1,50,000.
"This enhancement in term insurance will significantly benefit the families of deceased agents, offering them a more substantial welfare benefit," Finance Ministry said.
The Ministry has also approved family pension at a uniform rate of 30% for the welfare of the families of LIC employees.
(With UNI inputs
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