Central Government announced Rs 5 Lakh to LIC Agent and Employees
Several important decisions have been taken LIC for the welfare of 13 lakh agents and over one lakh permanent employees. Gratuity limit for LIC agents has been increased from Rs 3 lakh to Rs 5 lakh.
Central government has given good news to Life Insurance Corporation of India (LIC) agents, along with increase in gratuity, it has also made an important announcement about family pension. Union Finance Ministry has given good news to the agents and employees working in Life Insurance Corporation of India (LIC).
Several important decisions have been taken for the welfare of 13 lakh agents and over one lakh permanent employees. The government hopes to further expand the insurance sector in India. On Monday, the government announced several welfare measures for LIC agents and employees.
These measures include increase in gratuity limit, renewal commission for rejoining agents, term insurance cover and family pension. As per the LIC (Agents) Rules, 2017, amendments have been made to increase the gratuity limit and increase the uniform rate of family pension. Gratuity limit for LIC agents has been increased from Rs 3 lakh to Rs 5 lakh.
The government hopes that it will bring significant improvement in the performance and benefits of LIC agents. It is declared that re-appointed agents are entitled to renewal commission. The government hopes that this decision will benefit them. As per the existing rules, LIC agents are not entitled to renewal commission if they have sold policies under the old agency, drop out midway and join again as an agent.
The central government has increased the term insurance cover for agents from the existing Rs 3,000-10,000 to Rs 25,000-1,50,000. Increasing term insurance will significantly benefit the families of deceased agents. Provides more welfare benefits to them. The Finance Ministry has decided to provide 30 per cent flat rate family pension for the welfare of LIC employees’ families.
These decisions taken by the central government will benefit 13 lakh LIC agents and more than one lakh regular employees. So, when it comes to LIC, it is the largest insurance company in India. One of the largest insurance companies in the world. LIC’s role in the expansion of insurance sector in India is crucial. Despite the coming of private insurance companies, people still trust LIC.