LIC Agents Benefit: If you are a LIC agent or LIC employee then there is good news for you. Today the Finance Ministry has approved some benefits for Life Insurance Corporation of India (LIC) employees and LIC agents. Under this, the Finance Ministry has approved the limit of gratuity for them, their renewable commission eligibility, term insurance cover and a uniform rate for family pension.
Know which welfare decisions have been approved by the Finance Ministry today-
-The gratuity limit for LIC agents has been increased from Rs 3 lakh to Rs 5 lakh and through this their working conditions will improve and LIC agents will benefit.
-The Finance Ministry has approved making LIC agents who come after re-appointment eligible for renewal commission, through which they will get increased financial stability. At present, LIC agents are not eligible for renewal commission for any business completed under any old agency.
Today the Finance Ministry has also given official information about this through a post on X-
👉 Ministry of Finance @FinMinIndia approves welfare measures for LIC agents and employees @LICIndiaForever
👉 Welfare measures include:
✅ Increase in gratuity limit
✅ Eligibility for renewal commission
✅ Term insurance cover, and
✅ Uniform rate of family pension for LIC… pic.twitter.com/tEzLiQPMsq— Ministry of Finance (@FinMinIndia) September 18, 2023
-Term insurance cover for LIC agents has been increased and its range has been increased from Rs 3000-10,000 to Rs 25,000-1,50,000. By increasing the amount of term insurance, the families of LIC agents who have passed away will be able to get financial assistance, which will enable them to avail more welfare benefits.
-For the welfare of LIC employees, they will be able to get the benefit of family pension at a uniform rate of 30 percent.
More than 13 lakh LIC agents will be benefited
These welfare measures will benefit over 13 lakh LIC agents and over 1 lakh regular employees who play a vital role in LIC’s growth and deepening insurance penetration in India.