According to the post made by the Finance Ministry, the gratuity limit for LIC Agents has been increased from Rs 3 lakh to Rs 5 lakh.
If you are an employee of the country’s largest insurance company, Life Insurance Corporation of India (LIC) or are associated with it as an agent, then this news is special for you. Actually, the government has announced many benefits, which will be available to the agents as well as the employees. These include increase in gratuity limit, agent renewable commission, term insurance cover and uniform family pension.
13 lakh LIC agents will benefit.
The Finance Ministry has shared information in this regard through a tweet on Twitter. It is written that welfare measures for LIC agents and employees have been approved by the Ministry. This will benefit more than one lakh regular employees and more than 13 lakh agents of the company. It has been said by LIC that these are the agents and employees who play an important role in the growth of LIC and deepening the insurance penetration in India.
👉 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
Finance Ministry made these announcements
The first announcement
was made in a notification posted in a tweet by the Finance Ministry on Monday. Detailed information regarding the beneficial measures taken for LIC agents and employees has been shared. According to this, the gratuity limit for LIC Agents has been increased from Rs 3 lakh to Rs 5 lakh. With this decision, the working conditions of the company’s agents will improve and they will get more benefits.
Along with increasing the gratuity limit of LIC agents, the government has given them another benefit. According to the notification of the Finance Ministry, it has been approved to make the LIC agents who come after re-appointment eligible for renewal commission, this will provide them increased financial stability. It is noteworthy that at present LIC agents are not eligible for renewable commission for any business completed under any old agency.
The government has also announced to increase the cover of term insurance for LIC Agents. Under this, its range has been increased from Rs 3000-10,000 to Rs 25,000-1,50,000. Through this, the government has worked to guarantee financial security to the families of people working with LIC as agents.
Taking a big decision in the interest of LIC employees, the government has announced that LIC Employees will get the benefit of family pension at a uniform rate of 30 percent. It has been said by the ministry that these welfare measures will be beneficial for LIC agents and employees and will improve their working conditions.