The Ministry of Finance today has approved a series of welfare measures for the benefit of Life Insurance Corporation of India (LIC) agents and employees.
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 following welfare measures with respect to LIC agents and employees were approved:
- Enhancement of the gratuity limit from Rs 3 lakh to Rs 5 lakh for LIC agents. It will bring substantial improvements to the working condition and benefits of LIC agents.
- Enabling reappointed agents to be eligible for renewal commission, 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 rupees 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.
- Family pension at a uniform rate of @30% for the welfare of the families of LIC employees.
More than 13 lakh agents and more than 1 lakh regular employees, who play a pivotal role in the growth of LIC and the deepening of insurance penetration in India, will benefit from these welfare measures.
About Life Insurance Corporation of India
Central office in Mumbai ,with 8 Zonal offices,109 divisional offices,2048 fully computerised branches and to serve rural people LIC now opened 992 satelite offices in rural areas .
LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956. On 1st of September 1956, The Life Insurance Corporation of India ( LIC ) embarked upon its momentous journey in true spirit of serving the people and nation as a whole.