LIC workers & brokers have received a sizable present from the Central Government. Numerous welfare measures for them were announced. These include raising the gratuity cap, renewing the commission for reassigned agents, providing term insurance coverage, and providing family pensions. These benefits, which had been anticipated for a while, have been granted by the Finance Ministry. With this, these welfare measures would be available to more than 13 lakh agents and more than 1 lakh regular employees.
According to a statement made by the Finance Ministry on Monday.
All of these welfare measures are actually connected to changes made to the LIC (Agent) Regulations of 2017 that increased the gratuity cap and established a consistent rate for family pensions, among other things. According to reports, the Finance Ministry has approved raising the LIC agents’ maximum gratuity from Rs 3 lakh to Rs 5 lakh. With this choice, the company’s agents’ working conditions will improve and they will receive greater benefits.
Increased term insurance coverage
In a separate decision, it was also agreed to raise the term insurance coverage for agents and expand its price range from Rs. 3000-10,000 to Rs. 25,000-1,50,000. The families of LIC will be able to receive financial aid by raising the amount of term insurance. Allowing them to access greater welfare payments. This indicates that efforts have been made to ensure the families of those who work for LIC have adequate financial security. In addition, it has been approved to allow LIC agents. Who are appointed again in the future to receive renewal commissions. They will have more stable finances as a result. Before, LIC agents were not qualified to get reoccurring compensation for work done via any previous agency.
LIC family pension benefits will be available
to LIC employees at a uniform rate of 30%. According to the ministry, these welfare initiatives will benefit LIC agents and staff members and improve their working conditions. More than 13 lakh agents and more than one lakh regular employees will profit from these welfare measures, according to the statement, which is crucial to LIC’s expansion and increasing insurance penetration in India. The Life Insurance Corporation of India, founded in 1956 with an initial capital of Rs 5 crore, had assets of Rs 45.50 lakh crore as of March 31, and its life fund was at Rs 40.81 lakh crore.
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