The Ministry of Finance, Government of India, has approved welfare measures for LIC agents and employees including an increase in gratuity limit, eligibility for renewal commission, term insurance cover and uniform rate of family pension for LIC agents and employees.
BJP MP G.V.L. Narasimha Rao, who has been raising the issue in Parliament seeking welfare measures for LIC agents, expressed satisfaction over the decision here on September 19.
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 ₹3 lakh to ₹5 lakh for LIC agents. The move will bring substantial improvements to the working conditions and benefits of LIC agents, enabling reappointed agents to be eligible for renewal commissions, 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 ₹3,000 to ₹10,000 and from ₹25,000 to ₹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 would be at a uniform rate of 30% for the welfare of the families of LIC employees.
More than 13 lakhs agents and more than 1 lakh regular employees, who play a pivotal role in the growth of LIC and increasing insurance penetration in India, will benefit from these welfare measures, Mr. Narasimha Rao said.
Published - September 19, 2023 01:04 pm IST
