Government on Monday announced family pension at a uniform rate of 30% for the welfare of the families of LIC employees.
It has also enhanced the gratuity limit from Rs3 lakh to Rs5 lakh for LIC agents.
Announcing a slew of welfare measures for LIC agents and employees, the Finance Ministry said that these will bring substantial improvements to the working condition and benefits of LIC agents.
The term insurance cover for the agents has also been expanded from the existing range of Rs3,000-10,000 to Rs25,000-1,50,000.
This enhancement in term insurance will significantly benefit the families of deceased agents, offering them a more substantial welfare benefit, official sources said.
Government has also enabled 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.
More than 13 lakhs agents and more than 1 lakh regular employees, who play a pivotal role in the growth of LIC and deepening of insurance penetration in India, will benefit from these welfare measures, a statement said.
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.
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