The Finance Ministry today approved various welfare measures for Life Insurance Corporation of India (LIC) agents and employees. This move will benefit over 13 lakh agents and more than one lakh regular employees.
Under these new measures, the Ministry has enhanced the gratuity limit from three lakh rupees to five lakh rupees for LIC agents. It has also enabled reappointed agents to be eligible for renewal commissions. The Ministry informed that the term insurance cover for the agents has also been expanded from the existing range between three thousand and ten thousand rupees to 25 thousand and one lakh fifty thousand rupees. Furthermore, a family pension at a uniform rate of 30 percent for the welfare of the families of LIC employees has also been approved.