Excelsior Correspondent
JAMMU, Sept 19: As a welfare measure for Life Insurance Corporation of India (LIC) agents, employees, the Finance Ministry today approved a series of welfare measures, including enhancement of the gratuity limit and family pension.
As per the handout issued by the LIC, the ministry has enhanced the gratuity limit from Rs 3 lakh to Rs 5 lakh for LIC agents.
It has also enabled the reappointed agents to be eligible for renewal commission, thereby providing them with increased financial stability. Earlier, 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 increased Rs 1,50,000, it said, adding this enhancement in term insurance will significantly benefit the families of deceased agents.
The ministry has also approved family pension at a uniform rate of 30 per cent for the welfare of the families.
In a statement issued, Siddhartha Mohanty, Chairperson, LIC of India, thanks the Finance Minister for extending benefits to the agents and the employees of LIC.
“With this announcement, more than 13 lakh agents and more than one lakh regular employees will benefit from these welfare measures,” he said.
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