Govt approves welfare measures for LIC agents, employees | Mint
Active Stocks
Wed Feb 28 2024 10:39:02
  1. Tata Motors share price
  2. 970.00 0.75%
  1. Tata Steel share price
  2. 143.30 -0.59%
  1. Power Grid Corporation Of India share price
  2. 289.30 -1.09%
  1. ITC share price
  2. 411.60 0.11%
  1. HDFC Bank share price
  2. 1,421.55 0.07%
Business News/ Companies / News/  Govt approves welfare measures for LIC agents, employees
BackBack

Govt approves welfare measures for LIC agents, employees

For LIC agents, the gratuity limit has been raised from ₹3 lakh to ₹5 lakh. Family pension will be paid at a uniform rate of 30%.

Govt approves welfare measures for LIC agents, employees. (Photo: Reuters)Premium
Govt approves welfare measures for LIC agents, employees. (Photo: Reuters)

New Delhi: The Centre on Monday approved a series of welfare measures for agents and employees of Life Insurance Corp. of India (LIC), such as increase in gratuity limit, eligibility for renewal commission, term insurance cover and a uniform rate of family pension.

The measures follow amendments to LIC (Agents) Regulations, 2017, that proposed enhancement of gratuity limit, and uniform rate of family pension among others.

The move will benefit more than 1.3 million agents, and over 100,000 regular employees, who play a pivotal role in the growth of LIC and deepening of insurance penetration in India, the finance ministry said in a statement.

For LIC agents, the gratuity limit has been raised from 3 lakh to 5 lakh.

Also, reappointed agents will now 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.

The welfare measures for agents also include enhanced term insurance cover which has been expanded from the existing 3,000-10,000 rupees to 25,000-1,50,000. This enhancement in term insurance will significantly benefit the families of deceased agents, offering them a more substantial welfare benefit, the finance ministry said.

With regard to family pension, it has been decided that it would be paid at a uniform rate of 30%.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 18 Sep 2023, 02:40 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App