The government has given big relief to the agents of LIC, the country's largest insurance company. The government has expanded facilities like gratuity and pension for them. At the same time, their commission has also been improved.
The Narendra Modi government at the Center made a big announcement for the agents of Life Insurance Corporation of India (LIC) on Monday. Now LIC agents and employees will get the benefit of increased gratuity limit. Besides, a uniform rate has also been fixed for term insurance cover and family pension. The government has approved many welfare schemes for LIC agents and employees.
Along with changes in the rules related to gratuity, pension and term insurance cover of LIC agents, the government has also improved the eligibility criteria for renewable commission. For this, the government has amended the LIC (Agents) Regulations-2017.
13 lakh agents will benefit
This step of the government will benefit 13 lakh agents of LIC. At the same time, 10 lakh regular employees of LIC will also benefit from this decision of the government. It took the hard work of these agents and employees to make LIC the largest insurance company in the country. The Finance Ministry issued a statement on Monday giving this information.
Now agents will get this much gratuity
Now the gratuity limit for LIC agents has been increased from Rs 3 lakh to Rs 5 lakh. The agents who will be re-appointed in LIC will get the benefit of renewable commission. This will improve the financial stability of such agents. At present LIC agents do not get commission on renewable business. Nor on any such business which he had done during any of his previous agencyships.
Now the term insurance cover of LIC employees and agents has been increased from Rs 3,000-10,000 to Rs 25,000-1.50 lakh. Now family pension will be given to everyone at a uniform rate of 30 percent.
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