LIC Agents: Life Insurance Corporation of India (LIC) has given good news to its agents. Gratuity of LIC agents has increased. Now the gratuity of LIC employees has increased from Rs 3 lakh to Rs 5 lakh. The government has also issued a notification for this. Public sector company LIC has also informed the stock market about this.
LIC Agents: Life Insurance Corporation of India (LIC) has given good news to its agents. Gratuity of LIC agents has increased. Now the gratuity of LIC employees has increased from Rs 3 lakh to Rs 5 lakh. The government has also issued a notification for this. Public sector company LIC has also informed the stock market about this. These new rules have come into effect from 6th December. In the month of September, the Finance Ministry had made several announcements for LIC agents and employees.
Announced in September
The government has increased the gratuity limit in September. Apart from this, the conditions related to renewal commission and term insurance cover were also changed. For this, changes have been made in LIC (Agents) Rules 2017 etc. Gratuity limit for LIC agents has been increased from Rs 3 lakh to Rs 5 lakh.
Information given to stock market
The Finance Ministry in September had approved several welfare measures for the benefit of LIC agents and employees, including increase in gratuity limit and family pension. Restoration of renewal commission will provide a lot of relief to the agents. At present he was not able to take advantage of any business done by the old agency. This will increase their income significantly.
Agents will get renewal commission
LIC has also considered the re-appointed agents entitled to receive renewal commission. As per the current LIC rules, agents are not entitled to renewal commission on any business under the old agency. Term insurance cover for agents was Rs 3,000 to Rs 10,000, which has been increased to Rs 25,000-1,50,000. This will provide better security cover to the families of the agents. The Ministry has approved giving family pension at the rate of 30 percent to the families of LIC employees.
13 lakh LIC agents will benefit
More than 13 lakh agents and more than 1,00,000 employees of LIC will benefit from the new rules. These agents play an important role in increasing the business of LIC.
