The Indian Finance Ministry has approved several welfare measures for Life Insurance Corporation (LIC) agents and employees. The gratuity limit for LIC agents has been increased from Rs 3 lakh to Rs 5 lakh, benefiting over 1.3 million agents. Additionally, term insurance cover for agents has been raised from Rs 3,000-10,000 to Rs 25,000-1,50,000, offering more significant welfare benefits to deceased agents’ families. Reappointed agents are now eligible for renewal commissions, providing improved financial stability. Furthermore, the ministry has approved a uniform family pension rate of 30% for LIC employees, addressing demands for increased and uniform family pension rates. These measures aim to support LIC’s growth and enhance insurance penetration in India.
Finance Ministry Raises Gratuity Limit and Insurance Cover for LIC Agents
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