Benefits for LIC Agents: The government has given a gift to lakhs of families at the end of the year by deciding to increase the gratuity limit of LIC agents. Besides, they will now also get the benefit of renewal commission.
Benefits for LIC Agents: A big good news has come for the agents of Life Insurance Corporation of India (LIC). LIC has increased the gratuity limit for agents from Rs 3 lakh to Rs 5 lakh. Notification has also been issued in this regard. For this decision, LIC (Agent) Regulation, 2017 was amended. According to the new rules, re-appointed agents (LIC Agents) have also now become eligible for Renewal Commission. These decisions will provide a lot of relief not only to the agents but also to their families.
Information given to stock market
Public sector company LIC gave information in this regard to the stock market on Friday. According to this, the new rule has come into effect from December 6 itself. It has been published in the official gazette. 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.
There are more than 13 lakh agents
By increasing the gratuity limit for LIC agents, the Finance Ministry wants to improve the workload and benefits for them. LIC has more than one lakh employees and more than 13 lakh agents across the country, all of them will benefit from this decision.
Term insurance cover was increased in September
In September, term insurance cover for LIC agents was increased to Rs 25,000 to Rs 1,50,000 from the existing limit of Rs 3,000 to Rs 10,000. Besides, for the welfare of the families of LIC agents, family pension at a uniform rate of 30 percent was also announced.
95 percent of the population does not have insurance
Only 5 percent of India’s population has insurance. Even now 95 percent of the country’s population is not giving importance to insurance. This shocking revelation came from the recent report of Insurance Regulatory and Development Authority of India (IRDAI). While releasing the report, IRDAI Chairman Devashish Panda had appealed to the insurance companies to make better efforts. These agents are making the biggest contribution in increasing insurance in the country.
