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Ministry of Finance approves welfare measures for LIC agents and employees
9/19/2023 10:31:50 PM
NEW DELHI, Sept 19: In a significant development today, the Ministry of Finance has given its stamp of approval to a range of welfare measures aimed at benefiting both agents and employees of the prestigious Life Insurance Corporation of India (LIC). These measures are poised to usher in positive changes for the LIC workforce and have been welcomed with enthusiasm.
The Ministry of Finance has increased the maximum amount payable as gratuity to LIC agents to an impressive Rs. 5,00,000/-. This raise in gratuity is expected to provide financial security and recognize the valuable contributions of Life Insurance Corporation agents.
Under the new provisions, reappointed LIC agents will now be eligible to receive renewal commissions. This change ensures that agents continue to reap the rewards of their dedicated service, fostering a more sustainable and motivated workforce.
The quantum of free term insurance coverage for LIC agents has been elevated, with benefits now extending up to Rs. 1,50,000/-. This increase in term insurance coverage signifies LIC's commitment to the well-being and protection of its agents.
To further bolster the welfare of LIC employees and their families, a uniform family pension rate of 30% has been introduced. This move reflects LIC's dedication to providing a safety net for the loved ones of its employees.
Siddhartha Mohanty, the esteemed Chairperson of LIC of India, has expressed his heartfelt gratitude to the Honorable Finance Minister for championing these welfare measures. He believes that this proactive step will not only enhance the morale of LIC employees but also strengthen the bond between the corporation and its agents.
Stay tuned for further updates on this impactful development.
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