According to a Ministry of Finance release, the ministry authorised a range of welfare measures for the benefit of Life Insurance Corporation of India (LIC) agents and staff on Monday.
The ministry agreed to raise the gratuity limit for LIC agents from 3 lakh to 5 lakh, with the goal of significantly improving their working conditions and benefits.
The term insurance cover for agents has been increased from Rs 3,000-10,000 to Rs 25,000-1,50,000. This improvement in the term insurance will be beneficial for the families of deceased agents.
A family pension at a consistent rate of 30 per cent has also been decided upon for the benefit of the families of LIC employees.
“These welfare measures will benefit more than 13 lakh agents and more than 1 lakh regular employees who play a pivotal role in the growth of LIC and the deepening of insurance penetration in India,” the finance ministry stated.
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