Siddhartha Mohanty, chairperson, LIC, thanked finance minister Nirmala Sitharaman for extending the benefits of agents and employees of the corporation
New Delhi:
The Ministry of Finance today approved a series of Welfare measures for the benefit of agents and employees of Life Insurance Corporation of India.
The welfare measures that were approved by the ministry are:
Enhancement of Gratuity: The maximum amount payable to agents has been increased to Rs. 5,00,000/- now,
Eligibility for Renewal Commissions: As per the new provisions reappointed LIC agents are eligible to receive renewal commission,
Enhanced Term Insurance Cover: The quantum of free term insurance payable to agents has been increased up to Rs.1,50,000/-,
Family Pension: Family pension at a uniform rate of 30% for welfare of families of LIC employees,
Siddhartha Mohanty, chairperson, LIC, thanked finance minister Nirmala Sitharaman for extending the benefits of agents and employees of the corporation..
“This move will boost the morale of LIC employees and agents of the corporation,” he said.
LIC has currently over 13 lakh agents and around 1 lakh employees