The Ministry of Finance, on Monday, granted approval for a comprehensive set of welfare initiatives intended to benefit both agents and employees of the Life Insurance Corporation of India (LIC). These measures, encompassing modifications to the LIC (Agents) Regulations of 2017, are geared towards elevating the overall well-being and financial security of LIC's workforce.
The approved welfare measures are closely tied to the amendments made to the LIC (Agents) Regulations of 2017, an enhancement in the gratuity limit, and the establishment of a uniform rate for family pensions, among other initiatives, as delineated in a press release issued by the ministry.
The salient welfare measures sanctioned for LIC agents and employees are as follows:
1. **Augmented Gratuity Limit:** A notable change involves the elevation of the gratuity limit for LIC agents, now heightened from Rs. 3 lakh to Rs. 5 lakh. This adjustment is expected to markedly enhance the working conditions and benefits accessible to LIC agents.
2. **Renewal Commission Eligibility:** These fresh measures render reappointed agents eligible for renewal commissions, thereby furnishing them with enhanced financial stability. Under the previous agency structure, LIC agents did not qualify for renewal commissions on transactions conducted through the old framework.
3. **Expanded Term Insurance Coverage:** Agents will now be recipients of amplified term insurance coverage, spanning a range from Rs. 25,000 to Rs. 1,50,000. This extension is envisioned to deliver substantial financial assistance to the families of deceased agents.
4. **Uniform Family Pension Rate:** The implementation of a uniform family pension rate fixed at 30 per cent is aimed at further fortifying the welfare provisions designated for the families of LIC employees.
These welfare measures are poised to bring about a favourable impact on the well-being of over 13 lakh agents and more than 1 lakh regular employees affiliated with LIC.
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