Government Unveils Welfare Measures Benefitting LIC Agents and Employees

The Ministry of Finance on Monday announced  a series of welfare measures for the agents and employees of the Life Insurance Corporation of India(LIC). 

As per an official statement, the Ministry of Finance boosted the gratuity limit for the LIC agents from Rs 3 lakh to Rs 5 lakh.

It is worth mentioning that this step has been taken with the intention of improving their working conditions and benefits.

The agents will now get a term insurance cover ranging from Rs 25,000 to Rs 150,000, which is a significant increase from the previous range of Rs 3,000 to Rs 10,000.

The families of the agents who die during the term of the policy will benefit greatly from this enhancement in term insurance.

Apart from this, as per the decision taken for their welfare, the families of the LIC employees will also get a family pension at a flat rate of 30 per cent.

The finance ministry announced, “More than 13 lakh agents and more than 1 lakh regular employees, who play a pivotal role in the growth of LIC and deepening of insurance penetration in India, will benefit from these welfare measures”.

It has also announced other welfare measures for the LIC agents and employees, such as increasing the gratuity limit, providing medical benefits, and improving working conditions. 

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