On Monday, the Ministry of Finance granted approval for a set of welfare initiatives designed to benefit both Life Insurance Corporation of India (LIC) agents and employees, as announced in a ministry release.
Among these decisions, the ministry opted to raise the gratuity limit for LIC agents from Rs 3 lakh to Rs 5 lakh, with the aim of substantially improving their working conditions and benefits.
Furthermore, the coverage under term insurance for agents has been extended from the previous range of Rs 3,000-10,000 rupees to a more substantial range of Rs 25,000-150,000.
This expansion in term insurance is expected to provide significant support to the families of deceased agents.
Additionally, a uniform family pension rate of 30 percent has been established for the well-being of LIC employees’ families.
The finance ministry noted, “These welfare measures will benefit over 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.”