New Delhi [India] : The Ministry of Finance on Monday approved a series of welfare measures for the benefit of Life Insurance Corporation of India (LIC) agents and employees according to a release from the Ministry.
The ministry decided to enhance the gratuity limit from Rs 3 lakh to Rs 5 lakh for LIC agents, aiming to bring substantial improvements to the working conditions and benefits of those individuals.
The term insurance cover for the agents has been expanded from the existing range of Rs 3,000-10,000 rupees to Rs 25,000-150,000.
This enhancement in term insurance is expected to significantly benefit the families of deceased agents.
Also, a family pension at a uniform rate of 30 per cent for the welfare of the families of LIC employees has been decided upon.
“More than 13 lakhs 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,” the finance ministry said.