Finance Ministry Increases Gratuity, Standard Pension For LIC Employees, Agents

The Finance Ministry has released several welfare measures for the agents and employees of the Life Insurance Corporation of India (LIC).

These welfare measures are related to the amendments made to the LIC (Agents) Regulations of 2017. An increase in the gratuity limit and a uniform rate of family pension are among the benefits that LIC agents and employees will receive, as stated by the Finance Ministry.

The government has raised the gratuity limit for LIC agents from Rs three lakh to Rs five lakh.

According to the official statement, "These changes are expected to bring substantial improvements to the working conditions and benefits of LIC agents."

It has also been announced that reappointed agents will now be eligible for renewal commissions, which will provide them with increased financial stability," the ministry added.

Until now, LIC agents were not eligible for renewal commissions on any business completed under the old agency.