Over 1 lakh employees and nearly 13 lakh agents of the Life Insurance Corporation of India (LIC) will have something to cheer, as the Finance Ministry approved welfare measures, including enhancing the family pension and gratuity limit.
According to a statement by the Finance Ministry, the gratuity limit for agents has been raised to Rs. 5 lakh from Rs. 3 lakhs. “It will bring substantial improvements to the working condition and benefits of LIC agents,” the statement said. It also approved a proposal to enable reappointed agents to be eligible for renewal commissions, providing them with increased financial stability. Currently, LIC agents do not qualify for renewal commission on any business completed under the old agency, the Ministry said..