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There is good news for over 13 lakh LIC agents. The ministry of finance has today increased gratuity payable to agents to Rs.5 lakh.
Further, the government has clarified that reappointed agents will be eligible for renewal commission on their previous business.
Also, the agents will get term insurance coverage of Rs.1.50 lakh.
For LIC employees, the government has announced family pension scheme in which the family will get pension at a uniform rate of 30%.
Siddhartha Mohanty, Chairperson, LIC of India thanked the Finance Minister for extending the benefits to agents and employees of LIC India. He said that the move will boost the morale of LIC employees and agents of the corporation.