MF News LIC agents can get gratuity of up to Rs.5 lakh

LIC agents can get gratuity of up to Rs.5 lakh

Reappointed LIC agents are eligible to receive renewal commission.

Nishant Patnaik Sep 19, 2023

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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.

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3 Comments

Ashok Lakshmanan · 9 months ago `

What about the agents, who already received the old gratuity. Is there any relief to them?

Sham Kumar Saini · 9 months ago

Sorry dear!
Those who have already received their Gratuity will not get any benefit!

Sham Kumar Saini · 9 months ago `

Thanks 🙏 to Hon FM ji, Modi Govt and LIC Management for accepting few of our long pending demands which we were representing with Government of India, Ministery of Finance and LIC Management for last many years. This shall infuse a Sense of Security and Pride among Agency Force and it shall act as big catalyst in pushing them to achieve higher business targets for themselves and for LIC as well! It shall help in retention of Agency Force as well.

Thank you once again Hon. PM ji, Hon FM ji and LIC Management !

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