The Finance Ministry on Monday announced a series of steps that will benefit around one lakh employees of LIC and thirteen lakh agents of the state-owned company.
In the package for employees, which is seen as a precursor for public sector bank employees, the finance ministry will allow an increase in gratuity limit from Rs 3 lakh to Rs 5 lakh for LIC officers. “It will deliver significant improvements to working conditions and benefits LIC officers”said an official statement.
It also provided that reappointed officers could be eligible for renewal commissions, a move that will provide them with greater financial stability. Currently, LIC officers are not eligible for renewal commission for cases completed under the old agency, the statement said.
Further, the term insurance cover for the agents has been expanded from the existing range of Rs 3,000-10,000 to Rs 25,000-1.5 lakh. “This improvement to term life insurance will significantly benefit the families of deceased officers, providing them with a more substantial benefit,” the statement said.
For the spouses of retired workers, the government allowed a family pension at a uniform rate of 30%. “The welfare measures include changes in the LIC (Agents) Regulations, 2017, increase in gratuity limit and uniform rate of family pension,” the government said.
In the package for employees, which is seen as a precursor for public sector bank employees, the finance ministry will allow an increase in gratuity limit from Rs 3 lakh to Rs 5 lakh for LIC officers. “It will deliver significant improvements to working conditions and benefits LIC officers”said an official statement.
It also provided that reappointed officers could be eligible for renewal commissions, a move that will provide them with greater financial stability. Currently, LIC officers are not eligible for renewal commission for cases completed under the old agency, the statement said.
Further, the term insurance cover for the agents has been expanded from the existing range of Rs 3,000-10,000 to Rs 25,000-1.5 lakh. “This improvement to term life insurance will significantly benefit the families of deceased officers, providing them with a more substantial benefit,” the statement said.
For the spouses of retired workers, the government allowed a family pension at a uniform rate of 30%. “The welfare measures include changes in the LIC (Agents) Regulations, 2017, increase in gratuity limit and uniform rate of family pension,” the government said.
ADVERTISEMENT