These measures pertain to changes in the 2017 LIC (Agents) Regulations, including increased gratuity limits and the implementation of uniform family pension rates, among other adjustments
On 18 September 2023, the Ministry of Finance granted approval to a set of welfare initiatives aimed at benefiting the agents and staff of the Life Insurance Corporation of India (LIC). These measures include an increase in the gratuity limit, extending eligibility for renewal commissions, and providing term insurance coverage.
The Finance Ministry has raised the gratuity limit for LIC agents from Rs 3 lakh to Rs 5 lakh. It has also made reappointed agents eligible to receive renewal commissions. Currently, LIC agents do not qualify for renewal commissions on any business conducted under their previous agency.
Source: HR Katha
