Tuesday, September 19, 2023

The actions of the finance ministry will help LIC staff and agents


The money service on Monday declared a progression of steps that will help around one lakh representatives of LIC and 13 lakh specialists of the state-run organization.

In the bundle for workers which is viewed as a forerunner for public area bank representatives, the money service will permit an expansion in as far as possible from Rs 3 lakh to Rs 5 lakh for LIC specialists. " An official statement stated, "It will substantially improve the working conditions and benefits of LIC agents."

Additionally, it allowed reappointed agents to be eligible for renewal commission, providing them with greater financial security. At present, LIC specialists are not qualified for reestablishment commission on any business finished under the old office, the assertion said.

Further, the term protection cover for the specialists has been extended from the current scope of Rs 3,000-10,000 to Rs 25,000-1.5 lakh. " According to the statement, "the families of deceased agents will significantly benefit from this enhancement in term insurance by providing them with a more substantial welfare benefit."

The government approved a family pension at a uniform rate of 30% for spouses of retired workers. The government stated, "The welfare measures are related, among other things, to the amendments to the LIC (Agents) Regulations, 2017, Enhancement of Gratuity Limit, and Uniform Rate of Family Pension."

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