LIC agents welfare measures: Govt increases gratuity limit, term insurance cover, sets uniform pension rate

LIC agents welfare measures: Govt increases gratuity limit, term insurance cover, sets uniform pension rate

The Ministry of Finance approved a slew of welfare measures for Life Insurance Corporation of India (LIC) agents and employees. The welfare measures include modifications to the LIC (Agents) Regulations, 2017, an increase in the gratuity limit, and a uniform rate of family pension, among other things.

Increased gratuity limits, eligibility for renewal commission, term insurance coverage, and a consistent rate of family pension for LIC agents and staff are among the welfare initiatives. The announcement was made via a Press Information Bureau (PIB) release on September 18, 2023.

The following welfare measures with respect to LIC agents and employees were approved:
Gratuity limits
Gratuity limit for LIC agents increased from Rs 3 lakh to Rs 5 lakh. It will significantly improve the working conditions and advantages of LIC agents.
Reappointed agents to be eligible for renewal commission
Enabling reappointed agents to be eligible for renewal commission, thereby providing them with increased financial stability. Currently, LIC agents are not eligible for renewal commission on any business completed under the old agency.
Term insurance cover
The term insurance cover for the agents has been expanded from the existing range of Rs. 3,000-10,000 rupees to Rs. 25,000-1,50,000. This enhancement in term insurance will significantly benefit the families of deceased agents, offering them a more substantial welfare benefit.
Pension uniform rate
Family pension at a uniform rate of @30% for the welfare of the families of LIC employees.

Who can become LIC agent

The basic qualification for a LIC Agent is a 10th pass. You can become a LIC Agent if you have an SSC passing certificate and the appropriate documentation.

How much time does it take to become an agent?

Usually, it takes two weeks to complete all the process. You can submit the documents and basic fees to our Development officer. After the approval of our Development officer, you can give the exam and then you will be hired as a LIC Agent.

When do agent get the commission?

You will receive commission after 15 days of the policy sale. The commission will be deposited to your bank account.

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Author: Shirley