Mumbai: The Ministry of Finance has approved a series of Welfare measures for the benefit of Agents and employees of Life Insurance Corporation of India. The maximum gratuity amount payable to Agents has been increased to Rs 5,00,000 now. As per the new provisions Reappointed LIC Agents are eligible to receive Renewal Commission. The quantum of Free Term Insurance payable to agents has been increased up to Rs.1,50,000. Family Pension at a uniform rate of @30% will be given for welfare of families of LIC employees. Siddhartha Mohanty, Chairperson, LIC of India has thanked the Finance Minister for extending the benefits of Agents and employees of Life Insurance Corporation of India. This move will boost the morale of LIC employees and agents of the Corporation.
