Tuesday, Sep 26 2023 | Time 18:50 Hrs(IST)
Business Economy

Govt approves welfare measures for LIC agents, staff

Govt approves welfare measures for LIC agents, staff

New Delhi, Sep 18 (UNI) The Union Finance Ministry on Monday approved various welfare measures for LIC (Life Insurance Corporation) agents and employees.

These measures include increase in gratuity limit, eligibility for renewal commission, term insurance cover for LIC agents; and a uniform rate of family pension for LIC employees.

"More than 13 lakhs agents and more than 1 lakh regular employees, who play a pivotal role in the growth of LIC and deepening of insurance penetration in India, will benefit from these welfare measures," Finance Ministry said in a media release.

In line with the decision, the gratuity limit for LIC agents has been increased from Rs 3 lakh to Rs 5 lakh. Further, reappointed agents have been made eligible for renewal commission thereby thereby providing them with increased financial stability.

Currently, LIC agents are not eligible for renewal commission on any business completed under the old agency.

The term insurance cover for the agents has been expanded from the existing range of Rs 3,000-10,000 to Rs 25,000-1,50,000.

"This enhancement in term insurance will significantly benefit the families of deceased agents, offering them a more substantial welfare benefit," Finance Ministry said.

The Ministry has also approved family pension at a uniform rate of 30% for the welfare of the families of LIC employees. UNI NK SSP


More News

Hyderabad's growth to thrive over the next 10-15 Yrs, affirms NAREDCO Telangana President

26 Sep 2023 | 5:26 PM

Hyderabad, Sep 26 (UNI) The President of the National Real Estate Development Council (NAREDCO) in Telangana, B Sunil Chandra Reddy, asserted on Tuesday that Hyderabad's growth trajectory will extend over the next 10-15 years.

see more..

Kottayam-Kochi Rubber Market rates

26 Sep 2023 | 5:06 PM

Kottayam, Sep 26 (UNI) Following were the Rubber Market rates announced by the Rubber Board here today per quintal.

see more..
Rupee slips paise against  USD

Rupee slips paise against USD

26 Sep 2023 | 4:49 PM

Mumbai, Sep 26 (UNI) The Rupee on Tuesday ended record low at 83.23, down 10 paise against the USD, on rising demand for US Dollar by bankers and importers, dealers at the Foreign Exchange said.

see more..
Sensex down 78 22  pts

Sensex down 78 22 pts

26 Sep 2023 | 4:47 PM

Mumbai, Sep 26 (UNI) The BSE Sensex on Tuesday dropped 78.22 pts at 65,945.47 as selling was witnessed in IT, Bankex, Technology and Health Care stocks.

see more..
Bandhan Retirement Fund aims to facilitate capital appreciation for retirement goals

Bandhan Retirement Fund aims to facilitate capital appreciation for retirement goals

26 Sep 2023 | 3:22 PM

Kolkata, Sep 26 (UNI) Bandhan Mutual Fund announced the launch of the Bandhan Retirement Fund, with the objective to provide long-term capital appreciation by investing in a mix of equity, debt, and other instruments to help investors meet their retirement goals.

see more..