The Finance Ministry announced that it has approved several welfare measures for the agents and employees of the Life Insurance Corporation of India. The benefits include increase in gratuity limit, eligibility for renewal commission, term insurance cover and a uniform rate of family pension for LIC agents and employees.
According to the Ministry of Finance, over 13 lakh agents and over 1 lakh regular employees will benefit from these welfare measures as LIC looks to deepen the penetration of insurance in the country.