 "LIC notifies hike in gratuity limit to Rs 5 lakh from Rs 3 lakh for agents")
Life Insurance Corporation (LIC) has notified an increase in gratuity limit to Rs 5 lakh from Rs 3 lakh for its agents.
The increase was effected by amending the Life Insurance Corporation of India (Agents) Regulations, 2017.
These regulations may be called the Life Insurance Corporation of India (Agents) Amendment Regulations, 2023, LIC said in a regulatory filing on Friday.
These regulations came into force on the date of their publication in the Official Gazette dated December 6.
The Finance Ministry in September had approved a series of welfare measures, including enhancement of the gratuity limit and family pension, for the benefit of LIC agents and employees.
The ministry had enhanced the gratuity limit from Rs 3 lakh to Rs 5 lakh for LIC agents aimed at bringing substantial improvements to the working conditions and benefits for them.
It also enabled the 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app