LIC Agent Gratuity: The country’s largest insurance company Life Insurance Corporation of India (LIC) has issued a notification to increase the gratuity limit for its agents from Rs 3 lakh to Rs 5 lakh. This increase has been brought into effect by amending the Life Insurance Corporation of India (Agent) Regulations, 2017. LIC said in its communication to the stock market that these rules may be called the Life Insurance Corporation of India (Agent) Amendment Regulations, 2023. These rules came into force from the date of their publication in the Official Gazette on 6 December.
Now you will get gratuity of Rs 5 lakh
The Finance Ministry in September had approved several welfare measures, including increase in gratuity limit and family pension, for the benefit of LIC agents and employees. The ministry increased the gratuity limit for LIC agents from Rs 3 lakh to Rs 5 lakh. Its objective is to bring substantial improvement in working conditions and benefits for them.
It also enabled re-appointed agents to become eligible for renewal commission, thereby increasing their financial stability. At present, LIC Agents are not eligible for renewal commission on any business completed under the old agency.
More than 30% return in 6 months
LIC Share Price has given better returns to the investors. The stock has risen by more than 32 percent in 6 months. It has increased by 30 percent in a month. Whereas till now in the year 2023 it has increased by 12 percent. The stock has risen more than 15 percent in a year. On Friday (December 15), LIC shares fell 2.55 percent and closed at Rs 794.50.
