The Ministry of Finance, Government of India on Monday approved a series of welfare measures for the benefit of Life Insurance Corporation of India (LIC) agents and employees relating to the amendments to LIC (Agents) Regulations, 2017, Enhancement of Gratuity Limit, and Uniform Rate of Family Pension among others.

These measures will benefit over 13 lakhs agents and over one lakh regular employees, who play a pivotal role in the growth of LIC and deepening of insurance penetration in India, the ministry said in a press release.

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Under the new rules, the gratuity limit has been enhanced from Rs 3 lakh to Rs 5 lakh for LIC agents which it said will bring substantial improvements to the working condition and benefits of LIC agents.

It also allows for reappointed agents to be eligible for renewal commission, thereby providing them with increased financial stability, the Finance Ministry stated. Currently, LIC agents are not eligible for renewal commission on any business completed under the old agency.

Further, 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.

For the welfare of the families of LIC employees, family pension has been set at a uniform rate of @30%.