Life Insurance Corp. 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 Dec. 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.
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