The Ministry of Finance on Monday accepted a collection of welfare measures for the advantage of Life Insurance coverage Company of India (LIC) brokers and staff in accordance with a launch from the Ministry.
The ministry determined to boost the gratuity restrict from Rs 3 lakh to Rs 5 lakh for LIC brokers, aiming to convey substantial enhancements to the working situations and advantages of these people.
The time period insurance coverage cowl for the brokers has been expanded from the prevailing vary of Rs 3,000-10,000 rupees to Rs 25,000-150,000.
This enhancement in time period insurance coverage is anticipated to considerably profit the households of deceased brokers.
Additionally, a household pension at a uniform fee of 30 per cent for the welfare of the households of LIC staff has been determined upon.
“Greater than 13 lakhs brokers and greater than 1 lakh common staff, who play a pivotal position within the development of LIC and deepening of insurance coverage penetration in India, will profit from these welfare measures,” the finance ministry mentioned.
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