LIC News: The government has taken a good decision for the agents and employees of government insurance companies. The Finance Ministry has approved the decision to give more gratuity, family pension and term insurance.
About 13 lakh agents and about 1 lakh employees of the country have received great news from the Central Government. In fact, according to information received from sources by My Finance Guide, the Finance Ministry has approved the decision to give more gratuity, family pension and term insurance. Apart from this, an order has also been given to restore the old commission on becoming an agent in LIC again. Further we are giving you its complete details.
According to the information received, under the decision approved by the Finance Ministry, gratuity will be calculated only after 15 years of service and 60 years of age. The limit of this gratuity has been increased from Rs 3 lakh to Rs 5 lakh.
Apart from this, the old commission will also be available on reinstatement after termination of the agency. Under the current rules, the old commission is not available after becoming an agent in LIC again. Whereas, all other private insurance companies also provide old insurance.
Pension facility also
Apart from this, term insurance cover for employees has also been increased. Term insurance cover for employees has been increased from Rs 3000 – 10000 to Rs 25000 – 150000. Also, after the death of the employee, the family will now get 30% pension instead of 15%. 30% salary will be given in pension by adding basic salary and other allowances. Dearness Allowance (DA) will not be included in other allowances.