Question
Life Insurance Corporation (LIC) has increased the
gratuity limit to __________ from Rs 3 lakh for its agents so as to provide them with increased financial stability.Solution
Life Insurance Corporation (LIC) 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. 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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