Gratuity for LIC Agents Eligibility 2023 Rules, Formula Calculator

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Hello everyone, today we are discussing about gratuity for lic agents and lic gratuity calculation formula details. As per latest information, the government announced a series of welfare measures for Life Insurance Corporation (LIC) agents and employees. Please measures include and husband of gratuity limit, reappointed agents, term insurance cover and family pension. In this article we discuss about all these information, so you just need to read out the article till the end.

Gratuity for LIC Agents

Government of India and has the gratuity limit from 3 lakh to 5 lakh for LIC agents. This will bring substantial improvement to the working conditions and benefits for LIC agents. Forum insurance cover agents has also been expanded from the existing range of Rs 3000 to 10000 to 25000 to 1,50,000. And with this and husband in term insurance benefit the family of gift agent offering them more benefits.

If you don’t know what is gravity then let us understand with following example.

Gratuity for LIC Agents Eligibility

Gratuity is the lump sum payment that is made to an employee upon retirement or termination of employment. It is a reward for employees long service and dedication to the company. The gratuity payable to analysis agent calculation details.

lic gratuity calculation formula

There are many LIC agents who wants to get information about how to calculate LIC graduate with formula. Latest understand with an example:

If the agent has worked for less than 15 agency year on relevant date, then the aggregate renewal commission by him in qualifying agency Year should be divided by the total number of years. Hasbucket as an agent and 1/12th of the resultant some will be the eligibility rate.

lic agent gratuity

According to the Ministry of Finance there are over 13 lakh agents and 1 lakh regular employees will benefits from these welfare measures.

gratuity for lic agents 2023 Notification

As per welfare measures the gravity limit has been increased from 3 lakh to 5 lakh for LIC agent. This will bring substantial improvements to their working condition.

LIC agents are not eligible for renewal Commission on any business completed under old agency. But with new measures reappointed agents will be a reserve for never Commission. The government said that this will provide agents with increase financial stability.

The term insurance cover for agent has been expanded from current 3,000 – 10,000 to 25000 to 1.50 lakh. This and I want interrham insurance bill significantly benefit the families of deceased agents offering them more welfare benefits.

The government said that family pension will be offered at uniform rate of 30% for Welfare of LIC employees.

Also Read: Kisan Rin Portal Registration

What is the gratuity for LIC employees?

As we mentioned above, the Finance ministry said that measures include and harassment for gratuity limit to Rs 5 lakh from 3 lakh for LIC agents. And term insurance cover for agent up to 1.5 lakh.

Main Points of gratuity for lic agents

• The government has approved new welfare measures will benefit more than 1.3 million agents and more than 1 lakh employees in LIC.
• In a statement Finance ministry said measures include and husband of Gratuity limit from 3 lakh to 5 lakh.
• Also term insurance cover for Agents up to Rs 1.5 lakh.
• LIC agents are not eligible for unable Commission on any business completed under all agency.
• The term insurance cover for Agents has been expect range of ₹3,000-10,000 to ₹25,000-1,50,000.

FAQs