The finance ministry on Monday unveiled a series of welfare measures for the benefit of agents and employees of the Life Insurance Corporation of India (LIC). According to a statement by the ministry, the measures are related to the amendments to LIC (Agents) Regulations, 2017, enhancement of the gratuity limit, and uniform rate of family pension among others.
“More than 13 lakh agents and more than 1 lakh regular employees, who play a pivotal role in the growth of LIC and deepening of insurance penetration in India, will benefit from these welfare measures,” the ministry said in the statement.
On Thursday, the LIC presented a dividend cheque of ₹1,831.09 crore to finance minister Nirmala Sitharaman. In a picture posted by the finance minister’s office on X, formerly known as Twitter, LIC chairman Siddhartha Mohanty can be seen presenting the dividend cheque as the government’s share of dividend in the presence of department of financial services additional secretary MP Tangirala.
Notably, the dividend was approved by the shareholders in the annual general meeting held on August 22.