Life Insurance Corporation of India will soon have a pension plan for its half a million strong agents. The special pension plan for its agents who earn commissions of more than 1 lakh per year may benefit about five lakh-odd agents.
The proposed scheme is expected to be introduced in the next few days.
"Currently, there is
a scheme for agents who earn less than 1 lakh of commission per year, but there are no schemes for agents who earn more than a lakh. This scheme will be on the line of the central government's new pension scheme and will be contributory in nature," said managing director, AK Dasgupta .
a scheme for agents who earn less than 1 lakh of commission per year, but there are no schemes for agents who earn more than a lakh. This scheme will be on the line of the central government's new pension scheme and will be contributory in nature," said managing director, AK Dasgupta .
At times, LIC announces cash rewards and benefits for its agents, who sell pension products to others but in most cases do not have any for themselves. "Instead of the cash reward, we may offer them this policy which will come in handy during old age," said Mr Dasgupta.
"LIC has about 14 lakh agents of which about 30-40% earn commissions of more than a lakh. The scheme will be based on productivity of an agent meaning he has to sell a certain number of policy and earn a certain amount of premium for only then will he be eligible," said a senior LIC official.
Source: Economic Times
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