LIC agents submit list of demands to Arkkonam MP

Palani said that the demands, included increasing the agents’ commission which was not revised for 62 years, removal of GST for policies and for late payment, increase bonus for policy holders, bringing LIC under the purview of CAG (Comptroller and Auditor General) removing annuity income from the ambit of income tax, LIC agents being recognised as professionals by the Central Government, and appointing an appellate authority to adjudicate verdicts delivered by LIC divisional managers.

“Many issues that need attention were pending for years due to the lack of action by the concerned authorities. These include holding tripartite meetings at regular intervals to sort out agent related issues, and implementing the recommendations of IRDAI (Insurance Regulatory and Development Authority of India), providing agents with Rs 20 lakh gratuity, creating a welfare fund for agents and bringing agents under the purview of the PF act,” added Palani.

He further said that meeting the MP was a part of a nation-wide campaign where agents were asked to submit similar demands as stated Life Insurance Agents Federation national secretary general N Gajapathi Rao and president Ranvir Sharma to elected representatives in their respective areas.