LIC, Life Insurance Corporation of India is India’s largest Insurance company in the insurance sector. There are near about 20 companies which deal in life insurance in India like Max New York Life Insurance, Reliance, Bajaj Allianz, ICICI Prudential Life, HDFC Standard and Birla Sun LI. But still the majority of Indian population has faith and trust on LIC only as compared to other Private insurance companies.
The one reason for this trust is that it’s the oldest one in this sector and the second and major reason is that it’s a government firm and people, generally illiterate persons trust the govt companies more than any other private ones. And a country like India has much of the rural population residing in it.
LIC is now planning to give Pension as a reward to its agents who are earning a total commission of 1 lakh or more in a year. Due to the increasing competition with other private companies in insurance sector, LIC is thinking to give pensions to its 5 lakh agents. These agents will be those who are getting more than 1 lakh commission per year.
Presently, there are near about 14 lakhs agents of LIC in whole over India in which 5 lakhs agents are those who are earning more than 1 lakh commission in a year.
According to AK Dasgupta, Managing Director of LIC, this scheme will be beneficial to the agents in their older age after the retirement. They will apply it soon in the coming days.