LIC Agents: LIC agents angry over reduction in commission, threatened to take to the streets

Life Insurance Corporation of India: The country’s largest insurance company LIC has reduced the commission of its agents. Due to this, LIC agents are upset. Many Agents Associations have warned of stopping work and protesting in front of LIC branches. LIC has had to change the rules of many of its policies due to changes in the surrender value rules. Because of this the commission has also been restructured. After this information came to light, there is anger among agents all over the country. He is threatening a nationwide demonstration if his demands are not accepted.

Policy rules changed, commission reduced

The new rules for surrender value have come into effect from October 1. Under this, people will not lose their entire money even if they surrender the policy after paying the first premium. They will get some part of the premium back. For this reason, LIC has changed the rules of many policies and has also reduced the commission of agents. This decision has displeased the agents and they are preparing to protest across the country. Life Insurance Agents’ Federation of India has demanded in a letter to its members that they should put pressure on LIC to withdraw the new rules. The Agents Federation claims that LIC did not consult them before taking this decision. The new rules are in the interest of neither the agent nor the policyholder.

IRDA had issued special surrender value rules in March.

According to the report of Money Control, the Agents Federation has planned to protest in front of LIC branches at many places till October 30. Many agents hope that LIC will withdraw this decision. They claim that LIC will recover the commission we get under the new rules also. In such a situation, there is no need to deduct our commission. The rules for Special Surrender Value were issued by the insurance regulator IRDAI in March. It is feared that now the cases of policy surrender will increase.

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