 "LIC")
When the finance ministry in September announced improving benefits for agents employed by state-owned Life Insurance Corporation (LIC), the industry was thrown a curveball.
The new benefits incentivise 1.35 million agents to continue with LIC, India’s largest life insurer, but raise the heat on smaller firms in an expanding but difficult business. Some such firms could throw in the towel and seek merger with larger counterparts. LIC’s annual report for Financial Year 2023 (FY23) shows it paid agents Rs 25,580.39 crore as commission and other benefits. LIC’s bill for the new benefits is not available.
The Insurance Regulatory and Development
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