LIC agents submit memorandum
Source: The Sangai Express

Imphal, November 10 2024: As part of the nationwide agitation against the new claw back norm introduced by the Life Insurance Corporation of India (LIC), disgruntled agents of Life Insurance Career Agent Branch submitted a memorandum to Dr Bimol Akoijam, MP, Inner Manipur Parliamentary Constituency on Sunday.

Notably, the nationwide strike was launched on October 1, 2024 by LIC agents under the aegis of Life Insurance Agents' Federation of India, demanding a rollback of LIC's decisions.

The memorandum was submitted to the MP at his residence in Keishamthong Moirangningthou Leirak, Imphal.

In the memorandum, the agents highlighted that the Insurance Regulatory and Development Authority of India (IRDAI) had earlier announced a vision to provide "Insurance for All" by 2047 which aims to ensure that every citizen has access to appropriate life and nonlife insurance coverage.

The agents expressed their displeasure with the new claw back norm introduced by LIC for policies surrendered prematurely by the policy holders.

The agents of LIC have also raised their apprehension against the reduction in the first-year commission to 28 per cent from 35 per cent following the revision of surrender value norms.

These rules, which came into effect from October 1 for existing policies, ensure that policyholders are eligible to receive part of their premiums paid back, even if they were to exit after paying the first premium.

The minimum sum assured on the revised policies has also been raised to Rs 2 lakh from Rs 1 lakh.

The agents also alleged that the new rules violate the rights of the 14 lakh agents of LIC and policy holders across the country.

They also claimed that the new adjustments have unfairly shifted the cost burden onto them, impacting their lives.

Further, Life Insurance Career Agent Branch urged the MP to look into matters and take necessary steps to address the grievances of the LIC agents across the country.

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