LIC agents across India raise concerns with management, pushing for crucial reforms.
Demand 1 – Reduction of Premium Increment
LIC agents want premiums reduced to make policies affordable, benefiting both clients and agents.
Demand 2 – Abolition of Clawback Clause
Agents oppose the clawback clause, which forces them to return commissions if clients surrender policies early.
Demand 3 – Reinstatement of Old Commission Structure
Agents want the previous system that provided better compensation for selling policies.
Demand 4 – Increased Bonus for High-Value Policies
Agents call for bonuses that reflect inflation and offer more value for high-premium policies.
Demand 5 – Reduction of Interest Rates on Policy Loans
Agents urge LIC to cut the 9% loan interest rate to help clients keep their policies instead of surrendering them.
Demand 6 – GST Removal on Policy Revival
Agents argue that GST on policy revival discourages clients from reactivating lapsed policies.
Demand 7 – GST Removal on New Policies
Agents want GST on new policies abolished to make insurance more affordable, especially for lower-income groups.
Will LIC Address Agents' Concerns?
If met, these demands could reshape the future of LIC, benefiting both agents and policyholders.