The Indian Government announced a family pension at a uniform rate of 30t for the welfare of the families of LIC employees.
It has also enhanced the gratuity limit for LIC agents from Rs 3 lakh to Rs 5 lakh and announced a slew of welfare measures for LIC agents and employees. These will substantially improve the working conditions and benefits of LIC agents.
Family pension
A family pension is a social security scheme that provides financial assistance to the dependents of a deceased employee. It is a valuable benefit that can help families maintain their living standards after losing a loved one.
LIC Employees
LIC employees are eligible for a family pension under the Life Insurance Corporation of India (Employees) Pension Rules, 1995. The scheme applies to all employees who are members of the LIC Provident Fund.
The family pension is payable to the following dependents of the deceased employee:
- Widow/ widower
- Children (upto the age of 25 years, or unmarried daughters)
- Dependent parents
Rate of family pension
The family pension rate is 30% of the last basic pay of the deceased employee. However, if the deceased employee left behind only a widow or widower, the rate of family pension is 50% of the last basic pay.
The family pension is payable for life to the widow/widower and dependent parents. However, the family pension payable to children is payable only upto the age of 25 years, or unmarried daughters.
Claim family pension
To claim family pension, the dependents of the deceased employee need to submit the following documents:
- Death certificate of the employee
- Family pension form
- Proof of relationship with the deceased employee
Family pension form
The family pension form can be downloaded from the LIC website. The dependents of the deceased employee must submit the completed form along with the required documents to the LIC office where the employee was employed.
The LIC office will process the family pension claim and disburse the pension to the deceased employee’s dependents.
Benefits of Family Pension for LIC Employees
Family pension provides a number of benefits to the dependents of a deceased LIC employee. These benefits include:
- Financial assistance: Family pension provides a regular income to the dependents of the deceased employee, which can help them to maintain their standard of living.
- Social security: Family pension provides social security to the dependents of the deceased employee, especially the widow/widower and dependent parents.
- Peace of mind: Family pension provides peace of mind to the dependents of the deceased employee, knowing that they will be financially secure even after the loss of their loved one.
Family pension is a valuable benefit that is available to the dependents of deceased LIC employees. It is a social security scheme that provides financial assistance to the dependents of the deceased employee, which can help them to maintain their standard of living and social security.