PUNE: The Life Insurance Agents Federation of India (LIAFI) has put forth several demands to the Central government and Life Insurance Company (LIC.) Their general body meeting is being held at Mahesh Sanskrutik Bhavan, Bibvewadi on Saturday and Sunday from 10 am to 2 pm. In this meeting, the demands will be discussed with LIC agents.
As the GST rate has increased the premium of all policies including single premium ones, the members of LIAFI are feeling cheated, as the policies are meant to secure the family and by applying GST on policy rates, the lower middle-class families will be affected. If the lower middle-class families feel that the premium rates are high, they will probably not take the insurance from agents in the city.
Devi Shankar Shukla, LIAFI President, said, “The demands put forward by Central government and LIC states that the GST rates for the policy holders which was earlier 4.5 per cent has been increased to 5.5 per cent and tax for single premium policies, which was 12 per cent, has increased to 18 per cent which should be removed with immediate effect. Also, the gratuity of LIC agents should be increased to Rs 20 lakh.”
Kuldeep Bainyal, LIAFI Secretary General, said, “There are several benefits given to full-time employees of LIC, but no benefits are given to the agents. Twenty per cent agents have discontinued work because no facilities or extra bonus is given to the agents. Last year, 2.12 crore policies were sold and this year, it has decreased by 37,000.”