The Life Insurance Agents’ Federation of India (LIAFI), South Central Zonal Council, has said the Insurance Laws (Amendment) Bill, 2008, proposed to be tabled in Parliament would affect the Life Insurance Corporation of India (LIC) and lakhs of its insurance agents.
Urging the Centre not to table the Bill, LIAFI zonal vice-president H.A. Chandrashekar told presspersons here on Wednesday that the amended Bill would scrap the privileges extended to LIC agents as stipulated in the Insurance Act, 1938.
Mr. Chandrashekar said if the Bill is passed, it will stop payment of balance commission and gratuity to the spouse of the agent in case of agent’s death (hereditary commission).
