LIC has reduced the first-year agent payout to 28% following a revision of the surrender value. Banking & Finance | Dated: 24 Oct 2024 The Life Insurance Corporation of India (LIC) has reduced the first-year agent commission from 35% to 28% (including a bonus) after revising its surrender value norms. The commission has also decreased from 25% to 20% (without bonus). 🎯 Key Highlights: - The new surrender norms became effective from October 1, 2024. - The commission for renewal premiums has increased from 5% to 7.5%. - The minimum sum assured on the revised policies has been raised from ₹1 lakh to ₹2 lakhs. 💡 Other Important Facts: (i) The upper age limit for purchasing LIC's new endowment plan has been revised from 55 to 50 years. (ii) Premiums on life insurance products have increased by an average of 8-9%. (iii) These modifications are in line with the Insurance Regulatory and Development Authority of India (IRDAI) master circular on life insurance products (Insurance Products Regulations, 2024) issued in June 2024. 📚 Test Your Knowledge: LIC recently reduced the first-year agent payout to what percentage? Correct Answer: 28% 🚀 Quick Recap: About LIC Chairperson: Siddhartha Mohanty Headquarters: Mumbai