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LIC News: Life Insurance Corporation of India (LIC) has given a big gift to its lakhs of agents. Insurance companies limit gratuity for agents to Rs. 3 lakhs to Rs. 5 lakh has been issued. The increase has been implemented by amending the Life Insurance Corporation of India (Agent) Regulations, 2017. The rules may be called the Life Insurance Corporation of India (Agents) Amendment Regulations, 2023, LIC said in a communication to the stock market. These rules came into force from the date of their publication in the Official Gazette on December 6.
The finance ministry approved
Let it be said that in September, the Finance Ministry had approved several welfare measures for the benefit of LIC agents and employees, including gratuity limit and increase in family pension. The ministry has increased the gratuity limit for LIC agents from Rs 3 lakh to Rs 5 lakh. It aims to significantly improve working conditions and benefits for them.
Stake in Hero MotoCorp sold
Meanwhile, LIC reduced its stake in Hero Motocorp Ltd. The shareholding of the company has reduced from 22,491,571 to 18,482,495 equity shares. The share of the company has decreased from 11.252 percent to 9.246 percent. During the period from June 13, 2022 to December 14, 2023, the holding has decreased by 2 percent. During the period from June 13, 2022 to December 14, 2023, the holdings have seen a decrease at an average cost of Rs 3,416.52.
Share status: LIC shares fell by over 2.50% last Friday. At the same time, the closing price is Rs 796.40. This represents a decrease of 2.32% from a day ago. The decline comes at a time when the market is at its all-time high. However, on December 14, LIC shares traded at Rs. 820 level was touched. The stock also has a 52-week high.