Workers affiliated to various unions of insurance companies staged a demonstration in front of Divisional Office, Life Insurance Corporation, Vellore, on Tuesday.
Members of All India Insurance Employees’ Association, Class I Officers’ Federation, Development Officers’ Association raised slogans against the Central Government’s proposal for disinvestment of LIC.
AIIEA secretary Raman, Class I Officers Federation secretary R. Surendar, K. Palaniraj and S. Saravanan spoke on the impact of such initiatives of the government. Members of National Federation of Insurance Field Workers of India (NFIFWI) joined the protest, which would be intensified in the coming weeks, said an office bearer of AIIEA.
Describing the proposal of partial disinvestment of LIC as “against national interest”, he said the LIC is India’s biggest financial corporation in terms of assets. As per the figures released in December, LIC enjoyed about 80 per cent of market share in the insurance sector despite the presence of 24 private companies. The year-on-year growth is 19 per cent, despite the business slowdown in the country and the global economic downslide, he said.
Another participant pointed out that LIC has presented a dividend of ₹2611 crore to the government for the financial year 2018-19 and had registered an income of over ₹Three lakh crore.
