Insurance employees protest against Govt move to list LIC in stock market

Insurance employees protesting against Govt on Friday.
Insurance employees protesting against Govt on Friday.

Excelsior Correspondent
JAMMU, Aug 2: Insurance employees today held massive demonstrations against proposal of the NDA Government to list LIC of India in stock market and increase the FDI limit.
Massive demonstrations were held jointly under the banner of LIC Class-1 Federation, National Federation of Insurance Field Workers of India and All India Insurance Employees’ Association, during lunch recess in offices of LIC of India across Jammu & Kashmir.
The protesting employees raised slogans to oppose the proposal to list LIC in stock market, decision to further hike FDI Limit in Insurance Sector and privatisation of public sector units.
The demonstrations were jointly led by Vijay Khajuria- Secretary Class-1 Federation Srinagar Division, Rakesh Magotra- Secretary National Federation of Insurance Field Workers of India Srinagar Division and Com Pawan Gupta- Secretary Northern Zone Insurance Employees’ Association Srinagar Division.
Speaking at DO Cell Jammu, the leaders said that the Government is contemplating disinvestment in LIC and listing it on the stock exchanges. “This certainly is a step towards privatisation of the most successful and the biggest financial institution in the country. The LIC was created to provide security to the policyholders and save them from the fraudulent practices of the private insurers. The other objective of nationalization was to channelize the peoples’ savings for peoples’ welfare. Privatisation of this great institution will negate both these objectives. It is needless to say that a privatised company will have to work to enhance value for the shareholders rather than taking up social obligations and working for the national interests,” they said.
They alleged that this `retrograde and anti-national’ step of the Government was against the principal set out by Government of India in 1956 which envisaged that the peoples’ long-term savings will be utilized for national development. “The performance of LIC has shown that it has fulfilled the agenda set out in the Nationalisation Act of Life Insurance business in India. Going beyond it, LIC as of now is of global standard,” they added.
Those who addressed the protest demonstration, included Ravi Pandita, Jasbir Singh, Romesh Chand, Rajesh Gupta, Neelam Sharma, Arun Sharma, Raj Kumar Sharma, Rajesh Kumar, Shreshtha Sharma, Nanak Chand, Rohit Gupta, Vishal Khajuria, Preet Suri and others.