Excelsior Correspondent
JAMMU, Jan 20: LIC employees across Jammu & Kashmir observed 19th January as ‘Foundation Day for nationalisation of Life Insurance business in India and launched the campaign “Strong LIC for Stronger India” on this occasion.
Speaking at DO Cell Jammu, Pawan Gupta -Divisional Secretary Northern Zone Insurance Employees’ Association Srinagar Division, said that 19th January is a day of historic significance to LIC employees because on this day in 1956 the first step towards nationalisation of life insurance was taken.
“The then Government of India promulgated the Life Insurance (Emergency Provisions) Ordinance 1956 and took over the management of 154 Indian insurers, 16 foreign insurers and 75 Provident Fund Societies. On 19 June, 1956, LIC Act 1956 was passed in the Parliament and ultimately LIC of India came into existence on 1st September 1956,” he recalled.
Terming Jan 19 as a day of reassurance, a day for firming up their convictions and commitment for protecting and strengthening LIC of India, he highlighted the achievements and growth of LIC over the years. LIC not only registered tremendous growth, but also played a stellar role in channelizing the community’s savings for nation building activities, he added.
Commencing its operations with a paltry sum of Rs 5 crores in the year 1956, the LIC today commands over an astronomically huge asset base of over Rs 55 lakh crore. It is the largest life insurance company in the world in terms of number of policies with a customer base of over 40 crores.
The LIC employees resolved to take ahead the campaign by holding seminars, conventions, and interactive sessions with media, agents and policyholders.
Others who spoke on the occasion, included Dinesh Kumar Sharma- vice president, Raj Kumar, Priya Sharma, Kishore Lal, Harkesh Kumar Singh and Dharminder Kumar.
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