LIC employees observe ‘Save Public Sector Day’

Excelsior Correspondent

JAMMU, Jan 19: LIC employees across Jammu & Kashmir and Leh observed January 19 as ‘Save Public Sector, Strengthen LIC Day’ as per call of Joint Forum of Trade Unions in LIC.
The programme was led by Vijay Khajuria, secretary LIC Class-1 Officers Federation, Rakesh Magotra, secretary National Federation of Insurance Field Workers of India (NFIFWI) and Pawan Gupta Divisional secretary Northern Zone Insurance Employees’ Association Srinagar Division (NZIEA) and observed by wearing badges and resolving to protect Public Sector, Strengthening LIC and to oppose LIC IPO.
The leaders, in a Joint Statement said that 19th January is a day of historic significance to LIC employees and officers. Six and a half decades ago, on January 19, 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. By 20th January 1956, all life insurance companies were taken over by 42 custodians appointed by the Government of India. The period between 19th January 1956 and 31 August 1956 was utilised as a period of preparation to facilitate the subsequent integration of the various insurers into a single State owned Corporation.
January 19 is therefore, not only very dear to LIC employees and officers throughout the length and breadth of India, but this is a day of reassurance, a day for firming up our convictions and commitment and a day to forge ahead with renewed vigour for protecting LIC in the public sector.
Since its inception in the year 1956, the LIC has earned the trust and goodwill of millions of Indians and has crossed many milestones. The LIC has set unprecedented performance records in various aspects of life insurance business. 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 38 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. It has 30 crore individual policies in force and another 12 crores are covered under its group policies. But unfortunately it is now being weakened.